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UNUS SED LEO (LEO) is a cryptocurrency token created by the cryptocurrency exchange Bitfinex. Its purpose is to be used within the Bitfinex ecosystem, providing benefits like reduced trading fees for users holding the token. Additionally, it's part of a unique buyback and burn mechanism, where Bitfinex uses its revenue to purchase LEO tokens from the market and then burns them, aiming to decrease supply and potentially increase value.

    UNUS SED LEO Frequently Asked Questions (FAQ)

      What is the primary use case for UNUS SED LEO in the iFinex ecosystem?

      The primary use case for UNUS SED LEO within the iFinex ecosystem is to serve as a utility token, providing benefits such as trading fee discounts for users on iFinex's trading platforms, including Bitfinex.

      Who launched UNUS SED LEO initially and when?

      UNUS SED LEO was initially launched by the cryptocurrency exchange Bitfinex in May 2019.

      Can you explain the unique buyback and burn mechanism of UNUS SED LEO?

      The unique buyback and burn mechanism of UNUS SED LEO involves the parent company, iFinex, using a portion of its revenue to purchase LEO tokens from the market. These tokens are then permanently removed from circulation, or 'burned', which can decrease the overall token supply and potentially increase the value of the remaining tokens. This process occurs on a regular basis and is transparently documented on the blockchain, ensuring holders can track the token's diminishing supply over time.

      How does the supply of UNUS SED LEO tokens change over time?

      The supply of UNUS SED LEO tokens is designed to decrease over time. iFinex, the parent company of Bitfinex, committed to buying back tokens from the market with at least 27% of its consolidated gross revenues, until no tokens are in commercial circulation. The buyback and burn mechanism reduces the total supply, making UNUS SED LEO a deflationary asset.

      What were the initial distributions of UNUS SED LEO tokens on Ethereum and EOS blockchains?

      The initial distribution of UNUS SED LEO tokens was allocated equally between the Ethereum and EOS blockchains, with each receiving 50% of the total token supply.

      How was the initial price of UNUS SED LEO determined during its launch?

      The initial price of UNUS SED LEO was determined based on a private sale conducted by the issuing company, Bitfinex. Interested parties were able to purchase the tokens at a rate set by Bitfinex, which was influenced by factors such as the token's intended utility, the current market conditions, and the funding requirements of the platform.

      What benefits do UNUS SED LEO token holders receive within the iFinex platforms?

      UNUS SED LEO token holders benefit from reduced trading fees on iFinex platforms, such as Bitfinex, along with potential reductions in withdrawal and deposit fees, discounts on lending fees, and other platform-specific benefits that can vary with the holder’s level of usage. The specific benefits can be subject to change based on platform policies.

      Are there any tiered benefits for holders of larger amounts of UNUS SED LEO tokens?

      Yes, holders of larger amounts of UNUS SED LEO tokens enjoy tiered benefits, which include discounts on trading fees on the Bitfinex platform. The discount structure is progressive, offering more significant benefits to users as they hold larger amounts of the token.

      How can UNUS SED LEO token holders track the token burn progress?

      UNUS SED LEO token holders can track the token burn progress on the Bitfinex Transparency Dashboard or through blockchain explorers where the token burn transactions are recorded.

      On which exchanges can UNUS SED LEO be traded, and what are the common trading pairs?

      UNUS SED LEO can be traded on various cryptocurrency exchanges including Bitfinex, which often uses LEO as its trading symbol. The token can be commonly found paired with major cryptocurrencies such as Bitcoin (BTC) and US Dollar (USD).