1. What is the new claims product?
The new claims product allows bankruptcy victims to trade their bankruptcy claims. This feature provides a valuable service, especially for claim holders who don’t have access to OTC claim deals. We provide a platform for claims trading on order books.
2. How does the claim onboarding process work?
To start the claim transfer process, you first complete KYC verification. After logging in to the claims portal, you'll be directed to the Heimdall website to complete your application. Following verification, if eligible, you sign a claim transfer agreement. Heimdall will then conduct a final verification check and upon approval, you will receive OPNX credit (e.g., FTX claim tokens).
3. Who verifies and tokenizes the claims?
Heimdall, our tokenization solution partner, handles the onboarding, verification, and tokenization of real-world assets for users.
4. What are the advantages of trading claims here?
We offer automated onboarding, the option to off-ramp claim proceeds into crypto or stablecoins, the ability to monetize claims by selling them into crypto, and trading via order books for better transparency, liquidity, and pricing.
5. How can I use my claims as collateral?
To use your claim as collateral on OPNX, navigate to the OPNX Trading UI and click on the blue "Apply for Collateral" button. A pop-up will appear where you'll input the collateral asset, the amount you want to pledge, and the amount of USDT you wish to borrow. After this, a Loan-to-Value (LTV) and liquidation price will be calculated, indicating the health of your loan and the price at which your collateral may be sold. Your loan can be repaid at any time, releasing your collateral back to you. Be aware of your maintenance LTV and potential liquidation triggers, as not repaying the loan can lead to the sale of your collateral if the asset's market price falls to your liquidation price.
6. How are claims kept safe?
Claims are transferred and kept in a separate trust, reducing the risk for individual creditors. These claims are tokenized and the claim credits (e.g. FTX claim tokens) can be traded on our platform.
7. What happens after a claim is transferred?
After the transfer of a claim to the trust, there is a transfer of ownership relinquishing the user's residual rights to the underlying claim. However, users still maintain their pro-rata share of all claims held by the trust.
8. What happens when you buy a claim on OPNX?
Claim buyers receive the claim in their spot balances.
9. What is the OPNX Affiliate Program?
The OPNX Affiliate Program is a rewarding initiative designed to incentivize users to introduce new individuals to our platform. Through this program:
By participating in the OPNX Affiliate Program, you not only help expand our community but also earn attractive bonuses and commissions in the process.
10. Is there a minimum claim amount?
Yes, there is a $2,000 minimum for FTX claims.
11. What are the risks associated with trading claims?
Trading claims involves risks such as market risk, liquidity risk, and counterparty risk. There's no guarantee that claims will be successfully transferred or tokenized, and there is no guarantee that users will be able to sell or trade their claims or receive any return on their investments. The value of claims and tokens may fluctuate, and users may lose some or all of their invested capital.