Its notoriety stemmed from two big events. The first was a hack in which over 120,000 Bitcoins were stolen. The other was when the payment processing company behind iFinex had funds seized by world governments.
LEO is the token founded by the team at iFinex to make up for these losses.
Like Binance Coin for Binance, LEO allows holders to save money and trading fees on Bitfinex. An interesting development, however, is that the discounts are proportionate to the amount of LEO held in the users' wallets. The discounts also differ depending on the trading pair the user is looking to trade.
LEO, buy for a limited time only!
Unlike most cryptocurrencies, LEO has a lifespan. It was introduced with 1 billion tokens. Intermittently, iFinex buyback LEO tokens and burn them, making the asset deflationary, which is a well-known tactic for increasing price. Eventually, all LEO tokens will be burned. Many investors will be made rich in the meantime, and it can be expected that the benefits for users will encourage higher adoption of the Bitfinex exchange.LEO’s backstory
UNUS SED LEO was founded by iFinex after Crypto Capital, the company that processed its payments, saw part of its funds seized by the government. iFinex is the parent company of Bitfinex, which warned that it may not be possible to recover these funds. To cover the financial shortfall, the company decided to launch the LEO token.iFinex founded UNUS SED LEO when hundreds of millions of dollars were seized by multiple world governments from the payment processor company they used. To make up for the financial shortfall. The plan to buy the tokens back was an attempt to make good on the lost money. All of this data is visible to those interested.
What's so cool about LEO?
The token burning is the most unique feature of the project. iFinex buys the tokens back monthly until the supply reaches 0. They also buy them back at market price. So theoretically, the lower supply, the higher the price. Tokens are bought back at higher prices and people make their money back. iFinex has committed to buying back the tokens with a set 27% of its revenue.Another cool feature is that, unlike most tokens, LEO wasn’t launched on a single blockchain. Instead, it was launched on both Ethereum and EOS. This also meant it could act as a bridge between both networks. A user could buy LEO on the Ethereum network and easily convert the token to its EOS equivalent on the Bitfinex exchange.
The Tokenomics of LEO
As mentioned, 1 billion tokens were originally released. The token was originally sold at $1 at a 1:1 ratio of USDT stablecoin, another company owned by iFinex.Disclaimer: NOT FINANCIAL NOR INVESTMENT ADVICE. Only you are responsible for any capital-related decisions you make, and only you are accountable for the results.
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