LEO Token
LEO (LEO) token is a utility token intended to be used in exchange for Bitfinex and other trading platforms owned by the parent company, iFinex. LEO is a user interface that you can use on all iFinex platforms, including Bitfinex and Ethfinex. The token gets its name from “Unus Sed Leo,” the iFinex company motto. The token is hoped that it will strengthen the Bitfinex community and improve platform performance.
In other words, it allows users to save money on trading payments while using Bitfinex. If a customer has additional LEO tokens in their accounts, the better the discount they get. The savings offered are distributed in many categories. There are also variations depending on whether the trading pair is crypto-to-crypto or crypto-to-stablecoin.
LEO was introduced on both the Ethereum and EOS blockchains. 64% of the first offer was in the Ethereum blockchain, and 36% of the first offers were in the EOS blockchain.
Bitfinex was launched in 2012 playing the role of peer-to-peer Bitcoin-focused exchange. In 2019, the main Bitfinex team managed the much-anticipated LEO token project with 100 experts. However, as the company believes in quality over quantity, the no. had been reduced to 25.
Bitfinex announced the LEO token in May 2019 to increase credibility. It acts as an interchangeable token primarily used for discounts offered on the Bitfinex platform.
UNUS SED LEO was founded by iFinex after Crypto Capital, a company that analyzes its payments, saw part of its funds seized by the government. iFinex is the parent company of Bitfinex, which warned that it would not be possible to repay the loan. To cover the shortfall, it has decided to introduce the LEO token.
To make up for lost money, iFinex has revealed plans to gradually buy the token from investors until it is no longer around the market. The transparency step was re-introduced so that the crypto community could monitor the progress of the program, and ensure that it met the stated objectives.
Similar to Binance Coin (BNB), iFinex offers discounts to LEO users and burns tokens on fixed dates.
· LEO Utility: If you own LEO, you automatically receive a 15 percent discount on any transaction you make. LEO balance of over $5,000 earns an additional 10 percent discount on consumer payments. Beyond that level, the more you hold tokens, the more reduction you get.
· Token Burns: Each month, iFinex buys a few LEO tokens in the market equivalent to, at least 27 percent of the total combined revenue of the previous month. The company will continue with this monthly burning until no more tokens are distributed commercially.
The LEO Token is expected to provide the following planned benefits, making the platform on which the token operates more attractive to holders:
· The LEO token will support the reduction of borrowing and lending to use the trading platforms, products, and services offered by BitiFinex.
· Since LEO is a utility token found at the heart of the Bitfinex ecosystem, it should improve the trading processes that take place in it.
· Profits from the first LEO token exchange offer should help planners improve their business opportunities.
| DATE | NEWS/EVENTS | IMPACT |
| 08/02/2022 | DOJ seizes $3.6 billion in Bitcoin stolen from the 2016 Bitfinex Hack | +55% Increase |
| 18/05/2021 | China closes financial, cryptocurrency, and payment trading institutions | -27% Decrease |
The exchange services token is properly designed for the benefit of traders on Bitfinex. Top-level traders benefit from reduced trading costs and profit margins. During the early years, the prospects for the LEO token and its use were questioned by many, but it has experienced significant growth since its launch date in 2019. It has been able to provide an excellent ROI to existing investors. Some experts have speculated that Bitfinex will soon promote indirect public sales to exclude LEO from unsuspecting retailers.
