UNUS SED LEO is a utility token utilized throughout the iFinex ecosystem. The unique name is derived from a Latin reference in one of Aesop's stories. Bitfinex customers can save money on trading costs by using the cryptocurrency. The amount of the discount is determined on how much LEO the client has in their account, and the savings are divided into three categories. Depending on whether a trading pair is crypto-to-crypto or crypto-to-stablecoin, there are variations.

It was built specifically to help users of the iFinex ecosystem. All LEO holders receive a variety of discounts on the Bitfinex trading platform and other iFinex products. Taker charge reductions, lending fee reductions, and withdrawal and deposit discounts are all examples of discounts. Apart from these holder discounts, there isn't much more in terms of token usefulness. Unlike FTX and other exchange-issued tokens, LEO cannot be used to establish leveraged trades.

History

UNUS SED LEO was established in May 2019 — and, unlike many other cryptocurrencies, it is not intended to exist in perpetuity. SED UNUS SED LEO was formed by iFinex when the authorities seized a portion of the cash held by Crypto Capital, the business that handled its payments. Bitfinex's parent firm, IFinex, has cautioned that it may be impossible to retrieve these monies. It decided to introduce the LEO token to make up for the cash gap. To make up for the money lost, iFinex announced intentions to progressively purchase back the token from investors until there are no more tokens floating in the market. A transparency project was also developed so that the crypto community could track the program's development and verify that stated goals were met.

From May 2019 the currency was available through an Initial Exchange Offering (IEO). Capital Corporation, a payment processor said to be holding funds from other exchanges including QuadrigaCX (the company that processed the iFinex payments), had part of its funds held by the government in an alleged illegal transmission between Tether Inc and the Bitfinex trading platform, according to reports.

How does it work

The token provides taker and lender fee reductions for all iFinex platforms, goods, and services. On addition, the LEO Token provides a 25% discount on withdrawal and deposit fees, as well as a decrease in derivatives taker fees. Furthermore, because both Bitfinex and EOSfinex operate under the iFinex name, these reductions apply to both platforms. Any future platforms developed under the iFinex umbrella would provide LEO token holders with comparable discounts.

If the trader possesses certain tokens in their portfolio, the up to 25% deduction will be taken first in LEO. Furthermore, the withdrawal and deposit fee savings allow any user owning more than $50 million in LEO tokens (on average over the preceding month) to withdraw up to 2 million USD without incurring further costs. Any sum in excess of 2 million USD is subject to a 2% fee rather than a 3% fee.

Total supply and circulation

Maximum supply is not available at the moment, however now circulating supply is 954 million LEO, while total supply is 985 million LEO coins.