UNUS SED LEO (LEO) may be a new token designed to increase the capabilities of all platform users and services to iFinex, the parent company of Bitfinex. Such a choice ought to facilitate to address the crisis that arose when the accusations against the mercantilism platform regarding the embezzled use of Tether cryptocurrency money.
With UNUS SED LEO, Bitfinex plans to fill its own budget. As a results of the initial exchange, $ one billion was collected.
IFinex encompasses a deficit of $ 850 million. Therefore, each month coins area unit saved within the quantity of twenty seventh of the profits so as to shut the ensuing hole within the budget. On May 20, 2019, the UNUS SED LEO token was accessorial to Bitfinex, then to alternative mercantilism platforms.
Utility of the LEO token
So what’s UNUS SED LEO (LEO) coin used for? it had been primarily created to bring advantages to users of the iFinex scheme (perhaps as the way of restoration trust following the problems mentioned above). LEO offers all holders a variety of discounts on the Bitfinex mercantilism platform and alternative iFinex merchandise. Discounts embody taker fee reductions, disposition fee reductions and withdrawal and deposit discounts.
There is very little else in terms of token utility excluding these holder discounts. not like FTX and alternative tokens launched by exchanges, LEO can not be wont to produce leveraged positions.
Buy-backs and burns
One of the distinctive options of LEO coin is its by design restricted period. however will UNUS SED LEO work to realize this?
IFinex commits twenty seventh of gross revenues to a buy-back theme at prevailing market rates, till no tokens stay in business circulation. Since iFinex owns Tether, it ought to be assumed that this twenty seventh figure includes revenues raised through Tether; Currency.com has requested confirmation of this.
The study states that eightieth of any BTC recovered from the 2016 hack will go towards the buy-back theme. So far, 6.5 BTC are recovered. to boot, ought to iFinex ever recover funds lost from the US government’s seizure of the previous payment processor Crypto Capital, ninety fifth of recovered funds is pledged to the buy-back theme.
At the time of writing, a complete of sixty one,790,865 LEO from the one billion offer has been burned, equalization to over $232m.
Purpose of UNUS SED LEO
As we have a tendency to mentioned earlier, iFinex can purchase LEO tokens monthly corresponding to a minimum of twenty seventh of the company’s profit for the previous month. this is often associate indefinite method, whereas tokens are in circulation. Redemption happens at the present value.
LEO tokens, that area unit wont to pay commissions, may be burned. the sole platform that can’t destroy coins is Ethfinex, since it launched its own token referred to as NEC in 2017 for identical functions.
Benefits for house owners of UNUS SED LEO tokens
Benefits of owning UNUS SED LEO tokens include:
- 1) Saving commissions on Bitfinex. All fees for those that hold the token are reduced by V-J Day for all pairs of cryptocurrencies.
- 2) Monthly discounts on Bitfinex. Token holders receive a reduction of zero.05% for each ten thousand USDT in UNUS SED LEO tokens continued the trader’s record throughout the previous month. Calculations area unit created taking into consideration daily of the month. the utmost discount is five-hitter.
- 3)Discount on withdrawal and replacement of each cryptocurrency and paper currency on the Bitfinex exchange.
Holders of quite fifty million UNUS SED LEO can receive a reduction of up to twenty fifth on the withdrawal and deposit of cryptocurrencies. Also, customers of the marketplace, WHO can have tokens within the quantity of $ fifty million, are ready to withdraw up to $ two million per month while not extra fees. additionally, the extra commission are reduced from three-dimensional {to two0|to twenty} with any withdrawal of quite 2 million USD in enactment monthly.
FAQs
How many UNUS SED LEO coins area unit there?
From associate initial offer of 1 billion, there area unit presently slightly quite 938.2 million LEO coins in circulation. This variety steady decreases through LEO’s buy-back theme.
Who created UNUS SED LEO?
The UNUS SED LEO project was launched by iFinex, the parent company of the Bitfinex cryptocurrency exchange and Tether stable coin.
What makes UNUS SED LEO unique?
UNUS SED LEO (LEO) encompasses a finite life cycle. Parent company iFinex’s buy-back and burn theme contributes twenty seventh of company earnings to the theme, which can conclude once the last LEO token is burned.
Final Thoughts on the LEO Token Outlook
The LEO token’s current offer was designed to dwindle down over time. Initially, the token’s total offer was established at one billion.
LEO ab initio sold-out at one USD as a Tether stablecoin and raised $1 billion at intervals 10 days.
Only 660 million of the ERC-20 tokens were discharged at launch. Plus, a further 340 million tokens, that were EOS-based. Bitfinex permits conversions between these 2 chains simply.
