flexUSD

What is FlexUSD?

FlexUSD (FLEXUSD) is an interest-bearing, crypto-backed stablecoin pegged to the USD and issued by the custodial crypto exchange, CoinFLEX. Through collateral lending on its own repo-market, the platform generates yield, distributed to FLEXUSD holders. Accepting USDC as collateral, FLEXUSD is advantageous within the CoinFLEX platform. CoinFLEX's native token, Flex Coin, offers trading fee discounts and governance participation via FLEXDAO. Amidst scrutiny, CoinFLEX restructured in Seychelles, adapting to the evolving crypto landscape.

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Recent Video Interview

Main points of the interview:

• Hayden Uto interviewed Roger Ver and Daniel Kelman about the CoinFLEX controversy.
• Roger accused CoinFLEX of mismanagement, refusal to close his positions, and falsely blaming him.
• Roger initiated legal action against CoinFLEX, alleging lies and deceit.
• Disputes over equity dilution and CoinFLEX's financial practices.

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CoinFLEX Platform and Philosophy

CoinFLEX bridges decentralized and centralized finance, facilitating non-custodial wallet trading. Offering spot and futures trading, the platform addresses centralization issues, utilizing a trustless clearing and custody model. With a focus on user control and privacy, CoinFLEX implements zero-knowledge proofs for balance verification. The platform also provides token launch services and educational resources for new investors.

Spot, classic futures, and perpetual futures trading, along with exposure to repo and spread markets, define CoinFLEX's offerings. A decentralized exchange (DEX), AMM+, democratizes futures trading through automated market maker (AMM) principles.

FLEXUSD Stablecoin on SmartBCH

FLEXUSD leverages the SmartBCH network, using the SEP20 token standard. An interest-earning stablecoin fully backed by USDC, FLEXUSD allows redemption for USDC anytime. Depositing USDC into the FLEXUSD smart contract creates liquidity on the Repo Market, enabling interest payments to FLEXUSD holders every eight hours.

FLEX Coin and its Role

FLEX Coin is the native cryptocurrency of CoinFLEX, providing exclusive benefits, including trading fee discounts and governance participation through voting in FLEXDAO. A token burning model, redistributing profits to FLEXDAO, governs FLEX Coin. Currently trading at $1.26 with a market cap of $122.7 million, FLEX Coin has a circulating supply of 98.6 million out of a maximum of 100 million.

Liquidity Issues and Restructuring

Facing liquidity problems in 2022, CoinFLEX filed for restructuring in Seychelles. The community voted to allocate company shares, rvUSD recovery tokens, USDC, and equity, addressing the fallout from defaulted customer funds.

Project Development

CoinFLEX CEO Mark Lamb faces accusations of breaching fiduciary duty for creating OPNX, a claims platform, with the founders of the collapsed crypto hedge fund Three Arrows Capital. The collaboration emerged during CoinFLEX's 2023 restructuring, with GTX, the initial project, later rebranded as OPNX. Creditors argue that Lamb's involvement in a competing business violates his responsibilities.

A leaked pitch deck revealed concerns over the reputations of Three Arrows Capital founders Su Zhu and Kyle Davies. Creditors, in a Hong Kong civil court filing, claim OPNX serves as an off-ramp for Lamb and associates, seeking to bar him from representing CoinFLEX. Lamb and OPNX, along with CoinFLEX investor Roger Ver, are co-defendants. Despite requests for comment, Lamb and his wife, Leslie Lamb, who heads OPNX, remain silent, intensifying scrutiny on CoinFLEX's internal dynamics and financial dealings.

**CoinFLEX ceased operations on October 31, 2023. **

flexUSD Price Analysis

As of November 24 2024 flexUSD has a marketcap of $18M. This is {{percentagefromath}} from its all time high of $1.031. In terms of its tokenomics, there's a total supply of 166M with 100% currently outstanding. Keep in mind flexUSD has a fully diluted value of $18M which many investors might interpret as overvalued.

Of course, don’t trust price predictions alone, always check the Coinrotator token screener to follow the trending market.