What is LEO Token (LEO)? Summary of detailed information about the LEO . cryptocurrency

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2022-01-10 16:57:21

The LEO (LEO) token is a utility token designed for use on the Bitfinex exchange and other trading platforms managed by parent company iFinex. This token is expected to strengthen the Bitfinex community and optimize the operation of the platform.

What is LEO Token?

After its launch in May 2019, the Bitfinex exchange token named UNUS SED LEO (LEO) token managed to make headlines thanks to its ascent to the higher ranks of ranked crypto tokens. ranked according to their market capitalization. In early June 2019, the LEO token seemed to have reached the shores of the popular top 10 token club, compared with similar tokens, such as Binance Coin (BNB), which is the native token of the exchange. Binance Cryptocurrency Translator.

In May 2019, the parent company behind Bitfinex exchange, iFinex, released a whitepaper in tandem with the launch of its own token sale. Based on the data found in the article, iFinex plans to issue no more than 1 billion LEO tokens. Each of them will be pegged to the stablecoin tether (USDT). Following the close of trading, Bitfinex enabled trading with LEO on May 20th, with tokens tradable against BTC, USD, USDt, EOS, and ETH.

What are LEO tokens used for?

The LEO token is supposed to make the platform on which it runs a more attractive option for its holders by introducing a series of planned benefits to them:

The LEO token will help reduce taker fees and lending fees for using the trading platforms, products and services provided by iFinex. iFinex is the Hong Kong-based operator of the Bitfinex exchange and digital asset trading platform EthFinex. All LEO holders’ fees are said to be 15% off on all crypto-to-crypto pairs, including crypto-to-crypto pairs stable. Bitfinex also recently announced that LEO holders with more than 5,000 USDt in LEO will receive an additional 10% discount on trading fees. This refers to tokens found in their accounts in the last month, with the calculation including all days in a calendar month. This is said to include all crypto-to-crypto pairs, while additional UNUS SED LEO fee benefits are scheduled for rollout in the coming weeks. Lenders also enjoy a fee discount of up to 0.05% for every 10,000 USDt of LEO tokens in their accounts.

Since LEO is a utility token found at the heart of the Bitfinex ecosystem, it is tasked with optimizing the trading processes that take place within it. The LEO token team promises that up to 25% of transaction fees will be deducted first in LEO, as long as the trader holds these tokens. At the same time, traders will be able to purchase any fee in LEO over a 30-day period, using an amount of LEO equal to 75% of the delta ratio between the average fee that will be generated within a month and currently. at the transaction tier in USDt. This reduction will be applied to all fees charged by both the Bitfinex and Ethfinex platforms. Similarly, LEO holders get 25% off crypto withdrawals and deposit fees. In other words, Bitfinex will make it possible for any user holding more than 50 million LEO to withdraw $2 million without incurring additional fees.

Proceeds from the LEO token initial exchange will help the organizers improve their business prospects. The funds generated as part of the sale were described by iFinex as being fit for general business purposes, enhancing the company’s working capital and covering expenses, operating expenses, and debt repayments. and refinancing.

How does the LEO token economy function?

The LEO token uses tokenization as a method to reduce its value. Compared to what was found with the similar Binance Coin, burning LEO tokens is said to be faster and has the following features:

  • Based on the information presented in the LEO whitepaper, the token burn is said to happen on a monthly basis. iFinex is expected to buy back and burn at least 27% of iFinex’s total consolidated revenue in the last month. This process will be repeated as long as the tokens are found in commerce. Based on unconsolidated reports, the profit realized by iFinex reached $404 million in 2018.
  • iFinex also plans to buy back and burn unsettled LEO tokens through the use of withdrawals from Crypto Capital, a Panama-based payment processing company often referred to in relation to a purported dealings with Bitfinex (including an alleged loss of approximately $850 million). The acquisition will proceed across multiple transactions as long as the team deems it necessary to complete the process.
  • A similar approach will be used for the amount recovered from the Bitfinex hack that took place in 2016. The amount planned to be used in this way should be 80% of the amount redeemed from the hack, with The expected 18-month period for this activity acts as a shield against market spikes.

Token Allocation LEO

Project history

Bitfinex was founded in 2012 as a peer-to-peer Bitcoin-focused exchange, making it one of the older exchanges in the blockchain industry. In May 2019, its core team, which also manages the LEO token project, had more than 100 experts. Following the company’s stated philosophy of prioritizing quality over quantity, the number of employees who work seriously for growth does not exceed 25.

In August 2016, Bitfinex announced that they were the target of a security breach. Over 72 million USD in BTC was reported stolen from customer accounts managed by the company. In 2019, the exchange went under fire along with Tether for not disclosing a loss of more than $850 million related to the company’s deposits of Crypto Capital. It is also alleged that Bitfinex was involved in an undisclosed transaction and conflict with several customers. The legal battle with the state of New York is still ongoing as of June 2019.

