UNUS SED LEO (LEO) is a utility token launched in 2019 by iFinex, the parent company of cryptocurrency exchange Bitfinex and Tether. With LEO has maintained steady growth to currently posistioning it self to the highest level ever in 11th place. Created during a turbulent time for the company, LEO was introduced to restore community trust and provide users with tangible benefits across the iFinex ecosystem.
The Origin Story of LEO
The name UNUS SED LEO is derived from a Latin phrase meaning “one, but a lion,” believed to reference an Aesop’s fable that emphasizes quality over quantity. This philosophy encapsulates the token’s mission: to build a robust utility network for loyal users of Bitfinex.
LEO was launched through a private sale, raising $1 billion in just ten days by selling 1 billion tokens. Each of which were pegged to 1 USDT. The funds helped cover an $850 million shortfall linked to legal issues with Crypto Capital Corp, during which Bitfinex was accused of misusing Tether reserves.
What LEO Offers Bitfinex Users
As a utility token, LEO provides Bitfinex users with several perks, including:
- Discounts on trading, deposit, and withdrawal fees.
- Fee reductions on both Bitfinex and EOSfinex platforms.
- Exclusive access to products and services within the iFinex ecosystem.
Discount level is determined by the LEO holdings a user has and the trading activity. Moreover, future iFinex platforms will also offer benefits to LEO holders, strengthening its long-term utility.
Real Utility Within a Thriving Ecosystem
LEO serves as a multi-functional utility token designed to streamline user interactions within the iFinex portfolio. This includes platforms like Bitfinex, Ethfinex (now DeversiFi), and other affiliated services. Token holders benefit from a variety of cost-saving measures, including:
- Reduced Trading Fees: Users who hold LEO receive significant discounts on trading fees across the Bitfinex platform. This is especially advantageous for high-volume traders and institutions.
- Lending and Withdrawal Benefits: LEO holders enjoy lower lending fees and reduced withdrawal fees, enhancing overall platform usability.
- Enhanced Access and Services: Token holders can gain early access to new products, participate in exclusive offerings, and enjoy VIP customer support.
These tangible benefits contribute to strong demand for LEO within its ecosystem, giving the token a practical, utility-driven use case rarely seen in other exchange-issued cryptocurrencies.
Dual Blockchain Compatibility
LEO tokens are uniquely issued on both the Ethereum (ERC-20) and EOS blockchains.Its divided as 64% of the supply resides on Ethereum and 36% on EOS. This dual-chain structure increases flexibility, enabling fast and cost-effective transfers via EOS and broader compatibility with DeFi applications through Ethereum.
Bitfinex also provides a seamless conversion mechanism between the two standards, effectively acting as a bridge between the two ecosystems.
The Buyback and Burn Mechanism
To boost trust and long-term value, iFinex introduced a buyback and burn program funded by 27% of its monthly net profits. The process is transparent, with a dedicated dashboard displaying real-time updates on circulating supply and burn progress. The goal is to eventually burn the entire 1 billion token supply. Many can ague this has made the coin to grow steadly since then.
The mechanism phases are:
- Phase 1: Burns from trading fee revenues.
- Phase 2: Burns from revenue generated by other products.
How UNUS SED LEO Got to Top 11 by Market Cap
At the time of writing, UNUS SED LEO (LEO) is trading at $9.16, reflecting a 3.02% dip over the past 24 hours. Despite the minor pullback, LEO maintains a strong market position, currently ranked 11 by market capitalization. Its market cap stands at $8.46 billion.
The token’s 24-hour trading volume stands at $2.64 million. With a circulating supply of over 923 million LEO tokens, LEO continues to be resilience, largely due to its deflationary burn mechanism and real-world utility the Bitfinex ecosystem.
With a combination of speed of EOS with the DeFi power of Ethereum, LEO gives it unique appeal among utility tokens.