Leo Leo Price USD

UNUS SED LEO is a utility token utilized throughout the iFinex ecosystem. 

The cryptocurrency enables Bitfinex customers to save money on trading fees. The amount of the discount is determined by the amount of LEO in the customer's account, and the savings are divided into three categories. 

There are variations, depending on whether a trading pair is crypto-to-crypto or crypto-to-stablecoin.

UNUS SED LEO was introduced in May 2019, and unlike many other cryptocurrencies, it is not meant to last permanently.

UNUS SED LEO was created by iFinex as a result of the authorities seizing some of the cash belonging to the firm that processed its payments, Crypto Capital. Bitfinex's parent firm, IFinex, issued a warning that it might not be able to get these funds back. It decided to introduce the LEO token to compensate for the financial shortfall.

To make up for the money lost, iFinex disclosed plans to purchase back the token from investors gradually until none are left floating on the market. A transparency project was also developed so that the crypto community could examine the program's development and verify it was achieving its goals.

A token burn mechanism implies that iFinex is committed to purchasing back UNUS SED LEO from the marketplace on a monthly basis. The amount bought and burnt equals at least 27% of iFinex's earnings — and tokens are also obtained at market value. In a press statement at the time, the organization stated, "The burn process will continue until 100% of tokens have been redeemed."

Unlike certain cryptocurrencies, which can only be seen on one blockchain, LEO tokens can be found on two. The Ethereum blockchain had 64% of the original supply, while EOS owned the remaining 36%.

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