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1/ Claims on OPNX: Why and How 🧵👇
Problem: Millions suffered subsantial financial losses in the market collapse last year
Worse still, 20M+ people were left with $20B+ in personal funds frozen on insolvent platforms like FTX & Celsius—with no way to access their trapped funds
Problem: Millions suffered subsantial financial losses in the market collapse last year
Worse still, 20M+ people were left with $20B+ in personal funds frozen on insolvent platforms like FTX & Celsius—with no way to access their trapped funds
2/ Solution: OPNX will soon launch a marketplace for claims onboarding & trading on public orderbooks, allowing claimants to unlock the value in their claims
This saves years of waiting, enabling claimants to put trapped capital to work and avoid significant opportunity cost
This saves years of waiting, enabling claimants to put trapped capital to work and avoid significant opportunity cost
3/ Claims tokenization: OPNX will not hold user claims
We’ve partnered with Heimdall, a tokenization provider for real-world assets using secure, scalable & compliant frameworks
They will manage the verification, transfer & tokenization of real world assets for OPNX users
We’ve partnered with Heimdall, a tokenization provider for real-world assets using secure, scalable & compliant frameworks
They will manage the verification, transfer & tokenization of real world assets for OPNX users
4/ After verification, all claims will be transferred and held in dedicated trusts (SPVs) for each platform
Fungible tokens are then issued against the trust and credited to the claimants account
Claims tokens reflect pro-rata ownership share of the claims in the trust
Fungible tokens are then issued against the trust and credited to the claimants account
Claims tokens reflect pro-rata ownership share of the claims in the trust
5/ From a user perspective, this works as follows:
- Provide claim details to verify eligibility
- Sign an agreement to transfer your claim to the trust
- Claims tokens are issued to your OPNX account 1:1 for the value of the claim
- Trade/hodl your claim tokens
- Provide claim details to verify eligibility
- Sign an agreement to transfer your claim to the trust
- Claims tokens are issued to your OPNX account 1:1 for the value of the claim
- Trade/hodl your claim tokens
6/ Claims pricing: The market will determine the dollar value of the underlying claim at any given time, since the trading of each claim token is on transparent public orderbooks where anyone can buy/sell
7/ Claims Trading: when claims tokens are in your account, you’ll be able to immediately either (a) hold your claims tokens (b) sell your claim directly into crypto or (c) use your claim as margin collateral
8/ Post-transfer ownership: While holding claim tokens, users maintain their pro-rata share of claims held by the trust even after transferring ownership, while the custody of claims is protected from any one party going under
9/ What does $FLEX have to do with it?
$FLEX will be the fee paying token for bankruptcy claims and all other tokenized real world assets
Much more TBA
$FLEX will be the fee paying token for bankruptcy claims and all other tokenized real world assets
Much more TBA
10/ The first claim to go live: #Celsius
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