UNUS SED LEO (LEO) is the native utility token used for executing transactions on the iFinex ecosystem. The token is relatively new and has a design structure that allows for the extension of user capabilities across the iFinex platform as a whole. The index is a subset of Bitfinex company, a platform for executing a series of crypto-related trades.
UNUS SED LEO, the native cryptocurrency allows the users of the Bitfinex network to save money on trading fees charges on the execution of transactions. However, this advantage is not the same for network users at all levels. Depending on the amount of LEO the network participant has in their account, determines the level of discount. This implies that users with higher amounts of LEO tokens in their accounts are entitled to more discounts on the network.
The savings discount advantage is also spread across three tiers and the discounts may also be determined depending on network trade fluctuations. These fluctuations could either be crypto to stable coins or crypto-to-crypto.
The inclusion of these advantages to the network was chosen to help its users cope with accusations of illegal use of Tether cryptocurrency cash by the platform.
Who are the Founders of UNUS SED LEO (LEO)?
UNUS SED LEO was established by the Ifinex company. With the creation of the token came the company that processed its payments, Crypto Capital saw a seizing of part of the company’s funds by the government. Ifinex is a subsidiary of the parent company, Bitfinex. After the seizing, the company was warned of the possibility of not recovering some of the lost funds. To control the backlash, it decided to create and launch LEO.
UNUS SED LEO was launched in May 2019. After its launch, it was discovered that LEO is different from most of the cryptocurrencies currently in existence in that the currency was not designed In a way to last forever.
For the network to control the monetary shortfall experienced, ifinex stated it planned to buy back the tokens from the investor until every last coin in circulation has been obtained. There was also the initiation of a transparency initiative on the network which was launched so that progress of the initiative can be monitored and observed by the entire crypto community and ensure it meets the preset targets.
What is UNUS SED LEO (LEO) used for?
UNUS SED LEO is a cryptocurrency that is unusual in its goals, however, it still serves all of the regular uses to which a cryptocurrency can be put in the open market. The platform allows for transactions involving other cryptocurrencies and trading options to interested individuals on the network.
The native token of the ifinex platform, LEO can be useful for a series of things to users on the network. For starters, the users can enjoy a 15% reduction on all transactions for different pairs of cryptocurrencies. Apart from trading advantages, the platform also gives token traders who have over 10 thousand USDT in UNUS SED LEO a total discount of 0.05%. This percentage is calculated while taking into account the transactions executed on the account each day of the month.
What Is the Unique Point of UNUS SED LEO (LEO)?
There is a token burn mechanism being used by the Ifinex Company. In essence, this further broadens the commitment of ifinex to buying back UNIS SED LEO in portions every month from the market.
According to the Ifinex company, it plans to buy LEO tokens every month. This purchase will be an amount equivalent to at least 27% of profits raised by the company from the previous month. This process execution is indefinite as there will be tokens in circulation while there is simultaneously a redemption of the current market price.
This is not the only way the company plans to recoup the tokens, it also plans to buy back the LEO token from holders at the market rate like other crypto-related transactions. According to news reports in statements made by the ifinex company, it states “The burning mechanism will persist until there has been a complete redemption of all tokens”.
The LEO token is different from most of the regular cryptocurrencies in many different ways. One of these was its launch and issuance on two blockchains. This is unusual as most cryptocurrencies occupy only one blockchain. The first 36% of the blockchain can be found on EOS, while the other 64% of its total supply was placed in the Ethereum network.
How many UNUS SED LEO (LEO) coins are in circulation?
According to the white paper following the creation of the LEO token, its design follows a consistent diminishing pattern over time. In the early days of its creation, the cryptocurrency had a total supply set at 1 billion. While the token was sold with the Tether stable coin at the rate of $1 per piece on a 1:1 basis, this raised the total amount of $1 billion over 10 days.
Around the time when the LEO token was launched, there were 660 million ERC-20 tokens in existence. There were also around 340 million EOS-based tokens available in the cryptocurrency market. The Bitfinex company decided to take advantage of the tide and eased up conversion processes between the two chains for its network participants. The company stated that the process was aimed at empowering the Bitfinex community.
Is the UNUS SED LEO (LEO) Network secured?
Unlike most cryptocurrencies currently available, the LEO token is based on dual platforms which are Ethereum and EOS. This has then led to the creation of a joint security protocol that can be applied to both networks at the same time.
According to a dashboard released by the Bitfinex platform, it provided real-time data values on the current supply of LEO tokens available, and also provides the specific amount that has been burned. This is shown through bar charts which are constantly being updated.
This protocol provides information on the network which is easily accessible to all its participants, providing a transparent system to prevent security breaches.
How do I buy UNUS SED LEO (LEO)?
The unorthodox mode of operation on the LEO network is viewed by many individuals as means to make a profit. This has led to an increased adoption rate of the tokens. To purchase LEO tokens, follow the easy steps below.
* Open an account with any crypto trading platform that offers LEO.
* Transfer the specific amount of your fiat currency to the trading platform account.
* Wait for your deposit to be confirmed and Buy LEO through the trading platform account.
Which Cryptocurrency Wallet Supports UNUS SED LEO (LEO)?
The PTPWallet platform supports many cryptocurrencies simultaneously, such as LEO tokens. Because of its speed, flexibility, and unique features, it has grown to become one of the most used new platforms. In addition, users can easily use PTPWallet as their main UNUS SED LEO wallet as it offers a simple and interactive interface, making it easy to navigate its system.