FLEX is the token powering the OPNX ecosystem, running on the SLP network with no option for further minting. In this article, we’ll explore the relationship between FLEX and the exchange, OPNX, and how it is related to the insolvent exchange Coinflex.
Why is FLEX important?
After the debacle of the original CoinFLEX, which had to pause withdrawals for customers due to “extreme market conditions” and “uncertainty involving a counterparty,” its former CMO Leslie Lamb, decided with the help of two notorious individuals to raise a new way to exchange claims to an exchange of the past.
With the hope of raising more money to cover the shortfalls of CoinFLEX’s books and the revival of customers’ money, the new exchange OPNX was created. But not only centered around the old Coinflex, no the exchange has to become a “safe” haven for all claims regarding fallen exchanges or investments of venture capital in the crypto downfall of last years.
Where to buy FLEX?
FLEX is listed on Sushiswap, the decentralized exchange on the Ethereum network, but FLEX can also be bought on the original exchange that pushes FLEX to the masses, namely OPNX. If we look at the liquidity on the token pair, we see that this is a not much traded token.
According to official sources of OPNX themselves, the FLEX token carries some deflationary features, such as a burning mechanism and a rebalancing structure.
Burn FLEX Burn
The deflationary nature of the token is maintained through the burning of a total of already 1,334,693.0305 FLEX. The token burn takes a lot of FLEX out of circulation.
FLEX uses a rebalancing mechanism to ensure that the correct circulating supply of the token is maintained across all supported chains. This involves reducing the circulating supply on less active chains and increasing it on the ones gaining traction when FLEX Coin holders’ activity shifts to a blockchain with a lower current circulating supply.
The SLP FLEX Coins are stored in the dedicated FLEX Treasury Wallet, which takes them out of the circulating supply. Whenever FLEX Coins are sent to the Treasury Wallet, an equivalent amount of FLEX is minted to maintain the total circulating supply unchanged.