LEO Token LEO Token

$9.68 -4.25% LEO
Volume (24h)
$400,130
24h High
$9.70
24h Low
$9.03
Circulating Market Cap
$8,581,584,817
Total Market Cap
$8,581,584,817
Bid / Ask
$9.18 / $9.23
24h Trades
1,405

What is UNUS SED LEO (LEO)?

UNUS SED LEO (LEO) is a utility token launched in May 2019 by iFinex Inc., the parent company of the cryptocurrency exchange Bitfinex. The token was created to provide users with trading benefits, cost reductions, and additional functionalities within the iFinex ecosystem. The name is derived from the Latin phrase "Unus Sed Leo," meaning "One, but a lion," which symbolises resilience and strength.

LEO was issued on two blockchains: 660 million tokens as ERC-20 on Ethereum and 340 million tokens on the EOS blockchain. Bitfinex allows users to convert between the two formats seamlessly, ensuring flexibility in how the token is used. The total supply of LEO is reduced over time through a buyback and burn mechanism funded by iFinex profits.

What is UNUS SED LEO (LEO) used for?

LEO is designed to offer multiple benefits to Bitfinex users, enhancing the overall trading experience and reducing costs:

  • Trading Fee Discounts: Holders of LEO receive a 15% reduction in taker fees on all crypto-to-crypto trading pairs on Bitfinex.
  • Lending Fee Discounts: Users who participate in Bitfinex's peer-to-peer financing market can receive lending fee reductions based on their LEO holdings, up to a maximum of 5%.
  • Withdrawal and Deposit Discounts: High-volume users holding LEO can obtain up to a 25% discount on cryptocurrency withdrawal and deposit fees.
  • Fiat Withdrawal Benefits: Accounts holding LEO in large amounts can qualify for additional discounts on fiat withdrawal fees.
  • iFinex Ecosystem Services: The token may be used for further services offered by iFinex and its subsidiaries, providing utility beyond just exchange-related benefits.

A continuous token burn mechanism ensures that iFinex allocates 27% of its monthly profits to repurchase and destroy LEO tokens, reducing the overall supply and aiming to maintain scarcity over time.

Who created UNUS SED LEO (LEO)?

UNUS SED LEO was created by iFinex Inc., a financial technology company registered in the British Virgin Islands. iFinex operates Bitfinex, one of the longest-running cryptocurrency exchanges, and provides various trading and financial services within the digital asset industry. The launch of LEO was in response to a financial shortfall faced by Bitfinex in 2019, where the company raised $1 billion through a private token sale to cover the loss of funds frozen by authorities. Since then, LEO has remained an integral part of the Bitfinex ecosystem, providing tangible utility to its users.