LEO Token, formally known as UNUS SED LEO, is a utility token primarily used on the Bitfinex exchange, part of the iFinex ecosystem. Its core purpose is to provide holders with trading fee discounts and exclusive features on iFinex platforms.
LEO Token functions as an ERC-20 token on the Ethereum blockchain and a native token on the EOS blockchain, offering flexibility and interoperability. It incorporates a token burn mechanism where a portion of iFinex's revenue is used to buy back and burn LEO tokens, reducing supply and potentially increasing value.
LEO Token is primarily used to reduce trading fees on Bitfinex and other iFinex platforms. Additionally, it grants access to exclusive features, participation in initial exchange offerings (IEOs), and engages users in governance through feedback and voting mechanisms.
LEO Token was launched in May 2019 by iFinex, following financial setbacks, including asset seizures and hacking incidents. It quickly raised $1 billion through a private sale. Since its inception, LEO has been integrated into various iFinex services, utilizing a dual-protocol approach on Ethereum and EOS blockchains.