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Summary of UNUS SED LEO (LEO)
Key Points:
- Token burn mechanism: iFinex buys back LEO tokens from the market on a monthly basis, equal to at least 27% of revenues generated.
- Dual blockchain launch: 64% on Ethereum, 36% on EOS.
- Total supply: 1 billion, designed to diminish over time.
- Token sale: $1 billion raised over 10 days, $1 per token.
- Circulating supply: 660 million ERC-20 tokens, 340 million EOS-based tokens.
- Utility token: saves users money on trading fees, with discounts depending on LEO holdings.
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About UNUS SED LEO (USDLEO)
Introducing UNUS SED LEO (LEO): A Revolutionary Cryptocurrency
The Visionaries Behind UNUS SED LEO: A Founding Team Profile
UNUS SED LEO: A Beacon of Distinction
A token burn mechanism underscores iFinex’s commitment to repurchasing UNUS SED LEO tokens from the market on a monthly basis. The amount of tokens bought back and subsequently burned is equivalent to a minimum of 27% of the revenues generated by iFinex, with purchases made at the prevailing market rate. As stated in a previous news release, “The burn mechanism will persist until 100% of tokens have been redeemed.”
Notably, LEO tokens deviated from the norm by being launched on two prominent blockchains simultaneously. Specifically, 64% of the initial supply was hosted on Ethereum, while the remaining 36% was allocated to EOS.
What Is the Circulating Supply of UNUS SED LEO (LEO) Coins?
As previously stated, the circulating supply of LEO tokens is deliberately designed to gradually decrease over time. Initially, the total supply was capped at 1 billion.
LEO was priced at $1 per unit, pegged 1:1 with the Tether stablecoin, resulting in a total of $1 billion raised over a 10-day period.
At launch, a staggering 660 million ERC-20 tokens were introduced, complemented by 340 million EOS-based tokens, with Bitfinex facilitating seamless conversions between the two chains.
At the time, the company characterized the dual protocol launch as a groundbreaking initiative, underscoring its potential to empower the Bitfinex community in a truly unique manner.
Ensuring the Integrity of the UNUS SED LEO Network: A Robust Security Framework
Where to Acquire UNUS SED LEO?
UNUS SED LEO is a utility token that serves as a linchpin across the iFinex ecosystem. The token’s distinctive name is inspired by a Latin aphorism from one of Aesop’s timeless fables.
By leveraging LEO, Bitfinex users can significantly reduce their trading fees. The magnitude of the discount is directly correlated to the amount of LEO held in their account, with savings distributed across three distinct tiers. Furthermore, the discount structure varies depending on whether the trading pair involves crypto-to-crypto or crypto-to-stablecoin transactions.
UNUS SED LEO debuted in May 2019, distinguishing itself from numerous other cryptocurrencies in that it is not intended to be a perpetual entity.
UNUS SED LEO was established by iFinex as a response to the crisis triggered by Crypto Capital, its payment processor, which had a portion of its funds confiscated by the government. As the parent company of Bitfinex, iFinex faced a daunting prospect: the potential irretrievability of these seized assets. To mitigate the ensuing financial shortfall, the company opted to introduce the LEO token.
To recoup the losses, iFinex announced a plan to progressively repurchase the token from investors until its complete withdrawal from circulation in the marketplace. Additionally, a transparency initiative was introduced, enabling the crypto community to track the progress of this endeavour and verify its adherence to stated objectives.
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The Multifaceted Utility of LEO Tokens
The LEO token confers a range of benefits, including taker fee reductions and lending fee discounts, applicable to all platforms, products, and services offered by iFinex. Moreover, token holders can enjoy a discount of up to 25% on withdrawal and deposit fees, as well as derivatives taker fee reductions. Notably, these discounts extend to both Bitfinex and EOSfinex, which operate under the iFinex umbrella. Furthermore, any future platforms established under the iFinex banner will also offer similar discounts to LEO token holders, ensuring a perpetuity of benefits.
A deduction of up to 25% will be made in LEO first, provided the trader’s portfolio includes these tokens. Furthermore, users holding an average of over $50 million worth of LEO tokens over the past month will be eligible for withdrawal and deposit fee discounts, enabling them to withdraw up to $2 million without incurring additional fees. Amounts exceeding $2 million will be subject to a 2% fee, rather than the standard 3%.
Notably, a token burn mechanism is in place to gradually deflate the LEO supply over time. As outlined in the whitepaper, iFinex commits to a monthly token burn, wherein it repurchases LEO tokens equivalent to at least 27% of the consolidated gross revenue generated in the preceding month.
These tokens are built upon the Ethereum and EOS blockchain frameworks, respectively. Notably, Bitfinex has launched a comprehensive dashboard, providing real-time insights into the current supply of LEO tokens, as well as a transparent record of the tokens that have been burned. Furthermore, the dashboard features bar charts that facilitate a daily comparison of LEO burns, offering a granular view of the token’s circulation dynamics.
UNUS SED LEO is listed on prominent cryptocurrency exchanges, including Bitfinex, Gate.io, and OKEx, among others. The token is paired with a range of popular currencies, such as the U.S. dollar, the USDT stablecoin, Bitcoin, and Ethereum, facilitating seamless trading opportunities. For guidance on converting fiat currencies into Bitcoin, please refer to our dedicated resource.