Instantly exchange UNUS SED LEO at the best price and with the lowest fees on StealthEX. Free from registration, fast, and limitless LEO swaps. You can see for yourself how convenient it is.
Price (USD)$ 3.81
Circulating SupplyLEO 928.28328M
Volume (24h)$ 1.51064M
Market Cap$ 3.53961B
Low/High 24h$ 3.75 - $ 3.82
Change (24h)$ 0.023256
One of the leading crypto platforms is Bitfinex, a cryptocurrency exchange that was established in 2012. The platform was registered in the British Virgin Islands and is owned and operated by iFinex Inc. It began as a peer-to-peer Bitcoin exchange and later expanded to support other cryptocurrencies. Bitfinex provides high-volume trading as well as spot and derivative products such as exchange trading, margin trading, margin funding, over-the-counter markets, and derivatives trading. Unus Sed Leo (LEO Token) is the utility token intended for use on the exchange and other trading platforms managed by its parent company iFinex. The token called Unus Sed Leo, which is Latin for “One, but a lion”, is hoped to strengthen the Bitfinex community and optimize the platform’s operations. Let’s take a closer look at Unus Sed Leo and its functions.
Bitfinex was established in 2012 as a peer-to-peer Bitcoin-focused exchange, making it one of the older exchange players in the blockchain industry. In August 2016, Bitfinex announced that it was a target of a security breach. More than USD 72 million in BTC was reported as stolen from the customer's accounts managed by the company.
In 2019, the exchange came under fire together with Tether for failing to disclose the loss of over USD 850 million in connection with the deposits of the Crypto Capital company. It is also alleged that Bitfinex was involved in an undisclosed and conflicted transaction with some customers.
Digital Assets on Lightning Network Lightning is a decentralized network using smart contract functionality in the blockchain to enable instant payments across a network of participants. iFinex has joined with a number of other companies and individuals to help develop and finalize the support for digital assets on Lightning Network. Ideally, digital assets developed and introduced by iFinex, including the LEO token, will be among the first digital assets launched on the Lighting Network.
Unus Sed Leo (LEO) is a token designed to extend the capabilities of all platform users and services to iFinex, the parent company of Bitfinex. Such a decision should help to cope with the crisis that arose after the accusations against the trading platform about the illegal use of Tether cryptocurrency cash.
In May 2019, its core team, which also managed the LEO token project, numbered more than 100 professionals. In line with the company’s stated philosophy of favoring quality over quantity, the headcount of those strictly working on the development does not go above 25. The project was launched the same year, while the funds from the exchange's former payment processor Crypto Capital were seized by US authorities earlier, in 2018. As a result, the crypto, which is based on the Ethereum (ETH) and EOS blockchains, was created in an attempt to reimburse people who had lost out due to hacks and legal action. Unus Sed Leo’s purpose has been explained in a short video uploaded by Bitfinex.
The utility token LEO lies at the heart of the iFinex ecosystem. Token holders gain access to the company's complete portfolio, as well as future projects, products, and services. It provides LEO token holders with autonomy and interoperability. There are two separate groupings and habitats here. It allows the money to be used in a wider range of decentralized exchanges and decentralized apps. Furthermore, Bitfinex connects Ethereum with EOS, allowing the LEO token to be traded between the two platforms. As a result, the coin is compatible with both the ERC20 and EOS token standards.
The cryptocurrency has a buyback and burn program. Bitfinex spends 27% of its income on token buybacks for burning, and the Bitfinex dashboard provides a thorough and open record of token purchases and burning. iFinex has committed to a buyback scheme at current market rates until no tokens remain in commercial circulation. In other words, LEO is not designed to exist forever, a unique feature of this token Because iFinex owns a significant portion of Tether operations, it has been previously assumed that their buyback figures include Tether revenues.
The goal of LEO Coin is to make the platform it runs on a more attractive option for its holders by introducing a whole range of planned benefits for them:
Unus Sed Leo token has risen to prominence as one of the most successful cryptocurrencies. This was accomplished despite using two separate blockchains, which represents a significant innovation, as its coins are kept in both the EOS and Ethereum chains at the same time. Users benefit from additional flexibility by being able to convert their LEO tokens to one of the two blockchains, with Bitfinex acting as a bridge between the two and encouraging cryptocurrency interoperability.
One weakness of Leo crypto, however, is the company's tarnished reputation. Following multiple allegations of manipulation by the exchange, it is natural for the crypto community to be wary of the corporation. The incident involving Bitfinex's unanticipated use of USDT reserves to strengthen their own balance sheet has not only enraged many Bitfinex users.
There are a number of positive features that make them potentially savvy trades. Firstly, the token burn is conducted directly on the market. Binance, by comparison, burns BNB from directly inside their treasury.
In 2018, iFinex made a net profit of over $400 million, according to its LEO whitepaper. That figure is roughly the same as estimates for Binance’s revenues for the same period. Bitfinex burns tokens every three hours, according to the countdown timer on its website. However, verifying that these tokens represent the correct proportion of exchange revenues is a different story.
Bitfinex claims it intends to burn 100 percent of the supply of LEO Coin. By comparison, Binance only plans to burn half of all BNB. Bitfinex spends 27 percent of its quarterly revenue burning LEO tokens compared to Binance’s BNB burn of 20 percent of quarterly profit. Margins come into play in the mathematics here, but in theory, LEO coins will be burned at a more aggressive pace than Binance’s native tokens.
StealthEX is here to help you buy LEO crypto. You can do this privately and without the need to sign up for the service. Our crypto collection has more than 1000 different coins and you can do wallet-to-wallet transfers instantly and problem-free.
Just go to StealthEX and follow these easy steps:
Don’t forget to do your own research before buying any crypto. The views and opinions expressed in this article are solely those of the author.