Home Cryptocurrency Everything You Need to Know About UNUS SED LEO (LEO)

Everything You Need to Know About UNUS SED LEO (LEO)

by Syed Shoeb
, Everything You Need to Know About UNUS SED LEO (LEO)

Unus Sed Leo is an iFinex Utility token of Bitfinex. Founded in 2012, Bitfinex has supported and pioneered technical innovation within the digital asset trading space, and strives to be a secure, advanced, high performance on-chain exchange.

Operating an exchange has also familiarized Bitfinex with the capabilities of blockchain protocols and increasing demands of professional traders. After identifying several groundbreaking features and technologies, Bitfinex decided to apply a dual protocol for the issuance of their token – Unus Sed Leo.

The token runs on both, the Ethereum and the EOS blockchain. This Dual protocol launch helps in

  • Providing enhanced flexibility and ease of use for Unus Sed Leo token holders
  • Contributing support and resources to protocols which we have identified as highly valuable
  • Contributing to developments focused around blockchain interoperability
  • Allowing for Unus Sed Leo to become an integral part of the decentralised exchange space, including through integrations with both Ethfinex and eosfinex

At the time of its deployment, Unus Sed Leo issued 660 million Ethereum-based tokens together with 340 million EOS-based tokens. Token holders can seamlessly convert between the Ethereum and EOS protocols with Bitfinex acting as a bridge between the two chains. The requirement would be to deposit 1 LEO-ERC20 and withdraw 1 LEO-EOS. Bitfinex adjusts the cold wallets/ issuances on both chains depending on demand. This launch has been a unique one for Bitfinex it is similar to pushing to achieve more technical excellence.

Bitfinex also looks forward to launch the token on the Blockstream Liquid Network. The launch of the token was followed by a successful investment of $ 1 Billion raised in over a week. Designed to empower the Bitfinex community, Unus Sed Leo provides significant operational benefits for those seeking to maximize the output of Bitfinex. Future work on Unus Sed Leo utility includes the deployment of outlined token fee benefits, as well as the use of the profit burn mechanism. The exchange has worked to bring the most benefits to Unus Sed Leo holders over the coming few months and weeks. It is an interesting token to follow and the future developments will pave the way for it to compete with BNB and other utility tokens issued by top exchanges.

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