Home Reviews UNUS SED LEO What is it and what is it for?

UNUS SED LEO [LEO] What is it and what is it for?

Since Binance launched its BNB token to give extra benefits to its Exchange users, other cryptocurrency exchanges have done the same and created their utility tokens. Today we are going to talk about UNUS SED LEO the Bitfinex token.

UNUS SED LEO, is a utility token designed to empower the Bitfinex community and offer them great benefits on the platform, such as discounts on transactions.

“LEO will be the utility token at the heart of the iFinex ecosystem. Token holders will experience benefits across the entire portfolio and are expected to obtain benefits from future projects, products, and services, whether or not detailed within this white paper.”, they state on their WhitePaper.

The token was launched by iFinex, the parent company of Bitfinex and Theter among others. iFinex began operations in 2012 and has become one of the most recognized companies in the crypto sector.

UNUS SED LEO

At its launch, the [LEO] tokens were issued so that they were compatible with both the Ethereum blockchain and the EOS blockchain, which they called “dual protocol launch.”

Thanks to this, users get greater flexibility and ease of use, and through Bitfinex they can easily switch from Ethereum LEO-ERC20 to EOS LEO-EOS, Bitfinex is responsible for adjusting the wallet balance so that Users don’t have to worry about anything.

At the launch of the token, 660 million tokens based on Ethereum and 340 million tokens based on EOS were issued.

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Initial benefits of UNUS SED LEO

As we have said before, LEO tokens have benefits for Bitfinex users and although these benefits will increase over time, token holders will benefit from:

  • Bitfinex taker fee reduction
  • Bitfinex loan rate reduction
  • Discount on the deposit and withdrawal rate of Bitfinex crypto and fiat
  • Bitfinex derivatives policy fee reduction (coming soon)

Burning of tokens UNUS SED LEO

Each month, iFinex and its affiliates will purchase a minimum amount of LEO from the market at least 27% of the consolidated gross income of iFinex from the previous month and will proceed to the burning of these tapings.

The platform also promises that 80% of the tokens recovered by hacks will also be burned.

Information about UNUS SED LEO

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Conclusion

The utility tokens created by the exchanges, in addition to allowing holders to benefit from savings in the different fees that the exchanges apply when making transactions, offer another set of utilities that can make them interesting for investors, such as for example, the need to own these tokens in order to participate in the IEOS supported by the exchange in question or may even have advantages in projects attached to the exchange that allow the use of these tokens.

The biggest ones interested in adding extra value to these tokens are the exchanges themselves, since a utility token with great benefits will attract more users to their platforms, which entails higher transaction volumes and greater recognition in the sector.

Do not lose sight of tokens like UNUS SED LEO to see how far they are able to reach.

Alfonso Martínez
Alfonso Martínez
Cryptocurrency enthusiast since 2015, a lover of blockchain technology and everything around her. He joined the Crypto Economy team in 2018 as a content editor specializing in SEO. He is also responsible for the Social Networks of the platform.
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