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Although Zhu Su looks to start afresh after the brutal collapse of 3AC last year, investors have yet to emerge from the scars left.
Last year, Three Arrows Capital (3AC) faced one of the biggest crashes in the history of cryptocurrencies following the implosion of the Terra LUNA project. The latest development is that a new project from three Arrows Capital – “Open Exchange (OPNX)” – is gathering some momentum. 3AC and Coinflex are working on a joint crypto-exchange project and its official website went live on Thursday, February 9. The official handle of Open Exchange tweeted that it will be “the world’s first public marketplace for crypto claims trading and derivatives”. In the future, it seeks to become the world’s most radically-transparent centralized exchange (CEX).
3AC co-founder Zhu Su also published a detailed thread yesterday adding that the project was born out of the desire to recover from past mistakes. He said that following the dark period of June 2022, when 3AC collapsed, it was time to restart again. Zhu Su added that with the ultimate goal of advancing crypto, he met with Coinflex CEO during the 3AC collapse. Zhu Su added:
“He had a different story. He was a visionary, spending years building what he considered to be the ideal combo of cefi + defi. Users want a cefi trading exp/UI, but since a comparable defi experience is a long way off, people keep giving up their security & custody to get it”.
The two players plan to bring a public marketplace for crypto trading and derivatives. The Open Exchange will have real-time public cryptographic audits thereby confirming “every balance, liquidation, withdrawal, deposit, trade is correct”.
3AC’s Plan of New Exchange Triggers Backlash
Although Zhu Su looks to start afresh after the brutal collapse of 3AC last year, investors have yet to emerge from the scars left. Angry crypto community members expressed disappointment over this new project. One community member questioned the name of the exchange.
Open to what? getting scammed?
They lost their pride and money, but at least they haven't lost their stupidity, clearly https://t.co/PeJhlKVKD8
— Thales (Tah-less’) || HXRO (✖️,✖️) (@ThalesHXRO) February 9, 2023
Another community member said that he would never trade in the exchange and would rather bully the users of Open Exchange. “I don’t care how good the fees are, how good the liquidation mechanism is, or how good the funding arbs will be,” they wrote.
In his message on Thursday, February 9, Zhu Su stated that he serves a second chance. “I believe those who fail often learn the most about risk & hubris. While those who haven’t experienced it are often destined to learn it later. Those that do have a responsibility not to quit, but instead to take the pain & build anew, never compromising on what they learned,” wrote he.
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