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What is LEO Token (LEO)?
This is a utility token that you’ll be able to use on every iFinex platform, which includes Ethfinex and Bitfinex. The name of the token is derived from “Unus Sed Leo,” which is the company motto of iFinex. This Latin phrase is the description of a story whereby a sow criticizes a lion because it has just a child. Then the lion responded by saying that the one child is a lion, which implies that it is quality over quantity.
LEO: How does it work?
Just like the BNB (Binance Coin), iFinex offers discounts to those who use LEO, and burns tokens on some particular days.
Utility of LEO
If you hodl LEO, you will automatically get a 15% taker fee discount on all trades you make. If your LEO balance is more than 5000 USD, you’ll earn an extra 10% taker fees discount. Apart from that, your markdown goes up, determined by the number of tokens you hodl.
Burning of LEO token
In addition, iFinex will make use of 80% of the money it recovers from the Bitfinex hack that happened in 2016, and 95% of the cash it gets back from the Crypto Capital seizure of 2018, to purchase and burn extra LEO.
In May, iFinex organized an IEO (initial exchange offering) for LEO, which was for a private sale, then the public sale happened in June. This company sold a billion tokens, and each went for 1 USDT.
LEO has swiftly had a rise in its market cap rankings, which sits at the 41st spot at the moment. When it comes to its price, it has steadily increased since its IEO; the price is still around $2.82.
Token burn has continued to reduce the supply and increase demand because of user growth and new products; we should continue seeing a surge in price. We don’t always have a rational crypto market, though, so there’s a chance that the opposite may happen.
The team behind iFinex has not added lots of details regarding LEO’s future utility. However, they make clear that there will be additional benefits and discounts for LEO hodlers.
iFinex has a part of its whitepaper that outlines lots of platforms that are on the horizon. From now on, you should expect eosfinex’s launch. It’s a DEX (decentralized exchange) on the blockchain of EOS.
Another plan of iFinex is to host pre-vetted token sales on a platform of IEO in both Ethfinex and Bitfinex. One of the loftier goals of the company is to release totally regulated securities and licensed exchanges.
Where to Purchase LEO
There are quite a number of platforms you can buy LEO, and they include Bitfinex, IDEX, and OKEx. You can trade this token with USD, BTC, USDT, ETH, and EOS on these exchanges.
If you are a fan of BNB, you’ll likely see excellent things in LEO too. The utility of the coin spans across all products in the future and present iFinex suite. Apart from that, there are monthly scheduled iFinex burns that need to support the price of the token.
With that being said, a couple of cryptocurrency community members aren’t really drawn towards LEO because of the sketchy past of Tether and Bitfinex. Even though the fundamentals of the token look great on paper, you need to be cautious when approaching the investment.