UNUS SED LEO — a cryptocurrency that describes itself as “the utility token at the heart of the iFinex ecosystem”. It is intended for use on the Bitfinex cryptocurrency exchange as a way to reduce trading, lending and other fees.
Contents:
Description of UNUS SED LEO
Cryptocurrency allows Bitfinex users to save money on trading fees. The amount of the discount depends on how much LEO the customer has in their account, and the offered savings are spread across three levels. There are fluctuations, depending on whether the trading pair is crypto-to-crypto or crypto-to-stablecoin. UNUS SED LEO was launched in May 2019 - and unlike many other cryptocurrencies, it is not designed to exist forever.
UNUS SED LEO is the utility token at the heart of the iFinex ecosystem:
| 1 | Holders of these tokens will benefit financially from many of the services and products of the Bitfinex exchange. The LEO token is purposefully designed to provide financial benefits to Bitfinex users. |
| 2 | The token is backed by a large company that is interested in increasing its promotion. |
As a result, the cost of LEO increases, which directly affects the capitalization of depositors' portfolios.
What is the uniqueness of the project?
The token burn mechanism means that iFinex undertakes to buy UNUS SED LEO from the market on a monthly basis. The amount that is bought and burned is equal to at least 27% of the income, generated by iFinex. Tokens are also purchased at the market rate.
While some cryptocurrencies only launch on one blockchain, LEO tokens have been issued on two blockchains:
- on Ethereum blockchain, LEO is a widely accepted ERC-20 token. Transactions of these tokens are carried out by full nodes of the Ether network, fulfilling the conditions of the consensus algorithm. Now, the Ethereum network still supports the PoW algorithm, but the developers are preparing the network for a full transition to PoS;
- on EOS blockchain, LEO tokens are served by validators on the EOSIO network. To ensure the consensus of transactions, the EOSIO protocol uses the DPoS algorithm.
Thanks to this mechanism, transactions of LEO tokens are carried out normally, and the distributed network has high security.
Buying coins
Initially, the total supply was set at 1 billion. LEO was sold at $1 each on a 1:1 basis with Tether stablecoin, meaning a total of $1 billion was raised over a 10-day period. UNUS SED LEO is available on Bitfinex, Gate.io, OKEx and more. Common trading pairs link LEO to the US dollar, USDT stablecoin, bitcoin and Ethereum.