UNUS SED LEO, also known as Leo, is a native token used in the iFinex ecosystem for executing transactions. Its unusual name comes from one of the Fables of Aesop and has Latin roots. This token has a design structure that extends the capabilities of users on the iFinex platform.
Unus Sed Leo token is a native utility cryptocurrency on the iFinex. iFinex is an online crypto trading platform and allows users to buy, sell digital currencies through OTC (over the counter) trading.
Leo token is hoped to strengthen the Bitfinex platform (an iFinex community) and optimize its operations.
Unus Sed Leo Background
iFinex founded the utility coin Unus Sed Leo in 2019. Unus Sed Leo Limited published its whitepaper in May 2019; This is a British Virgin Islands company limited by shares that issue Leo coins.
Hackers got to Bitfinex in 2016, and reportedly this company took 850 million dollars from its sister company, Tether Inc. The New York government issued that this action was illegal and they must avert the money. Therefore iFinex launched Unus Sed Leo tokens on EOS (EOS.IO) and Ethereum Blockchain to avert the alleged illegal transfer.
Leo token or Unus Sed Leo is a utility coin that is a subsidiary of iFinecx. This token was issued through an IEO (Initial Exchange Offering) in May 2019. Tokens are mainly on a single blockchain; however, Leo works on two blockchains. Sixty-four percent of the coins are on Ethereum and 36 percent on EOS.
iFinex was successful in raising investment and finding investors. They created a dedicated dashboard to break down the token buyback and burn process together with the available supply to keep investors interested. At first, they only revenue from trading fees. Next, they will use the income from other products of iFinex. The buyback and burning mechanism will keep going until 100 percent of the 1 billion Leo coins get burned. Leo will be gone after the 100 percent buyback and burn in the future.
After presenting this coin, users discovered that LEO is different from most other cryptocurrencies since the currency will not last forever. iFinex stated that the process of burning the coins is to control the monetary shortfalls.
When this token first came out, it had a total supply of 1 billion coins, and its price was 1 dollar, so it raised 1 billion dollars over ten days.
Unus Sed Leo Advantages
The most prominent feature of Leo is that it will not last forever.
There are many advantages to Leo token, and they are as follows:
1- Discount and Marketplace Token: This token provides users with discounts on the Bitfinex trading platform for fees on main and sub-accounts, including deposits and withdrawals. The discount amount is correlated to the amount of Unus Sed Leo users have in their accounts during the last 30 days.
2- Marketplace token for the iFinex community: Leo holders can use this native token to access other products on the iFinex.
3- Dual blockchain: You can send the Leo coin as an Ethereum or EOS token whenever you wish.
4- Smart contract friendly: Both Ethereum and EOS.IO support smart contracts. It allows users to develop dApps (decentralized applications).
5- Ecosystem Agnostic: Bitfinex stated that it would add a protocol to build distributive data streams and distributed marketplaces onto the token, which will make Leo the backbone of Bitfinex Pulse (its social platform) and market distribution plan.
6- Fast transactions: EOS.IO offers quick crypto transactions compared to Ethereum.
7- Security: The coins are on highly secure and scalable blockchains, making the transactions safe for the users.