UNUS SED LEO PriceLEO

What is UNUS SED LEO (LEO)?

As part of the Bitfinex cryptocurrency exchange's parent company, iFinex, UNUS SED LEO is the company's latest ICO project. Crypto Capital, Bitfinex's former payment processor, seized funds, leading to the token's launch.

A dual-chain utility token residing on the Ethereum and EOS blockchains, Leo is not the first digital currency launched by iFinex throughout its turbulent history. In addition to its unique characteristics, LEO has a limited lifecycle, making it one of the few cryptocurrencies with this feature.

A brief history of UNUS SED LEO

After Crypto Capital, the business that handled iFiex's payments was confiscated by authorities in May 2019, iFinex conceived UNUS SED LEO. It was impossible to retrieve these funds, so iFinex, Bitfinex's parent company, created the LEO token instead.
 

An initial exchange offering (IEO) is being conducted for UNUS SED LEO tokens for 1 USDT per token. For USD 1 billion, the money was raised over 10 days. Due to this transaction, the Panama-based bank Crypto Capital lost $850 million to iFinex.

Aesop's fable, The Sow and the Lioness, stands behind the token's Latin name, 'Unus sed leo,' which translates to 'one, but a lion'.

A cryptocurrency designed to save Bitfinex customers money on trading fees, the cryptocurrency empowers the Bitfinex community. LEO account balance determines the discount amount, and three tiers of savings are available. There is a difference in fluctuations between crypto-to-crypto trading pairs and crypto-to-stablecoin trading pairs.



 

How UNUS SED LEO works,

Bitfinex hopes to use LEO to solve the problems it faces in its ecosystem and develop the Bitfinex community.

The token also has a limited lifespan and is subject to buyback and burn mechanisms. Token buybacks for burning constitute 27% of Bitfinex's revenue. Using Bitfinex's dashboard, one can keep track of the purchases and burns of their tokens in a comprehensive, open manner. Until no tokens remain in commercial circulation, iFinex will repurchase them at current market rates. A unique feature of LEO is that it only exists for a while. Previous assumptions have assumed that iFinex's buyback figures include revenues from Tether due to its ownership of a significant portion of the company.
 

This buyback scheme will also receive 80% of any BTC recovered from a 2016 breach suffered by iFinex, according to the UNUS SED LEO white paper. The total amount of bitcoins recovered so far is 6.5. Moreover, if iFinex can recover the money lost by depositing with Crypto Capital, 95% of the cash will be allocated to the buyback program.

Around 1 billion token supply was burnt, according to a recent report. It's worth around $232 million. 

What is UNUS SED LEO used for?

In the iFinex ecosystem, LEO is the utility token. Token holders benefit from the company's portfolio and future projects, products, and services.

This provides freedom and interoperability to holders of LEO tokens. It is home to two distinct groups and habitats. Doing so enhances the currency's usability on decentralized exchanges (DEXs) and decentralized applications (DApps).

Since the two platforms are linked, the LEO token can also be transferred between Ethereum and EOS through Bitfinex. Thus, both ERC20 and EOS token standards may be used.

What makes the Unus Sed Leo unique?

To maintain its commitment to buy back UNUS SED LEO every month, iFinex will use a token burn mechanism. At least 27% of BitFinex's transaction fees are generated from purchases and burns.

As a result of the burn of all tokens, Bitfinex users will have the opportunity to receive discounts and active multipliers and reduce commission costs.

LEO tokens were issued on two blockchains, unlike some cryptocurrencies that launch on a single blockchain. Ethereum accounted for 64% of the original supply, while EOS accounted for 36%.

Also, both Bitfinex and EOSfinex operate under iFinex, so the above discounts apply to both platforms. A similar discount will be offered to LEO token holders on future platforms under the iFinex banner.

One more time, let's discuss the LEO token burn. In the long run, it will lead to a deflation of the supply. In the whitepaper, iFinex mentions that at least 27% of iFinex's previous month's consolidated gross revenue will be burned every month in LEO tokens.

Unus Sed Leo token matrices

Where is the Unus Sed Leo (Leo) coin available?

Unus Sed Leo (Leo) is available on various cryptocurrency exchanges. The list of quick, secure, and easy exchanges is listed below.

• Bitfinix
• OKX
• Gate.io
• ProBit Global

You can check the whole list of exchanges here to buy Unus Sed Leo (Leo)