UNUS SED LEO

UNUS SED LEO functions as a utility token within the iFinex ecosystem. Its distinctive name derives from a Latin phrase found in one of Aesop’s fables.

Holders of this cryptocurrency on Bitfinex can reduce their trading fees. The specific discount level is determined by the amount of LEO held in the user's account, with savings structured across three tiers. Fee reductions vary based on whether the trade involves a crypto-to-crypto pair or a crypto-to-stablecoin pair.

The token was introduced in May 2019. In contrast to many other digital assets, it is not intended to remain in circulation indefinitely.

iFinex established UNUS SED LEO. This move followed the government seizure of a portion of funds held by Crypto Capital, the payment processor used by iFinex. As the parent company of Bitfinex, iFinex indicated that recovering these assets might not be feasible. To address the resulting financial gap, the firm chose to issue the LEO token.

To compensate for the lost capital, iFinex announced a strategy to slowly repurchase tokens from holders until the entire supply is removed from circulation. The company also introduced a transparency program, allowing the cryptocurrency community to track progress and verify that the buyback efforts are meeting their declared goals.

iFinex has pledged to repurchase UNUS SED LEO from the open market every month through a token burn process. The value of tokens bought and destroyed must equal at least 27% of iFinex’s revenues, with purchases made at current market prices. According to a press release issued at the time, this buyback program is designed to continue until 100% of the tokens have been redeemed.

Unlike some cryptocurrencies that launch on only one network, LEO was distributed across two blockchains. Specifically, 64% of the initial supply was issued on Ethereum, while the remaining 36% was allocated to EOS.

Holders of the token receive reduced taker fees and lower lending fees across all services, products, and platforms operated by iFinex. The token also provides a discount of up to 25% on deposit and withdrawal fees, as well as a reduction in derivatives taker fees. These benefits apply to both Bitfinex and EOSfinex, which function under the iFinex umbrella. The team states that any future platforms launched under the iFinex brand will extend similar discounts to LEO holders.

The system prioritizes deducting the up to 25% fee discount in LEO, provided the trader holds the tokens in their portfolio. Furthermore, users who maintain an average balance of over $50 million worth of LEO tokens over the preceding month can withdraw up to $2 million without paying additional fees. For withdrawals exceeding $2 million, a 2% fee applies instead of the standard 3%.

As noted in the whitepaper, the supply is intended to deflate over time via monthly burns. During these events, iFinex repurchases LEO tokens equivalent to at least 27% of the consolidated gross revenue the company generated in the prior month.

The circulating amount of LEO tokens is structured to decrease gradually. The initial total supply was established at 1 billion.

During a 10-day sale, the tokens were offered at $1 each, exchanged on a 1:1 ratio with the Tether stablecoin, which generated a total of $1 billion.

At launch, there were 660 million ERC-20 tokens and 340 million EOS-based tokens. Bitfinex facilitates straightforward conversions between these two networks.

The firm characterized this dual-protocol release as “unique” and stated it would strengthen the Bitfinex community.

The tokens operate on the Ethereum and EOS blockchains. Bitfinex has launched a dashboard that provides real-time data regarding the existing supply and the quantity of LEO tokens that have been burned. This interface uses bar charts to display daily comparisons of LEO burns.

You can purchase UNUS SED LEO on exchanges such as Bitfinex, Gate.io, and OKEx, among others. Typical trading pairs link LEO to the U.S. dollar, USDT, Bitcoin, and Ethereum.