| NAME | CHAIN | PROTOCOL | APY | TVL |
|---|---|---|---|---|
| WMNT-CLEO | MANTLE | circuit-protocol | 0.30% | $10,041.00 |
| LEO-WAVAX | AVAX | trader-joe-dex | 0.00% | $11,741.00 |
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A token burn mechanism means iFinex is committed to buying back UNUS SED LEO from the market on a monthly basis. The amount that’s purchased and burned is equal to at least 27% of the revenues generated by iFinex — and tokens are also purchased at the market rate. In a news release at the time, the company said: “The burn mechanism will continue until 100% of tokens have been redeemed.” Whereas some cryptocurrencies just launch on a single blockchain, LEO tokens were issued on two blockchains. While 64% of the original supply was on Ethereum, the remaining 36% could be found on EOS.
As we mentioned, the circulating supply of LEO tokens is designed to diminish over time. Originally, the total supply was set at 1 billion. LEO was sold for $1 apiece on a 1:1 basis with the Tether stablecoin, meaning that a total of $1 billion was raised over a 10-day period. There were 660 million ERC-20 tokens at launch, as well as 340 million EOS-based tokens — and Bitfinex allows conversions between the two chains to be made with ease. At the time, the company described the dual protocol launch as “unique” — and vowed that it would empower the Bitfinex community.
UNUS SED LEO is a utility token that’s used across the iFinex ecosystem. The unusual name is based on a Latin citation from one of Aesop’s fables. The cryptocurrency allows Bitfinex users to save money on trading fees. The extent of the discount depends on how much LEO that the customer has in their account — and the savings on offer are spread across three tiers. There are fluctuations depending on whether a trading pair is crypto-to-crypto, or crypto-to stablecoin. UNUS SED LEO launched in May 2019 — and unlike many other cryptocurrencies out there, it is not designed to exist forever.
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, it decided to launch the LEO token. To make good the money lost, iFinex unveiled plans to gradually buy back the token from investors until none are left circulating in the marketplace. A transparency initiative was also launched so the crypto community could monitor the initiative’s progress, and ensure it was meeting stated targets.
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The token offers taker fee reduction and lending fee reduction for all platforms, products and services provided by iFinex. Additionally, the LEO Token includes a withdrawal and deposit fee discount of up to 25% and a derivatives taker fee reduction. Furthermore, these discounts apply to Bitfinex and EOSfinex, as both platforms operate under the iFinex banner. Any future platforms built under the iFinex banner will offer similar discounts to LEO token holders. That deduction of up to 25% will be deducted in LEO first, assuming the trader has those tokens in their portfolio. Moreover, the withdrawal and deposit fee discounts are accessible to any user holding over $50 million worth of LEO tokens (on average over the past month) to withdraw up to $2 million without additional fees. Any amount above $2 million is subject to a 2% fee, rather than 3%. It is worth mentioning there is a LEO token burn to deflate the supply over time. In the whitepaper, it is mentioned there are monthly token burns during which iFinex buys back LEO amounts equal to at least 27% of the consolidated gross revenue generated by iFinex the previous month.
These tokens are based on Ethereum and EOS respectively. A dashboard has been released by Bitfinex that offers up-to-minute information on the current supply, and how many LEO tokens have been burned. Bar charts compare LEO burns on a daily basis.
UNUS SED LEO is available on Bitfinex, Gate.io, OKEx and others. Common trading pairs connect LEO with the U.S. dollar, the USDT stablecoin, Bitcoin and Ethereum. You can find out more about how to convert fiat currencies into Bitcoin here.
Blockchain is a decentralized and distributed ledger technology that securely records transactions across multiple computers in a verifiable and permanent way. It forms the underlying technology for cryptocurrencies like Bitcoin and enables transparency, security, and immutability.
Cryptocurrency is a digital or virtual form of currency that uses cryptography for security. It operates on decentralized networks, typically based on blockchain technology, and facilitates secure and transparent peer-to-peer transactions.
Bitcoin is the first and most well-known cryptocurrency, created in 2009 by an anonymous person or group known as Satoshi Nakamoto. It operates on a decentralized peer-to-peer network and is used for secure, transparent, and censorship-resistant transactions.
Bitcoin is the original and most widely recognized cryptocurrency, while altcoins refer to any other cryptocurrencies besides Bitcoin. Examples of altcoins include Ethereum, Ripple (XRP), Litecoin (LTC), and many others.
Staking involves participants locking up a certain amount of cryptocurrency in a wallet to support the operations of a blockchain network. It is commonly associated with proof-of-stake (PoS) and delegated proof-of-stake (DPoS) consensus mechanisms, where participants receive rewards for helping secure the network.
To stake cryptocurrency, you typically need to choose a platform or network that supports staking. Transfer your tokens to a compatible wallet, follow the staking instructions provided by the platform, and lock up the desired amount of cryptocurrency. Once staked, you may start earning rewards.
Staking rewards are incentives provided to participants who lock up their cryptocurrency to support the network. The amount of rewards varies and is influenced by factors such as the network's inflation rate, the total amount staked, and the specific rules of the staking protocol.
The ability to unstake and withdraw your cryptocurrency depends on the specific staking protocol and network. Some platforms may have lock-up periods or unbonding periods during which your staked tokens are inaccessible. Always check the terms and conditions of the staking service.
Staking comes with risks, including the potential loss of staked funds if a participant behaves maliciously or fails to fulfill their responsibilities. Market volatility can also impact the value of staked tokens. It's crucial to thoroughly research the staking protocol and understand the associated risks.
While staking is designed to be a rewarding activity, there is a risk of losing money, especially if the value of the staked cryptocurrency decreases or if the staking protocol encounters security issues. It's important to consider both the potential rewards and risks before participating in staking.
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