04/16/2024
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LEO Token (LEO) Price

LEO
4,7
$5.86
Market cap
5,429,584,071.0
Total volume
1,915,668
Circulating supply
926,617,756
Total supply
985,239,504
LEO Token

Current LEO token price data

The current LEO token price data is $5.86

What is LEO token?

LEO Token, also known as UNUS SED LEO, is a utility token used on the Bitfinex exchange and other trading platforms managed by iFinex, its parent company. It was created in May 2019 to offer various benefits, including fee reductions, to Bitfinex platform users.
The launch of the LEO token came after iFinex's payment processor, Crypto Capital, had some of its funds confiscated by the government. As a result, Bitfinex warned that it might not be able to recover the lost funds. In response, iFinex introduced the LEO token to cover the financial shortfall.

To recover the lost funds, iFinex announced a plan to repurchase LEO tokens from investors gradually until no tokens are left circulating in the market. To ensure transparency, iFinex also launched a transparency initiative to enable the crypto community to monitor the progress of the repurchase plan.

LEO token burns occur on a monthly basis, with iFinex repurchasing and burning a minimum of 27% of the previous month's consolidated gross revenues. The token is pegged to the USDT stablecoin, and iFinex plans to issue no more than 1 billion LEO tokens. The funds generated from the token initial exchange offering are used to improve the business prospects of iFinex.

How does it work?

One of the primary benefits of the LEO token is the discounts it offers on various trading platforms, products, and services offered by iFinex. These discounts include a reduction in taker fees, lending fees, withdrawal and deposit fee discounts of up to 25%, and a derivatives taker fee reduction. These discounts apply to both Bitfinex and EOSfinex, which operate under the iFinex banner. Moreover, any future platforms built under iFinex will offer similar discounts to LEO token holders.

The amount of the discount offered varies depending on the quantity of LEO tokens that the customer holds and is divided into three tiers. However, the exact savings provided by LEO tokens are subject to fluctuations based on whether the trading pair involves crypto-to-crypto or crypto-to-stablecoin transactions.

When a trader has LEO tokens in their portfolio, the 25% discount will first apply to LEO tokens. Additionally, users who hold over $50 million worth of LEO tokens can withdraw up to $2 million without additional fees. Any amount above $2 million is subject to a reduced 2% fee instead of the usual 3%.

It's worth noting that LEO tokens are designed to decrease over time through a token burn. iFinex's whitepaper outlines that there are monthly token burns where the company buys back LEO tokens worth at least 27% of the consolidated gross revenue generated by iFinex the previous month.

Initially, the total supply of LEO tokens was set at 1 billion, with 660 million ERC-20 tokens and 340 million EOS-based tokens available for conversion. To provide real-time updates on the circulating supply and the number of tokens burned, Bitfinex has released a dashboard that features bar charts comparing the daily amount of LEO tokens burned.

Overall, LEO tokens offer a range of benefits and discounts for traders and users of iFinex platforms and services. The token is also designed to decrease over time, with the token burn mechanism ensuring that the number of LEO tokens in circulation decreases gradually.

Where to buy and how to store the LEO token?

UNUS SED LEO is available on such popular centralized exchanges as Bitfinex, Gate.io, OKEx, and others. It can be stored on various centralized and decentralized exchanges and stored on custodial and non-custodial wallets of choice. 
 

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Popular LEO Token conversions

Converters LEO

LEO Token Converters

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