UNUS SED LEO is a token issued by iFinex, the parent company of Bitfinex crypto exchange and Tether stablecoin. The token offers discount benefits for users of both platforms – such as lower trading fee reductions, peer-to-peer lending fees reductions, and increased affiliate rewards – of their services and products provided by iFinex. These may include reduced trading fee reductions, peer-to-peer lending fees reductions and increased affiliate rewards.
UNUSED LEO is an iFinex-issued cryptocurrency with a relatively small market cap and one of the most-utilized tokens on Bitfinex exchange. Originally designed to support operations of these platforms, its name derives from Aesop’s Fable of “Unus Sed Leo,” or one lion stands out against an entire herd of timid sows in this parable.
Bitfinex was recently embroiled in controversy when they were accused of covering losses with USDT stablecoin transfers that the New York government alleged were illegal transfers, damaging both their reputation and user count significantly. To regain credibility, Bitfinex decided to hold a private sale of UNUS SED LEO tokens as part of a plan to raise enough funds to cover shortfalls.
As a result, Bitfinex raised 1 billion dollars. Furthermore, the company made a commitment to purchasing and burning back a percentage of UNUS SED LEO each month using 27% of consolidated gross revenues from transaction fees on Bitfinex as part of a tokenomics mechanism designed to strengthen trust within their platform as well as create real value for token holders.
The token will also be issued across two blockchain platforms – Ethereum and EOS – an innovative approach to cryptocurrency issuance that offers greater stability and flexibility while speeding up transaction times and decreasing transaction fees.
The primary benefit of the UNUS SED LEO token for Bitfinex users is discount benefits, including up to a 25% reduction on withdrawal and deposit of both cryptocurrency and fiat money, along with being eligible to withdraw up to 2 Million USD free each month without incurring additional charges; and enjoying platform-specific benefits depending on their level of token holding.