Following the failure of the Terra LUNA project one year ago, Three Arrows Capital (3AC) was hit by one of the most severe market collapses in the annals of the history of crypto currencies.
The most recent event to take place is that a new venture being undertaken by three Arrows Capital known as "Open Exchange (OPNX)" is starting to get some traction.
The official website for the crypto currency exchange that 3AC and Coinflex are working together on went up (1) on February 9 and is already accepting users.
The official Twitter account for Open Exchange said in a tweet that the platform will function as "the world's first public marketplace for crypto claims trading and derivatives." Its long-term goal is to transform into the global financial market's most open and accessible centralized trading platform (CEX).
Zhu Su, one of the co-founders of 3AC, also released a thorough thread yesterday, in which he mentioned that the initiative was conceived out of the motivation to improve upon previous failures.
He stated that after the dark era of June 2022, which was caused by the collapse of 3AC, it was time to start over again. Zhu Su said that in order to further the development of cryptography, he had a meeting with the CEO of Coinflex during the collapse of 3AC. Zhu Su added:
"He told a completely different tale. He was a genius who labored for years over the construction of what he believed to be the optimal combination of cefi and defi.
People continue to give up their security and custody in order to acquire a CEFI trading experience, even if a similar Defi experience is still a long way off. Users demand a CEFI trading experience and user interface.
The two market participants intend to establish a public platform for trading crypto currencies and derivatives. Real-time public cryptographic audits will be conducted on The Open Exchange, certifying that "every balance, liquidation, withdrawal, deposit, and trade is accurate."
Reactions to 3AC's Plan for the New Exchange
Even though Zhu Su is looking to start over following the devastating collapse of 3AC the previous year, investors still need to recover from the wounds that were caused.
Crypto currency community members have voiced their disapproval and anger about this new endeavor. A member of the community expressed their confusion over the exchange's moniker.
Another member of the community stated that he would never engage in trading on the exchange and that he would rather harass those who use Open Exchange.
They said, "I don't care how excellent the fees are, how good the liquidation process is, or how good the financing arbs will be."
This was in response to a question about the quality of these agreement aspects.
Zhu Su remarked that he had a second opportunity to redeem himself in the message he sent on February 9.
"In my experience, individuals most likely to fail are also the ones who learn the most about risk and hubris. At the same time, those who have not been through it are frequently destined to encounter it at a later time." Those who can do so "have a responsibility not to give up, but rather to accept the pain and create afresh, never sacrificing on what they have learned," he said.