Generally, many tokens are valued within their own ecosystem. The same is true for the Unus Sed Leo utility token. Accordingly, this token is a token that is actively supported in exchange transactions and some specific tasks within the iFinex ecosystem.
Where does the name Unus Sed Leo come from?
According to iFinex, Unus Sed Leo is originally a Latin quote from one of Aesop’s stories. This is the most original name among token names.
The cryptocurrency reduces transaction fees for Bitfinex users. The discount amount depends on the size of the customer’s LEO account, and the discount is given in three stages. There are differences between crypto-crypto trading pairs and crypto-fixed money trading pairs.
Unus Sed Leo was launched in May 2019, and unlike many other cryptocurrencies on the market, it is meant to last for a while.
Who founded Unus Sed Leo?
iFinex founded Unus Sed Leo when the authorities confiscated some of Crypto Capital’s money. Crypto Capital is a company that processes payments. IFinex, the parent company of Bitfinex, warned that it might be impossible to recover the assets. It decided to develop the LEO token to fill the financial gap.
To compensate for the lost funds, iFinex announced that it would gradually buy tokens from investors until there are none left circulating in the market. A transparency project has also been developed so that the crypto community can follow the development of the program and check if it is achieving its set goals.
Why are people buying the Unus Sed Leo token?
The token-burning mechanism forces iFinex to buy Unus Sed Leo on the market every month. 27% of iFinex’s annual revenue is used to buy and burn tokens purchased at the market price. “The burning process will continue until all tokens are consumed,” the company said in a press release at the time.
Unlike most cryptocurrencies launched on a single blockchain, LEO tokens were created on two blockchains. Ethereum accounted for 64% of the initial offering, while EOS made up the remaining 36%.
Advantages of LEO
UNUS SED LEO (LEO) is a cryptocurrency token created by Binance and the advantages of LEO include:
- Decentralized: LEO operates on a decentralized platform, offering transparency and security for transactions and reduces the risk of fraud or tampering.
- Liquidity: As a widely traded cryptocurrency on Binance, LEO provides good liquidity for holders to easily buy and sell the token.
- Discounts and benefits: Binance users holding LEO can receive discounts on trading fees, withdraw fees and have access to other exclusive benefits within the Binance ecosystem.
- Binance Support: LEO is supported and backed by Binance, one of the largest cryptocurrency exchanges in the world, providing a level of stability and trust.
- Strong community: LEO has a strong and active community, who engage in discussions and developments related to the token, further promoting its growth.
However, investing in any cryptocurrency carries risk and it’s important to thoroughly research and understand the potential benefits and drawbacks before making an investment decision.
What is the number of Leo tokens in circulation?
As mentioned above, the supply of LEO tokens in circulation will decrease over time. Initial estimates put the total supply at 1 billion.
Within ten days, $1 billion was raised by selling LEO at the same price as the Tether stablecoin.
At the debut, there were 660 million ERC-20 tokens and 340 million EOS-based tokens, allowing Bitfinex to easily switch between the two chains.
The company described the debut of the binary protocol as “unique” at the time and promised to strengthen the Bitfinex.
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