UNUS SED LEO (LEO) is a new token which is designed to improve on the capabilities of all the platform users at iFinex, which is the parent company of Bitfinex. This decision of bringing in a new token is meant to help cope with the crisis related to Tether.
With UNUS SED LEO, Bitfinex decided to come up with its own budget. Eventually, $ 1 billion was collected. IFinex has a budget deficit of $ 850 million. To cope with it, every month, the coins are redeemed to the extent of 27% of profits to help offset the lacuna in the budget. On May 20, 2019, the UNUS SED LEO token was added to Bitfinex and in other trading platforms.
LEO tokens are used to pay commissions. LEO coins are destroyed at Ethfinex as Ethfinex launched their own token NEC in 2017 for similar purposes.
As stated previously, iFinex will buy the LEO tokens to a monthly equivalent of 27% of the company’s profit for the previous month. This is set to be an indefinite process, and the tokens continue to be in circulation and the redemption will happen at the current market price.
LEO token owners will be saving commissions on Bitfinex and they will be getting monthly discounts on Bitfinex. Token holders will be getting 15% discount on all fees for all the pairs related to the LEO token.
Medium states, “Token holders receive a discount of 0.05% for every 10 thousand USDT in UNUS SED LEO tokens held on the trader’s balance sheet during the previous month. Calculations are made taking into account each day of the month. The maximum discount is 5%.”
Users will also be getting a discount on the withdrawal and replenishment of both cryptocurrency and fiat money on the Bitfinex exchange.
Sydney Ifergan, the crypto expert tweeted: “LEO Coin does have value, but it does not have utility. No disagreement about the coin being in the top ranking list. Utility matters.”
LEO reportedly has gained strength as a valuable source of liquidity on the Bitfinex platform. The cross-listing of the BTSE and the UNUS SED LEO utility tokens improved on the inter-exchange settlement functionalities on both the platforms.
Of note the UNUS SED LEO tokens exist on the Ethereum and EOS block chains. This makes it easy for token holders in Ethereum and EOS to use Bitfinex as a Bridge for the two protocols.
LEO has exhibited remarkable resistance in price and it was not affected by the downturn caused during the pandemic.
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