Full description of UNUS SED LEO
UNUS SED LEO (LEO) is a utility
Token (?) issued by iFinex in May 2019. iFinex is the parent company of the Bitfinex
Exchange (or Cryptocurrency exchange) (?) and the cryptocurrency, Tether (USDT). The UNUS SED LEO token is named after iFinex’s company motto which is a Latin citation from Aesop’s fable, “The Sow and the Lioness.” In the fable, the sow brags about her numerous children then asks the lioness how many children she has. The lioness responds, “Unus sed leo,” which translates to, ”One, but a lion.”
The LEO token launched on the Ethereum
Blockchain (?) as well as the
EOS (?) blockchain. The LEO token utilizes a dual-protocol token approach to contribute to the development of blockchain interoperability. LEO token holders can easily convert between the Ethereum and EOS protocols by using Bitfinex as a bridge between the two blockchains.
UNUS SED LEO token holders receive discounts on trading fees when swapping between cryptocurrencies on the Bitfinex exchange as well as its two cryptocurrency-specific exchanges, EthFinex and EOSFinex.
The primary purpose of the LEO token is to recoup lost funds. In 2018, Bitfinex’s payment processor,
Crypto (?) Capital, lost $850 million of Bitfinex's funds. Some have argued (e.g. the New York Attorney General’s office) that Bitfinex subsequently used funds from Tether to secretly cover the shortfall.
In an effort to raise more funds, iFinex created the UNUS SED LEO token and conducted a private offering of $1 billion. During the private sale, the purchase price of the LEO token was 1 USDT for 1 LEO. In only 10 days, the entire supply of 1 billion LEO tokens were sold.
According to the white paper, iFinex and its affiliates will buy back the LEO tokens on a monthly basis at “...a minimum of 27% of the consolidated gross revenues of iFinex from the previous
month, in perpetuity until no tokens are in commercial circulation.” iFinex also stated in the white paper, they will continue their efforts in recovering the $850 million from Crypto Capital. If they succeed, they stated that an amount equal to 95% of the recovered funds will be used to repurchase outstanding LEO tokens which then will be burned. Additionally, LEO tokens used to pay trading fees on Bitfinex will also be burned.
The repurchasing and burning of LEO tokens from recovered funds will reduce the token’s total supply and drive the price up through time. According to Bitfinex, the LEO token was created as a temporary measure. Over time, the company intends to buy back all LEO tokens in circulation ensuring customers are ultimately refunded.
In June 2019, Bitfinex launched a transparency initiative that provides real-time data on all collected platform fees. In addition, LEO token holders can view and track iFinex revenues as well as LEO token burn quantities.
iFinex is headquartered in Hong Kong and registered in the British Virgin Islands.
- Exchange symbol (?): LEO
- Cryptocurrency type (?): Token (?)
UNUS SED LEO for developers
UNUS SED LEO social sites
Source: NOMICS
