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Introducing $OX Token

Peter avatar
Shared by Peter • May 31, 2023

$OX (Open eXchange token) introduces an innovative new exchange token model and is the heart of the Open Ecosystem, comprising OPNX, The Herd (where $OX holders stake $OX and participate in governance) and a host of upcoming products.

$OX Tokenomics Overview

  • Maximum supply 9.86B $OX (no more tokens will ever be issued)
  • 100% rebate for traders if their staked $OX % is >= their trading volume %
  • Stakers exceeding their 100% rebate free trading volume will receive a 50% trading fee rebate on the remainder (ie trading volume % - staked $OX %)
  • Non-staker traders can receive up to 50% trading fee discounts. See here for more details: support.opnx.com/en/articles/7209519-trading-fees
  • Significant reductions in fees for real-world asset (RWA) tokenization by paying in $OX.

$OX is pioneering a staking fee discount model that is democratic, dynamically adjusting and promotes alignment between the exchange and traders.

Herdnomics

In the Herd, every user can receive up to a 100% fee discount in perpetuity by staking tokens proportional to their share of trading activity. By staking sufficient $OX, traders can secure free trading, for life. Herd Stakers will also get paid Justice Tokens as they are emitted to stakers. Read the $OX Overview for more details.

$FLEX to $OX Migration

$FLEX holders have two ways to convert their $FLEX to $OX. They can choose conversion into unstaked $OX, or opt for conversion into staked $OX to gain an additional 25% bonus $OX:

A) $FLEX can be converted 1:100 into unstaked $OX

B) If $FLEX holders choose to convert and stake their $OX, a bonus 25% $OX will be paid to them from the OPNX treasury for a total 1:125 conversion

During the first year, a Bonus Staking Multiplier will be introduced for $OX stakers, allowing them to trade fee-free at up to 12X higher multiples than their regular allowance. Usually, a trader would secure a 100% trading fee rebate if their staked $OX as a % of total staked $OX is equal to their trading volume as a %. Here, the initial multiplier will start at 12X, meaning traders can secure a 100% trading fee rebate on a trading volume percentage equivalent to 12 times their current staked $OX tokens. The multiplier will decrease by 1 every month throughout the year until it returns to 1X. E.g. 12X for June, 11X for July, 10X for August and so on.

Here’s an example to illustrate the above:

Let’s say Jenny stakes 1% of total staked $OX, then trades 12% of total OPNX monthly volume in June. Given the Bonus Staking Multiplier is 12X (1% X 12) for June, she will therefore receive a 100% trading fee rebate for the month.

If Jenny then continues to stake 1% of total staked $OX and trades 12% of total OPNX volume in July, she will receive a 100% trading fee rebate on 1% X 11 = 11% and a 50% trading fee rebate on the remaining 12% - 11% = 1%

How to convert $FLEX into $OX

  1. Go to https://ox.opnx.com/ and connect your MetaMask Wallet (ensure you have transferred $FLEX to your MetaMask Wallet)
  2. Click on “Convert to OX”
  3. Depending on whether you want to convert into staked $OX or unstaked $OX, choose the appropriate option.
  4. Input the amount of $FLEX you want to convert into staked or unstaked $OX and click “Approve FLEX.” Then click “Convert FLEX to OX”
  5. Stakers, watch your $OX build up in the Herd as you earn rewards!*

*Unstaked $OX will be immediately redeemable.