What is UNUS SED LEO?
What is UNUS SED LEO?
UNUS SED LEO or LEO Token (symbol: LEO) is a Utility Token issued by iFinex. iFinex is one of the biggest companies in the crypto industry that owns two cryptocurrency trading platforms Bitfinex, EthFinex and Tether (USDT). The LEO token was listed for trading on Bitfinex and EthFinex on May 22, 2019, after successfully raising $ 1 billion from private investors, not publicly selling it to the public. It is likely that in the future, LEO will be listed as a market on iFinex’s trading platforms besides BTC, ETH and USD.
The main purpose of the LEO token is to become the base coin on Bitfinex and the exchanges operated by iFinex, LEO can be considered as the “floor coin” of Bitfinex, EthFinex, similar to BinBine of BN or HT by Huobi. LEOs will also be used to pay for transaction fees, and iFinex plans to use the proceeds from the fees to purchase LEO periodically, then burn until there is no LEO in circulation.
Differences of LEO Token
A special feature of the LEO token is that it is built on two other Blockchain platforms, such as Ethereum and EOS. Specific information is as follows:
LEO Token on the Ethereum platform:
Smart Contract: 0x2af5d2ad76741191d15dfe7bf6ac92d4bd912ca3
Token Type: ERC-20
Total supply: 660,000,000 LEO
Total circulation: 660,000,000 LEO
LEO Token on EOS platform:
Token Type: Utility Token, Exchange Token
Total supply: 340,000,000 LEO
Total circulation: 340,000,000 LEO
Users can completely exchange these two tokens at a 1: 1 ratio on Bitfinex, by loading 1 LEO token on Ethereum’s ERC-20 platform into Bitfinex and you will draw 1 LEO token on EOS platform at any time.
Where is the safest place to store LEO Token coins?
As mentioned above, LEO is a cryptocurrency developed on the two blockchain platforms of EOS and Ethereum, so for each type of token you will store on the wallet of the respective platform:
LEO tokens on the Ethereum platform: You can store on wallets that support ERC-20 tokens such as MyEtherWallet, ImToken, MetaMask, Trust Wallet, Ledger Nano S, ..
LEO tokens on the EOS platform: You can store on EOS-supported wallets like SimplEOS, ImToken 2.0, ..
In addition, if you regularly buy and sell LEO coins, you can store them on the wallets of exchanges for ease of purchase, without having to transfer them, but of course, the security of the wallet will not with my own wallet above.
Benefits of LEO
Benefits of holding UNUS SED LEO include:
Bitfinex transaction fee reduction – Holders of token tokens will receive a 15% discount on transaction fees compared to all other cryptocurrency pairs (including stablecoins).
Bitfinex crypto and fiat withdrawals and deposit fees discount – Holders of> 50 million UNUS SED LEO tokens will receive a deposit discount of up to 25%. Holders of UNUS SED LEO tokens worth> 50 million USD in the previous month can withdraw 2 million USD fiat per month at no additional charge. In addition, additional fees will be reduced to 2% (instead of 3%) for any withdrawals over $ 2 million in fiat monthly.
Bitfinex loan reduction fee – Lenders will receive a fee reduction of 0.05% for every USD 10,000. The maximum discount is limited to 5%.
Review of LEO token
LEO tokens provide many benefits to individuals who hold them. You will get many benefits from LEO if you are trading on Bitfinex. The potential of LEO tokens will be that of Bitfinex and the iFinex ecosystem. Currently, Bitfinex is a large and quite reputable exchange in the cryptocurrency market. In addition, iFinex is planning to build ambitious projects in the future.
Bitfinex pledged to use the proceeds from the Crypto Capital case as well as the 2016 hack to buy back and burn LEO. Similarly, iFinex also pledged to use ethFinex’s revenue to buy and burn LEO every month.
If you are a fan of Bitfinex and have faith in Bitfinex as well as iFinex, investing in LEO is not a bad choice.
The future of LEO
As announced by iFinex, LEO Token is mainly used for reducing transaction fees and service fees within their ecosystem. Therefore, the need to buy LEO to use its right use case is not much.
In the future, as the iFinex ecosystem expands and integrates many LEO features, the demand for this token will increase. One of the most anticipated uses will be to use LEO Token to buy IEO on the Tokinex Platform.