The Open Exchange (OPNX), founded by Kyle Davies and Su Zhu, will be shutting down on February 14th, according to an email sent to users on February 1st. Trading on the platform will cease on February 7th, but withdrawals will still be possible until the final closing date.
In its place, a new exchange called OX.Fun has emerged, utilizing OPNX’s native token (OX) for derivatives trading. The official OPNX Telegram channel has heavily promoted this new exchange, but details about its creators and their connection to OPNX are limited.
OPNX was originally launched in April 2023 by Davies and Zhu, who were also co-founders of the now-defunct cryptocurrency hedge fund Three Arrows Capital (3AC). Mark Lamb and Sudhu Arumugam, co-founders of bankrupt crypto exchange CoinFLEX, were also involved in creating OPNX. Initially, it was marketed as a rebirth of CoinFLEX, but the OPNX team later claimed that the two exchanges were completely separate entities after becoming embroiled in a legal dispute with CoinFLEX creditors.
During its time in operation, OPNX experienced some success, reaching a daily trading volume of $32,000 for spot trading and $82 million for derivatives by November 2023. However, by the time of its closure announcement, these numbers had dropped significantly to just $23 for spot trading and $1.2 million for derivatives.
As we move towards the future, the concept of web 3.0 has gained attention. Many people wonder about the differences between web 1.0, 2.0, and 3.0, and how the latter will function. Some even question the existence of web 3.0 and how it differs from its predecessors. To truly understand the evolution of the internet, we must examine the distinctions between web 1.0, 2.0, and 3.0, and explore how a web 3.0 website can be built.
The Rise of OX.Fun and the Evolution of the Web
As OX.Fun takes over, OPNX’s token, OX, continues to be traded on various decentralized and centralized exchanges, including Uniswap, Gate.io, BingX, Bitget, MEXC, Poloniex, and others. Despite the takeover, the exchange still maintains a strong Telegram community with over 3,000 members.
In an effort to attract the existing OPNX community, OX.Fun has been actively promoting itself on the official OPNX group. However, there seems to be confusion among users about the relationship between the two companies.
OX.Fun has seen some success, with its derivatives volume reaching nearly $39 million on January 30th, according to its official analytics page. Although it dropped to $8 million the following day, it still surpassed the volume on OPNX at the time.
The user interface of the OX.Fun app bears similarities to decentralized derivatives protocols such as GMX, dYdX, and Level Finance. Like these platforms, it features a “Connect wallet” button in the upper-right corner.
With decentralized protocols, this button allows the user’s self-custody wallet to connect with the Javascript app running in their browser. This enables the app to push transactions, such as deposits and withdrawals, to the user’s wallet for confirmation.
Upon connecting a test wallet account, our team at Cointelegraph confirmed that the app functioned as expected, displaying balances and other data linked to our Web3 wallet. However, on the deposit page, we noticed a deviation from the usual decentralized protocol.
The deposit page on OX.Fun does not include a button to initiate in-wallet transactions. Instead, users are instructed to manually send funds to an external deposit address. This address appears to be generated at the time the user visits the deposit page.
Based on this information, it can be concluded that OX.Fun is a centralized, custodial futures trading platform. When users deposit OX to the provided address, the funds are likely sent to a hot wallet account belonging to the exchange. Additionally, the generated deposit address has no prior transactions, further indicating a centralized entity.
Despite attempts to reach out for comments, OX.Fun did not respond by the time of publication.
Understanding the Differences between Web 1.0, Web 2.0, and Web 3.0
Many people are confused about the distinction between Web 3.0 and Web 2.0. Some people even wonder if it should be called “Web3” or “Web 3.0.” In reality, Web 3.0 is a significant evolution from Web 2.0, with several key differences that set it apart.
Web 1.0, Web 2.0, and Web 3.0 all have distinct characteristics that make them unique. However, Web 3.0 is the most advanced version yet, with a focus on decentralization and blockchain technology. This means it will work differently than its predecessors, and it’s important to understand these differences.
To build a Web 3.0 website, developers will need to incorporate decentralized technologies, such as blockchain and smart contracts. This will allow for more secure and transparent transactions, as well as increased user control and privacy.
While some may question the existence of Web 3.0, it is indeed a real and rapidly developing concept. It is the next step in the evolution of the internet and has significant differences from both Web 1.0 and Web 2.0. By understanding these differences, we can better prepare for the future of the internet and its capabilities.
Who is behind OX.Fun?
Currently, little is known about the team behind the platform or the company’s location. Cointelegraph attempted to contact the team through the official Telegram channel and the customer support tool on the OX.Fun website, but did not receive a response.
According to a user, they also tried to get information from Telegram admins, asking about the relationship between OPNX and OX.Fun, as well as the founders, directors, and investors of the project. However, they were not given any answers and were told that there is no connection between OPNX and OX.Fun. The user also asked about the company’s registration, but did not receive a response. Despite the lack of information about the team behind OX.Fun, the app appears to be functioning normally for deposits and withdrawals.
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