In May 2019, Bitfinex and its sister company Ethfinex announced the launch of an initial exchange offering (IEO) platform called Tokinex. Unlike initial coin offerings (ICOs), with an IEO, exchanges act as guarantors and conduct due diligence checks against the team of experts involved in it.

What is LEO Token used for?

LEO is a Utility Token inside the iFinex ecosystem including Bitfinex Exchange, Bitfinex derivative, EthFinex and EOSFinex.

According to the Whitepaper of Unus Sed Leo (LEO Token), the money raised will be used by iFinex for the purposes of fundraising for investment, corporate purposes such as capital costs, operating expenses, debt repayment and other activities. other recombination.

In the iFinex ecosystem, LEO has the following uses:

  • Use LEO to reduce Taker Fee, Lending Fee on Bitfinex.
  • Use LEO to reduce fees for depositing and withdrawing Crypto in Bitfinex.
  • Use LEO to reduce Taker Fee on Bitfinex Derivatives exchange (coming soon).
  • Use LEO to pay for using iFinex products and services.
  • Also according to iFinex’s announcement in the Whitepaper, every month they will use the profit (minimum 27%) of the iFinex ecosystem (excluding Ethfinex) to buy back LEO Token, until there is no longer LEO circulating in commerce. . In addition, at least 95% of the proceeds from Crypto Capitals will be used to buy back and burn LEO Tokens in 18 months from the date of collection. Besides, at least 80% of the money iFinex recovered from the Bitfinex hack will also be used to buy back and burn LEO Tokens within 18 months from the date of withdrawal. The proceeds from the fees may also be burned by iFinex.

Tokinex – iFinex IEO Platform

Tokinex is iFinex’s IEO platform. According to iFinex, at Tokinex users can participate in buying and investing in tokens/coins of projects that have been censored by iFinex.

Benefits of users when joining Tokinex:

  • The projects are all pre-censored by iFinex through their transparency terms.
  • The appraisal team evaluates projects (both technical and commercial) to be experienced and successful members in their field.
  • Invest directly from user’s wallet and get back IEO tokens in that wallet.
  • According to iFinex, the platform does not store participant data, thus ensuring buyer privacy.
  • Reports on projects done by independent 3rd parties will be provided to buyers prior to the official IEO.

Benefits of projects issued through IEO:

  • Projects only pay fees when the IEO is successful.
  • When the IEO is successful, the project will be listed on 2 exchanges (iFinex does not specify which exchange, but it may be their 2 Bitfinex and ethfinex exchanges).

The first IEO project on the Tokinex platform will be Ampleforth (AMPL) taking place on June 13, 2019.

Attention: LEO Token was born with the announcement of Tokinex. Tokinex is iFinex’s IEO platform, but the first project on Tokniex only allows using BTC to buy, not LEO Token.

LEO Token Transaction Fee

When trading LEO Tokens, people are subject to the following fees:

  • Fees for withdrawal and deposit on the floor.
  • Transaction fees on the floor, collected by the floor.
  • Gas fee on Ethereum or EOS Blockchain network (depending on LEO Token on Ethereum or LEO Token on EOS).

LEO Token Exchange

Currently, LEO is officially traded on Bitfinex. The last 24 trading volume was $5,693,744 USD. (May 25, 2019)

There is no further information that the next exchange will list LEO.

How to earn and own LEO Token

People can go directly to Bitfinex exchanges to buy LEO Token.

Currently, there is no announcement from iFinex about Airdrop or Bounty.

LEO Token storage wallet

People can store LEO Token on the following wallets:

  • Bitfinex exchange wallet.
  • LEO – ERC20: Soft wallet: MyEtherWallet, Meta Mask.… or hardware wallets like Ledger Nano, Trezor…
  • LEO- EOS: wallets that are supporting the storage of tokens issued on EOS Platform.

Attention: People can swap back and forth between these two tokens on the Bitfinex exchange.

Future of LEO Token

Currently (May 25, 2019), according to iFinex’s announcement, LEO Token is mainly used for reducing transaction fees, reducing service fees within their ecosystem.

Therefore, the need to buy LEO to use its use case correctly is not much.

In the future, as the iFinex ecosystem expands and integrates many features of LEO, the buy demand for this token will also increase.

One of the most anticipated uses will be to use LEO Token to buy IEO on Tokinex Platform

Should invest in LEO Token

Some key points I list out for everyone’s reference:

  • LEO is a Utility Token in iFinex’s ecosystem (Bitfinex, ethfinex) and iFinex’s upcoming products such as: Bitfinex derivatives, eosfinex, Dazaar…
  • The project has issued 1,000,000,000 LEO Tokens, equivalent to $1,000,000,000 dollars in fundraising. However, the allocation of capital to use, and Token Allocation has no clear information. According to the project’s Whitepaper, 1 billion of these tokens have been put into circulation.
  • The first IEO of the Tokiex platform has not yet allowed the use of LEO Token for payment.

Everyone should consult and learn more about iFinex company, LEO Token and what they are doing. From there, make your own judgments and investment decisions.


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