OPNX, a new crypto exchange launched by Three Arrows Capital (3AC) founders Kyle Davies and Su Zhu, is off to a rocky start.
The exchange recorded just $1.26 in trading volume in the 24 hours that followed its launch, according to a report from CoinDesk on Wednesday.
OPNX CEO Leslie Lamb attributed the lack of liquidity to the absence of internal market makers on the exchange. Speaking to CoinDesk on the subject, Lamb said that the exchange has no plans of awarding external market makers any preference and plans to roll out a marketing program with the goal of drawing more liquidity.
Zhu explained that the exchange had decided to build liquidity “brick by brick” following the issues that Alameda serving as a market maker to FTX brought about.
After seeing the issues of Alameda/FTX, @OPNX_Official seems adamant to carve a different path together
1) no internal MM of any kind
2) no external MM with special privileges
3) all MM deals public and available for anyone to apply, details soon
Liquidity built brick by brick https://t.co/XoE7I6gcun
— 朱溯 (@zhusu) April 5, 2023
The next day, OPNX had recorded $373 worth of trading volume, according to a tweet from Zhu. The uninspiring increase in liquidity prompted a slew of comments from on-lookers, poking fun at the 3AC founders’ new venture on Twitter.
predicting OPNX volume to match my morning egg benny delivery cost (50$) by next week
— CL (@CL207) April 6, 2023
Critics were also quick to remind Zhu and Davies that they are still liable to answer the subpoenas, served via Twitter, from 3AC’s liquidators.
Have seen the 3AC liquidator attempting to reach you on Twitter. Just in case their letter got lost I’ve attached it for you.
— ZachXBT (@zachxbt) April 6, 2023
OPNX’s official Twitter account was suspended later in the day, so the exchange has now set up a Chinese Telegram channel to facilitate communications.