[{"category":{"name":"BitScreener Exclusive","exported_url":"bitscreener-exclusive"},"id":"b88f6292-2347-42a3-a149-7fe5d339c305","updated_at":"2022-06-30T12:20:00+00:00","account":{"firstName":"Mason","lastName":"Thompson"},"description":"Dubbed a coin with the dual chain feature, LEO is the core of the Bitfinex platform in cryptocurrency trading activities. So why is this coin special? Let’s take a deep dive into LEO!","sapo":"Dubbed a coin with the dual chain feature, LEO is the core of the Bitfinex platform in cryptocurrency trading activities. So why is this coin special? Let’s take a deep dive into LEO!","title":"UNUS SED LEO (LEO): A Token To Empower The Bitfinex Community","content":"

History of LEO

iFinex started its operations in 2012, initially operating under the Bitfinex brand, making it one of the longest-standing exchanges in the industry.

In 2018, iFinex’s payment processor, Crypto Capital, had part of its funds seized by the government.

To recover the financial shortcomings, an ICO was launched in May 2019 to produce the exchange token, UNUS SED LEO.

The token name originated from a Latin term in Aesop’s fable, “The Sow and the Lioness”.

After a period of time, LEO quickly became a “new wave” in the market and make it to the top 15 largest digital currencies.

Overview of UNUS SED LEO

UNUS SED LEO (LEO) is a utility token of iFinex Inc. (iFinex), a privately-held financial technology company incorporated in the British Virgin Islands.

iFinex operates virtual currency trading platforms under the business name Bitfinex, and provides numerous other cryptocurrency and crypto-related products and services.

UNUS SED LEO (LEO) is created with the iFinex and crypto community at heart and in mind. The token presents a sizeable opportunity for existing iFinex users and those who wish to use iFinex’s platforms and services. A special purpose subsidiary of iFinex intends to sell up to USDT 1 billion worth of LEO tokens.

About LEO token

As a utility token, LEO is issued by the iFinex company and used for crypto transactions on Bitfinex.

LEO allows token holders to experience and enjoy benefits across the entire portfolio and from future projects, products, and services.

In addition, LEO grants Bitfinex users the opportunity to save money on trading fees, depending on the amount they have in their account.

However, during iFinex’s turbulent history, Leo is not the first digital currency to be released, but a dual-chain token on Ethereum and EOS blockchains.

Use cases of LEO

The LEO token possesses key properties and standards to serve the following functions:

Lessen taker fee and lending fee on Bitfinex
Reduce depositing and withdrawing fees on Bitfinex
Pay taker fee on Bitfinex derivatives exchange
Pay to utilize iFinex products and services
Goods of iFinex ecosystem will be favorably used (at a minimum of 27%) to redeem LEO Token until LEO no longer circulates in commerce
95% of the proceeds from Crypto Capitals will be used to buy back and burn LEO Tokens during 18 months from the date of collection.
80% of the money iFinex recovered from Bitfinex hacks was used to buy back and burn LEO Tokens in 18 months from the date of withdrawal.

Features of UNUS SED LEO (LEO)

The LEO token operates based on a buyback and burning mechanism with the following special features:

Discount Token: LEO functions as a discount token for the Bitfinex trading platform. It is utilized to provide discounts on fees for deposits and withdrawals. These discounts partly depend on the number of LEO in an account over the previous month.
Marketplace Token: LEO is described as the marketplace token for all iFinex products. Holders can make the most of the token to access multiple products available on the iFinex.
Dual Blockchain: The token exists on double blockchain platforms including Ethereum and EOS blockchains, which means that users can transfer LEO as an EOS or Ethereum token. 64% of the token’s total supply was issued on Ethereum and the other 36% was on EOS blockchain.
Smart Contract Compatible: LEO acquires the dual chain feature with smart contracts enabled on them. This helps developers implement the token into DApps for numerous functions on both chains.

Outlook on LEO

Despite the project's limited lifespan, UNUS SED LEO has the potential to be a good investment with various unique utilities.

Currently, LEO is still struggling to find a place for itself in the crypto world and has not been noticed by investors. However, in the forthcoming future, when iFinex expands and upgrades to integrate more capabilities capacity for LEO, the token will gain increasing popularity with no doubt and one of the most awaited features of LEO is buying IEO on the Tokinex platform.

Explore all the trending topics and hottest news in the crypto market with our Blogchain.

Meanwhile, play trading game and earn real tokens with CryptoSim - Virtual Trading Game.

","tags":[],"image":{"fileName":"unus-sed-leo-deep-dive.png"}}]

UNUS SED LEO (LEO): A Token To Empower The Bitfinex Community

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