Bitfinex has a new token that they launched this year (2019). It’s called UNUS SED LEO (LEO). So, What is UNUS SED LEO? Before we get into that, let’s talk about Bitfinex firsts. Well, Bitfinex is known as one of the most controversial cryptocurrency exchanges in the world (if not the most controversial). Due to its past failures to be transparent with cryptocurrencies community regarding audit reports for Tether (USDT), many people have lost their faith in Bitfinex.
Bitfinex used to be one of the biggest cryptocurrency exchanges in the world, but now its trading volume is significantly lower than Binance’s volume. Many crypto skeptics believe Bitcoin’s rise to fame 2 years ago in 2017 was due to Tether’s irresponsible ‘printing’. Tether (USDT) itself is the biggest stablecoin and many traders often use USDT to take profit after they get some percentage gains from their bitcoin and altcoins trades. And Bitfinex, as the USDT issuer, failed to prove that each USDT token is backed by a real dollar in the bank account.
USDT’s supply kept increasing 2 years ago, and many conspiracy theorists believe the new supplies of USDT was created out of thin air on purpose, which was to pump Bitcoin price. After all the controversies with Tether and Bitfinex, $850 million of Bitfinex’s funds were subject to partial government seizure in 2018. At the time Bitfinex put their trust in the hands of Crypto Capital as their payment processor. And because they (Bitfinex) cannot see the light at the end of the tunnel of this story, Bitfinex choose to issue their own token. They call it UNUS SED LEO.
So, This UNUS SED LEO Is Bitfinex Token?
In short, yes. Basically, UNUS SED LEO private offering raised $1 billion, and it successfully recovered a lot of Bitfinex’s missing funds. iFinex (Bitfinex’s parent company) promised to buy LEO tokens each month based on at least 27% of the company’s profit for the month. Unlike some other crypto exchange tokens, this buyback program will be indefinite as long as there’s enough token in the circulating supply.
UNUS SED LEO use cases:
Apart from the buyback program, LEO token holders will also enjoy privileges of 15% trading fees discounts for almost all crypto-to-crypto trading pairs. And for traders who have $5000 USDT worth of LEO tokens, they will obtain an additional 10% taker fees discount.
Deposit and Withdrawal:
If you are looking to deposit or withdraw crypto regularly with Bitfinex, you can get up to 25% discount fees just by holding LEO tokens. And if you are a big whale with more than $50 million USDT worth of LEO tokens, you have privileges to withdraw up to $2million fiat without any fees. For bigger withdrawal (more than $2 million fiat), you still get a reduced fee from 3% to 2%.
Peer to peer financing lenders will receive a discount of 0.05% for every 10K USDT in the form of LEO tokens themselves. However, you cannot get more discount after 5%.
Conclusion From All These LEO Token Use Cases:
If you look at all these use cases above, you will understand that LEO tokens are basically iFinex or Bitfinex token. So, to say UNUS SED LEO = Bitfinex Token is actually correct. iFinex also launched Transparency Initiative, which means all reports about the platform earning and LEO token burn mechanism are publicly available. You can access the transparency dashboard at https://leo.bitfinex.com/
Surely, despite this transparency initiative with the LEO token, most Bitfinex or iFinex skeptics won’t be satisfied. They believe the problem is not exactly with LEO token but with how Bitfinex treated its stablecoin (USDT) without any form of public transparency. Also, the decision to trust Crypto Capital (which resulted in a $850 million loss) was questioned by many. Some theorists even believe Crypto Capital and Bitfinex were affiliated at one point despite there’s no official statement about this from both organizations.
Where To Trade Bitfinex Token aka UNUS SED LEO?
According to CoinMarketCap, Bitfinex tokens (LEO) can be traded mostly on Bitfinex itself. There are some other exchanges where you can find decent LEO volumes such as on DragonEx, Gate.io, or C2CX. But of course, you will enjoy the full benefits as LEO token holders if you use them on Bitfinex itself, and not on other crypto exchanges. Currently, LEO token is one of the top 15 cryptocurrencies on CoinMarketCap.
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