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ZhuSu's new bond market was officially launched, and no one knew more about bonds than he did

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"Do you have money stuck on a crypto platform?"

Source: Open Exchange

0x214& 0x711, BlockBeats

OPNX, a new bond market co-founded by Sanarrow Capital's founders Zhu Su and Kyle Davies and CoinFLEX's co-founders Sudhu Arumugam and Mark Lamb, has launched its official website and Twitter account. For the first time, the new platform will continue to be supported by the original CoinFLEX FLEX. BlockBeats organizes and compiles the original text of the announcement as follows:

The following is the original text

Open Exchange 的首要目标是成为世界上首个加密债权交易和衍生品的公共市场，随后致力于成为世界上透明度最高的 CEX（中心化交易平台）。债权候补名单现已开放。

The crypto world promised us financial sovereignty and transparency, but instead we ended up with a black box full of risk, leverage and unescrow. Last year, blockchain, CEX, leading projects and funding all collapsed. Few have emerged from this disaster unscathed, and "cryptocurrency adoption" has also retreated.

The Open Exchange team knows this firsthand. Last year, driven by a belief in "cryptocurrency adoption," we made huge bets and relied too much on "trust." Unfortunately, time has proven our theories and risk management decisions wrong, and the end result heartbreaking.

We have been talking to our creditors for several months to make amends and correct the error. In the process, we even saw the devastating consequences of the FTX collapse. We feel a sense of responsibility to learn all the hard lessons and use them to advance the crypto industry.

We believe we have a responsibility to build a more robust, open and transparent financial world for everyone. But actions speak louder than tweets, and we must work now, without delay.

Millions of people suffered huge financial losses in the collapse of the market. All this is made worse by the fact that users' money is still trapped there because the platform went bust. In addition, not only is the duration and amount of compensation unclear, but it also depends on a years-long liquidation process.

The $20 billion bond market is crying out for a solution. This list includes FTX, Voyager, Celsius, Genesis, BlockFi, Mt Gox, HodlNaut, 3AC, etc. In addition, more than 90% of creditors have yet to fill in their information.

The demand is clear: a streamlined claims process and a public market for trading bonds. That would allow creditors to free up billions of dollars of trapped capital and give them a chance to get back on their feet. Gives creditors the ability to unlock their debts immediately, either by trading them directly into cryptocurrencies or using them as margin collateral.

We believe we are the right team. We will use decades of expertise, hard lessons learned and the painful recent experience of dealing with bankruptcies, restructurings and defaults to make access to their assets as fast and easy as possible for more than 20 million bondholders.

We bring from CoinFLEX a team of more than 60 people and 10 years of experience running cryptocurrency trading platforms. The team handles more than $100 billion in transactions and maintains zero hacking records.

But as we rebuild, it's crucial to ask ourselves, what does the future of trading platforms look like after 2022? While it's clear that DeFi is the endgame, the on-chain experience is still far from matching the user experience of CEX.

CEX offers the best trading experience, but at the cost of requiring users to have complete trust in the way their money is managed. After the FTX crash, no one should make that mistake again.

At Open Exchange, our goal is to combine the transparency and no-trust of DeFi with the performance and user experience of CEX. We will build the most transparent CEX in the world. Over the next few months, we will go further in terms of transparency than any previous CEX.

In addition to the reserve/reliability certificate, we will ensure that the user does not need to trust the contents of the box. All data on user funds will be fully auditable, transparent, and can be shown not to be affected. Make sure the mistakes of 2022 are not repeated.

In addition, we will conduct a real-time public encryption audit of leverage in the system -- the collateral backing open interest.

We will do this by building a zero-knowledge proof network where all parties can independently confirm that every balance, settlement, withdrawal, deposit and transaction is correct - allowing anyone to verify the accuracy of the data while protecting the integrity and privacy of the user.

Open Exchange, built by the most experienced traders for traders, will also have a world-class UX/UI. We will adopt a common margin account structure, eliminating the chaotic and inefficient multiple accounts offered by our competitors.

As we move forward, Open Exchange will continue to be powered by FLEX Tokens, which are at the heart of the current CoinFlex community. In addition to paying for the Token as a fee, it will also be seen as proof of loyalty by long-term supporters of the new trading platform.

FLEX's Token economics will remain unchanged with a supply cap of 100 million, a 20% revenue burn model and a transaction fee discount for holders.

We will not forget the lessons of the past. We don't forget our community. We will not stop building. At Open Exchange, our vision is to set a new standard for an open, transparent and accessible financial world.