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UNUS SED LEO (LEO)


Overview

This guide will provide details on the UNUS SED LEO cryptocurrency token, a utility token created to be used on Bitfinex and other iFinex trading exchange platforms. iFinex Inc. is a private organization incorporated in the British Virgin Islands, managing cryptocurrency exchange platforms under the Bitfinex business name.


1 billion USD was reportedly raised from the UNUS SED LEO token sale on May 2019 with the tokens issued to participants across Ethereum and EOS network in a unique dual blockchain protocol launch. The purchase price for buyers was 1 UNUS SED LEO for 1 USDt and the tokens were issued from UNUS SED LEO Limited, a newly-formed subsidiary of iFinex. Tokens were reportedly not sold in the United States and to U.S. citizens due to regulations. The total supply of UNUS SED LEO tokens is fixed at 1,000,000,000. A LEO:USDt trading pair is now available on the Bitfinex market exchange for peer-to-peer trading.


Motto

The company motto of Unus Sed Leo is from an Aesop’s fable Latin quote, “The Sow and the Lioness”. The story narrates on how a sow loved to show off the number of children she had, and when she asked the lioness how many children she had, the lioness replied “One, but a lion.” The iFinex team selected the above motto to showcase the spirit of quality over quantity.


LEO Initial Exchange Offering (IEO) Details

Price: 1 USDt for each LEO token.


Maximum sale: 1 billion USDt worth of LEO tokens.


Use of Proceeds: The LEO whitepaper stated that the proceeds may be utilized on general business and working capital purposes, for example, operating expenses, capital expenditures, debt payment and other recapitalization activities.


Commitments (As stated in its whitepaper)

  iFinex and its affiliates will buy back LEO monthly with minimum of 27% consolidated gross revenues of iFinex (exclusive of Ethfinex) of the previous month. The buy back from the market will be based on the then-prevailing market rates and will continue until tokens are completely out of commercial circulation.

  Outstanding LEO tokens will be burned by 95% of Crypto Capital net funds as well within 18 months from the recovery date.

  The group committed as well to use a minimum of 80% recovered net funds acquired from the previous BitFinex hack to buy back and burn outstanding LEO tokens within 18 months from the recovery date.


LEO Stats Caption: Statistics of LEO on its website. (Not live here)

Fees

The ecosystem may burn LEO tokens that were used to pay fees, excluding Ethfinex and its sub-products. Ethfinex’s revenues were already allocated since the platform introduced a native platform token (NEC) back in 2017.


Benefits for Token Holders (As stated in its whitepaper)

  15% of taker fees over all crypto-to-crypto pairs will be reduced for LEO token holders. This includes crypto-to-stablecoin pairs.

  10% of taker fee over all crypto-to-crypto pairs will be reduced for traders with at least 5000 USDt in LEO cryptocurrency tokens held in their exchange accounts during the previous month. This includes crypto-to-stablecoin pairs.

  Up to 6 bps of taker fees or 0.06% on all trading pairs will be reduced for traders that hold LEO cryptocurrency tokens, to a floor of minimum 2.5 bps of taker fees. For LEO token holdings of 1m USDt value or less in the previous month, 0.02 bps taker fees will be reduced per 10,000 USDt increment. For LEO token holdings above 1m USDt in the previous month, 0.01 bps taker fees will be reduced per 50,000 USDt increment. Reduction that will drop taker fee to below 2.5 bps will not be applied.

  Traders holding LEO cryptocurrency tokens will have their trading fees reduced by up to 25% in LEO.

  Reductions of fees are subject to change in Bitfinex’s discretion.


Reduction of Bitfinex Lending Fee

  On average during the previous month, for every 10,000 USDt in LEO tokens kept in the trader’s account, Peer-to-peer (P2P) financing lenders will be able to enjoy a fee discount of 0.05%.

  Discount is capped at 5% maximum.

  Reductions of fees are subject to change in Bitfinex’s discretion.


Deposit and Withdraw Fee Discount on Bitfinex

  LEO token holders will enjoy up to a 25% fee discount in deposit and withdrawal of cryptos.

  Holders with less than 50m USDt worth of LEO cryptocurrency tokens in the previous month (on average) can withdraw 2m USD fiat currency with no additional fees per month. The additional fee will be reduced as well to 2% for withdrawal above 2m USD fiat currency monthly.

  Reductions of fees are subject to change in Bitfinex’s discretion.


Eosfinex

Traders holding LEO tokens can enjoy similar discounts at Eosfinex cryptocurrency exchange.


Whitepaper

You can check out in detail on the commitments and discounts offered by iFinex in its LEO whitepaper.


Official Website Link of UNUS SED LEO Cryptocurrency


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