The price UNUS SED LEO today is 3.39 USD, and the trading volume in 24 hours - 2,745,379 USD. The crypto asset has grown by 4.02% over the day. Currently, the coin’s market capitalization is 3,235,036,844 USD, and has 953,954,130 coins in circulation with the max supply of 9,651,217 coins LEO.
What is UNUS SED LEO?
After launching in May 2019, a Bitfinex exchange token called UNUS SED LEO managed to make headlines, rising to the top positions among cryptocurrency tokens ranked by their market capitalization.
In May 2019, the parent company behind the Bitfinex exchange, iFinex, released a whitepaper in parallel with the launch of a private token sale. According to the data provided, iFinex plans to issue no more than 1 billion tokens. Each of them will be linked to the USDT stablecoin. After the sale was completed, Bitfinex allowed trading with its coin on May 20, while tokens could be traded for BTC, USD, usdt, EOS and ETH.
What makes the LEO token unique?
It is assumed that the token will make the platform on which it operates more attractive to holders, providing them with a number of planned benefits:
It will support the reduction of commission fees for the use of trading platforms, products and services offered by iFinex. iFinex is the Hong Kong-based operator of the Bitfinex exchange and the ethfinex digital asset trading platform. It is assumed that all levels of fees of asset holders will be reduced by 15% for all crypto-crypto pairs, including crypto-stablecoin pairs.
Since it is a service token that underpins the Bitfinex ecosystem, it is supposed to optimize the trading processes that take place in it. The team behind the token promises that up to 25% of trading fees will first be debited to LEO, provided that these tokens belong to the trader.
Token holders are entitled to a 25% discount on the commission for cryptocurrency withdrawals and deposits. In other words, Bitfinex will allow any user holding more than 50 million LEO to withdraw $ 2 million without additional fees.
Proceeds from the initial token exchange should help organizers improve their business prospects. The proceeds from the sale are described by iFinex as suitable for general business purposes, strengthening the company's working capital and covering expenses, operating expenses, as well as debt repayment and recapitalization.
How does the token economy work?
The token uses burning as a method of deflating its value. Compared to the similar Binance Coin, LEO token burning should be faster and have the following features:
Based on the information provided in the whitepaper, token burning should occur on a monthly basis. IFinex is expected to buy back and spend at least 27% of iFinex's consolidated gross revenue for the previous month. The process is repeated as long as the tokens are in commercial circulation.
iFinex also plans to buy back and burn the remaining tokens in circulation with funds received from Crypto Capital, a Panama-based payment processing company often cited in connection with an alleged case involving Bitfinex (including an estimated loss of about $ 850 million). Repeated purchases will be made in multiple transactions until the team deems it necessary to complete the process.
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