What Makes UNUS SED LEO Unique?​

A token burn mechanism means iFinex is committed to buying back UNUS SED LEO from the market on a monthly basis. The amount that’s purchased and burned is equal to at least 27% of the revenues generated by iFinex — and tokens are also purchased at the market rate. In a news release at the time, the company said: “The burn mechanism will continue until 100% of tokens have been redeemed.”

Whereas some cryptocurrencies just launch on a single blockchain, LEO tokens were issued on two blockchains. While 64% of the original supply was on Ethereum, the remaining 36% could be found on EOS.

What Makes UNUS SED LEO Unique?​

A token burn mechanism means iFinex is committed to buying back UNUS SED LEO from the market on a monthly basis. The amount that’s purchased and burned is equal to at least 27% of the revenues generated by iFinex — and tokens are also purchased at the market rate. In a news release at the time, the company said: “The burn mechanism will continue until 100% of tokens have been redeemed.”

Whereas some cryptocurrencies just launch on a single blockchain, LEO tokens were issued on two blockchains. While 64% of the original supply was on Ethereum, the remaining 36% could be found on EOS.

How Many UNUS SED LEO (LEO) Coins Are There in Circulation?​

As we mentioned, the circulating supply of LEO tokens is designed to diminish over time. Originally, the total supply was set at 1 billion.

LEO was sold for $1 apiece on a 1:1 basis with the Tether stablecoin, meaning that a total of $1 billion was raised over a 10-day period.

There were 660 million ERC-20 tokens at launch, as well as 340 million EOS-based tokens — and Bitfinex allows conversions between the two chains to be made with ease.

At the time, the company described the dual protocol launch as “unique” — and vowed that it would empower the Bitfinex community.

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LEO Token Utility​

The token offers taker fee reduction and lending fee reduction for all platforms, products and services provided by iFinex. Additionally, the LEO Token includes a withdrawal and deposit fee discount of up to 25% and a derivatives taker fee reduction. Furthermore, these discounts apply to Bitfinex and EOSfinex, as both platforms operate under the iFinex banner. Any future platforms built under the iFinex banner will offer similar discounts to LEO token holders.

That deduction of up to 25% will be deducted in LEO first, assuming the trader has those tokens in their portfolio. Moreover, the withdrawal and deposit fee discounts are accessible to any user holding over $50 million worth of LEO tokens (on average over the past month) to withdraw up to $2 million without additional fees. Any amount above $2 million is subject to a 2% fee, rather than 3%.

It is worth mentioning there is a LEO token burn to deflate the supply over time. In the whitepaper, it is mentioned there are monthly token burns during which iFinex buys back LEO amounts equal to at least 27% of the consolidated gross revenue generated by iFinex the previous month.