UNUS SED LEO (LEO) is a new coin meant to extend all platform users’ and services’ capabilities to iFinex, Bitfinex’s parent company. This decision should help resolve the problem that emerged as a result of the trading platform’s alleged illegal use of Tether cryptocurrency funds.
Bitfinex intends to fill its budget using UNUS SED LEO. A total of $1 billion was collected as a part of the original exchange.
What Is LEO Token?
The UNUS SED LEO coin is a utility token established for the iFinex platform. However, it was formed due to a financial crisis for the Bitfinex exchange, unlike other similar tokens like the Binance Coin or the KuCoin Shares token.
Various nations seized funds from Crypto Capital Corp., a financial services company that iFinex was employing for banking services in 2018, after having trouble using the traditional banking system, resulting in a loss of $850 million.
The UNUS SED LEO token is named after the iFinex company motto, the same as the UNUS SED LEO token. It is Latin and stems from one of Aesop’s stories, “The Sow and the Lioness,” and means “One, but a lion.” The fable depicts a sow boasting about how many children she has and then asking the lioness if she has one. “One, but a lion,” the lioness responds. The parable embodies the values of quality above quantity and individual power.
Key LEO Coin Figures
In May 2019, the UNUS SED LEO cryptocurrency had an initial exchange offering (IEO) on the Bitfinex market, costing $1 per token. Customers from the United States were not included in the IEO. 64 percent of the one billion total supply was released on the Ethereum blockchain, while 36% was issued on the EOS blockchain in a one-of-a-kind two-chain IEO. Interoperability between the two chains is possible because of Bitfinex.
According to the white paper, the proceeds of the IEO “may be utilized for working capital and general business reasons, including capital expenditures, operating expenses, debt payments, and other recapitalization activities,” according to the white paper.
Features of LEO Token
The key characteristic of the LEO token is that it is finite. The token is based on a buyback and burns mechanism, in which the iFinex firm will buyback and burn all of the initial and maximum supply using a percentage of the company’s net earnings. There were also the following features:
Discount and Marketplace Token:
The utility token is mostly used as a discount token on the Bitfinex exchange. It’s utilised to give discounts on fees for main and sub-accounts, as well as deposits and withdrawals. These discounts are determined by the account holder’s user status, the quantity of UNUS SED LEO held in the account over the preceding month, and the type of trade executed on the Bitfinex platform.
Marketplace Token for all iFinex products:
It acts as the marketplace token for all iFinex items as well as a discount token for the Bitfinex trading platform. Token holders on the platform can use the utility token to access a variety of additional iFinex offerings.
It can be found on two different blockchain systems. Ethereum and EOS are two of the most popular blockchain platforms. This implies you can send the coin at any time as an EOS or Ethereum token. On Ethereum, it represents 64% of the whole token supply, while on EOS, it represents 34% of the total token supply.
Smart Contract Compatible:
Smart contracts are available on both blockchains. Developers can build DApps (Decentralized Applications) and incorporate the token into DApps for numerous use cases available on both chains thanks to the coin’s dual chain capability, which includes smart contracts. This functionality facilitates developer-built smart contract inter-chain capabilities that are readily available on both chains.
Should You Invest In LEO Token In 2022?
Walletinvestor.com forecasts future prices for several digital currencies, including UNUS SED LEO, using technical analysis. Crypto aficionados looking for high-returning virtual currencies may find LEO to be a good investment option. The UNUS SED LEO price will be $5.9 at the end of March 2022. If you buy UNUS SED LEO for $100 today, you’ll get 16.906 LEO. According to their forecasts, a long-term increase is expected, with a March 2027 price prediction of $27.410. After a 5-year investment, the income is expected to be around +363.4 percent. The current $100 investment might be worth $463.4 in 2027.
The price of LEO is expected to cross the $8.11 mark, according to DigitalCoinPrice projection data analysis. By the end of the year, UNUS SED LEO is expected to reach a minimum price of $7.17. In addition, the LEO price has the potential to rise to a high of $8.38. The UNUS SED LEO Price Prediction 2024 is crucial information for crypto asset investors and holders.