Bitfinex's parent organization, iFinex, has introduced a new Cryptocurrency called UNUS SED LEO. UNUS SED LEO is the newest digital money launched by the firm that also controls Bitfinex. United States administration's seizure of Bitfinex's previous payment gateway, Crypto Capital, before the Token's release. Leo, iFinex's next virtual money, was introduced at a tumultuous period in the company's past. It has dual blockchain support, existing on both Ethereum as well as EOS. One of LEO's distinguishing traits is that it is one of the only Cryptocurrencies that have a finite lifespan dictated by its protocols.

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Savings on Bitfinex trading costs are possible thanks to the usage of bitcoin. A consumer's ability to save money is tied to the amount of LEO they have in their accounts, with discounts offered on a tiered scale. When comparing the value of two Cryptocurrencies, the difference between exchanging them with one another or with a stablecoin might be significant.

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Utility of the LEO Token

iFinex Unlimited was developed largely for the sake of iFinex environment consumers as a means of regaining confidence after earlier concerns. LEO users are eligible for a variety of price reductions when purchasing Bitfinex as well as other iFinex services and goods. Payment concessions, withdrawal rebates, as well as investment discounted rates are all options for both depositors and borrowers. Tokens are mostly used as user perks, with nothing more. In contrast to FTX and several other tokens provided on exchanges, LEO cannot be used to open leveraged trades.

What Makes UNUS SED LEO Unique?

In order to implement a coin burn mechanism, iFinex has promised to repurchase UNUS SED LEO from the exchange monthly. A minimum of 27% of iFinex's gross earnings are used to buy and destroy coins, and all of these transactions occur at market prices. The firm announced at the time that "the burn operation would remain till 100% of coins have been refunded." LEO coins were minted on 2 distinct blockchains, which is unusual for Cryptocurrencies. Sixty-four percent of the genesis supply was held on Ethereum, while the remaining 36 percent was distributed across EOS.

Buy-backs and Burns

To ensure that no tokens are in existence once the repurchase program ends, IFinex has pledged 27% of its net profits into the programme. The above 27 percent is likely included in the income generated by Tether, given iFinex is Tether's owner; Currency.com has sought verification of all this. As stated in the white paper, 80% of whatever Bitcoins retrieved from the 2016 breach will be allocated to the buy-back program. About 6.5 BTC have indeed been retrieved so far. In fact, 95% of any cash retrieved by iFinex from the US administration's arrest of previous processing company Crypto Capital would be used for the buy-back plan. Much farther, almost $232m had been spent burning 61,790,865 of the available 1 billion LEO.

How Many UNUS SED LEO Coins Are There In Circulation?

As we have discussed earlier, LEO coins are created with a finite amount that gradually decreases as duration passes. It was initially decided that there would be a sum of one billion available. Since each LEO token was sold for $1, and the Tether stablecoin was valued at $1, $1 billion was collected over a period of 10 days. At debut, there had been 660 million ERC-20 tokens and 340 million EOS-based coins, and Bitfinex makes it easy to switch back and forth between the two chains. Initially, the Bitfinex audience was skeptical of the double protocol's release, but the business later hailed it as "unique" and a boon to the industry.

Origins of the Name

Sow and Lioness is an Aesop's story, where the Latin phrase "Unus Sed Leo" refers to the lioness. The fable's morality is summed up by the proverb "one lion cub is better than a litter of sows, albeit one," which suggests that superiority of quality over number is of primary importance and that a lone lion cub is preferable than a whole lot of livestock. Despite the exchange's ups and downs over the years, it continues to be a major participant in the Crypto industry, with over a million unique viewers every week and listing 173 different coins.

How Is UNUS SED LEO Network Secured?

Both Ethereum, as well as EOS, serve as the underlying platform for such currencies. Bitfinex has introduced a new panel which provides up-to-the-minute details just on the existing quantity of LEO coins as well as the total number of coins that were destroyed. The LEO burns are compared on a regular basis using bar graphs.

The Bottomline

Growth in price movement, as well as a desire for Cryptocurrencies as never seen in the Cryptocurrency industry, is expected to occur as a result of widespread acceptance of the UNUS SED LEO Tokens, which is anticipated to cause the value of the coin to achieve a maximum of roughly $12 by 2025 on the graph.

Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.