What is Unus Sed Leo?
Unus Sed Leo (LEO) is a token issued on both Ethereum and EOS exchanges and serves as a utility token for Ifinex (Bitfinex) related products. Similar to Binance Coin and Huobi Token, Unus Sed Leo will be used to provide Bitfinex customers with discounts on trading fees. In addition, Ifinex has plans to help Unus Sed Leo become a fundamental component of their decentralized exchanges, which include Ethfinex and eosfinex. Initially designed to help empower the Bitfinex community, Unus Sed Leo offers other significant benefits for Bitfinex customers seeking to maximize their profits and trading experience. Additional work on increasing the utility of Unus Sed Leo includes increased token fee benefits as well as a “profit burn mechanism” which is designed to consistently increase the price of the token.
History of Unus Sed Leo
One of the oldest bitcoin exchanges still in operation, Bitfinex has been around since 2012, and has grown to be one of the biggest cryptocurrency exchanges in the 7 years since its inception. Unus Sed Leo launched on Bitfinex on May 20th, after raising $1 billion over a 10 day period. There were a total of 1 billion LEO tokens created, which consisted of 660 million Ethereum-based tokens and 340 million EOS-based tokens. Upon its launch, it instantly became one of the biggest coins by market cap, ranking in the top 15 coins. The name “Unus Sed Leo” is taken from an ancient fable and roughly translates to “the one is a lion.”
How Unus Sed Leo Works
In addition to its role in offering trading discounts to its holders, Unus Sed Leo token holders can use LEO to convert effortlessly between the Ethereum and EOS protocols with Bitfinex by acting as a bridge between the two chains. To do this, customers can easily deposit 1 LEO-ERC20 and withdraw 1 LEO-EOS, as the price of the two tokens is always pegged to the same value. When the conversion process has been completed, Bitfinex adjusts the cold wallets/issuances on the different chains, depending on their respective demands, which effectively bridges the chains.
Why Unus Sed Leo?
Some of the benefits of Unus Sed Leo include:
- Allowing for a reduction of trading fees across the spectrum of Ifinex products, including Bitfinex, Ethfinex and eosfinex.
- Allows for the instantaneous conversion of assets between Ethereum and EOS platforms, letting Ifinex customers access a wide array of trade pairings without having to buy and sell ETH or EOS on an exchange.
- Allows customers to more readily contribute to the development of projects centered on blockchain interoperability.
- Through token “burning” or buyback periods, holders can indirectly participate in Ifinex profit sharing, as tokens are occasionally bought back by Ifinex and burned, effectively lowering its total supply.