OPNX exchange recently experienced a significant surge in trading volume, but it had a dismal trading volume on its opening day. In a tweet on April 10, the exchange reported that its day one trading volume on April 4 was only $13.64, but it has since seen a surge to $12,398 on April 9, representing an increase of over 90,000%. However, new data shows that the trading volume has increased even more during the last 24 hours. According to CoinGecko data, OPNX’s 24-hour trading volume as of April 10 has exploded to over $179,000, a gain of around 24,500% since April 9, with the majority of the volume coming from the trading pair for Bitcoin (BTC) and Tether (USDT). It is unclear what sparked the increase, but it could be connected to the announcement from OPNX about a new market-making program to help increase its volume.
OPNX is a result of a partnership between the co-founders of crypto investment firm Coinflex and the co-founders of the collapsed hedge fund Three Arrows Capital, Su Zhu and Kyle Davies. However, some in the crypto community have criticized the exchange’s connection with Davies and Zhu, whose whereabouts have remained unclear since the collapse of 3AC in 2022. Others have ridiculed OPNX’s still relatively low trading volume compared to larger exchanges like Binance, which posted a 24-hour volume of over $11 billion.