Production | Odaily
Author | Qin Xiaofeng
Today, OPNX, a debt trading platform founded by Su Zhu and others, announced the launch of its second Launchpad project, Gameplan. Upon the news, the price of OPNX platform token OX rose from 0.036 USDT to 0.041 USDT, currently reported at 0.04 USDT, with an increase of 11%.
Gameplan claims to be a sports metaverse platform founded by UFC champion Khabib Nurmagomedov and Magomed Kurbaitaev. Its goal is to provide sports enthusiasts with a one-stop platform for activities, games, shopping, and interaction with sports idols, and to provide additional income for athletes. According to OPNX, the project has received investment from 3AC Ventures.
Odaily found that Gameplan currently only has a Twitter and Discord account, without an official website, white paper, or more detailed information. It is unknown how the token economy of GPLAN is distributed, and how many GPLAN shares can OX token pledgers receive. In addition, two games, "Desert Off-Road Racing" and "Fighting Game," which have been hyped on the Gameplan Twitter since the beginning of the year, have yet to be seen. As an IEO promoted by the exchange, the project as a whole gives people an unreliable feeling.
If Gameplan still has some celebrity endorsements, OPNX's first Launchpad project Raiser (RZR) is even more absurd.
(Left is the tweet release time, right is the website registration time)
According to Odaily's investigation, the Raiser project was registered on June 20th (with only one static page and all functional buttons being disabled), and the first tweet was released on Twitter on June 22nd. Only one day later, OPNX revealed that it will launch its first Launchpad project and officially announced it on June 25th. From project registration to being discovered and officially announced for IEO by OPNX, it only took five days. OPNX's "efficiency" is astonishing, which also shows its importance to the Raiser project.
What's more interesting is that since the announcement of the IEO on June 25th, the Raiser project has had no trading volume. According to OPNX's official website data, RZR project went live on July 17th with an initial price of 0.164 USDT, and there has been no trading volume for the past 10 days - mainly due to the absence of sellers. Additionally, the OPNX officials have stated that all OX stakers will share a 10% supply allocation of RZR, but the promise has not been fulfilled yet.
(RZR price trend, data from OPNX website)
Without completing the first IEO project, they hastily launched a second "three-no" project in just one month. What is the purpose of OPNX? To empower the platform currency OX and increase its price.
The data shows that after the first IEO announcement, the price of OX rose from 0.03 USDT to 0.055 USDT within two days, with a highest increase of over 80%; today's announcement of the second IEO resulted in another increase of over 10%.
In addition to empowering OX through IEO, OPNX also launched a project called Justice Token in June, with 75% of its total supply allocated to OX stakers (Odaily Note: Justice Token is a meme token with no intrinsic value, no anchor, and no expected return). Interestingly, the official website of OPNX has not launched trading of Justice Token.
With a series of measures, in the past two months, the price of OX has risen from $0.011 to $0.055, with a highest increase of 400%, and currently, it still has a 260% increase. As shown below:
Unlike other platforms that earn transaction fees, OPNX allows users to trade for free by staking OX, similar to the popular "transaction mining" model in 2018.
If the total amount of OX held by a trader is equal to or greater than the total OPNX trading volume, they will receive 100% of the transaction fees refunded. Stakeholders who exceed the free trading limit will receive a 50% refund on the remaining amount, and all transaction fee refunds will be paid in OX to the token holders. Initially, OPNX allowed token holders to trade for free with a value of 12 times their current staked OX. This multiple will decrease by 1 each month until it returns to 1.
Despite the latest data showing an average daily trading volume of over $50 million in the past 30 days and a total trading volume of $1.51 billion, OPNX is not currently profitable.
Kyle Davies has stated that he will donate the "future profits" of OPNX to compensate the creditors who suffered losses due to the bankruptcy of the 3AC fund last year. Some early creditors have already been compensated. The compensation is most likely in the form of OX tokens. If the OX price cannot be raised, the early creditors will receive nothing but worthless air. This is likely the core of OPNX's latest series of deceptive operations.
