Bitfinex Presents ‘UNUS SED LEO Transparency Initiative’
Bitfinex is proud to announce the launch of the UNUS SED LEO Transparency Initiative.
The initiative, built around a real-time token burn redemption mechanism, marks the launch of the LEO burn mechanism, which will see iFinex gross revenues allocated to purchasing circulating LEO tokens at market rates.
To complement the launch of the UNUS SED LEO burn mechanism, we have launched the ‘LEO Transparency Dashboard’, providing real-time insights into all collected platform fees, and subsequent LEO burns.
The UNUS SED LEO Transparency Dashboard can be accessed at leo.bitfinex.com.
We have decided upon a continuous burning mechanism — verifiable and in real-time — to keep the process as fair as possible for our users. As our revenues flow in continuously, we felt that the fairest approach to token buybacks would be one built around continuous and constant redemptions. We are doing this to remove the possibility of uncertainty from LEO holders, subsequently allowing our community to track iFinex revenues, as well as LEO token burn quantities, in an open manner.
The first implementation of the UNUS SED LEO burn mechanism includes revenue from trading fees only. The Bitfinex team will rapidly expand upon this over the following weeks to include all revenue streams, including deposit/withdrawal fees, funding fees and further exchange products, resulting in an all-encompassing token buyback mechanism.
We remain humbled by the continued support from the cryptocurrency community, and the overwhelming faith in our long term actions. We are incredibly excited for the next stage of UNUS SED LEO, providing the LEO community with the insights they deserve.
The UNUS SED LEO Burn Mechanism
Today’s launch marks a significant development for UNUS SED LEO and the original redemption objectives outlined in the whitepaper.
The token burn mechanism will see iFinex (and entities such as eosfinex) buy back UNUS SED LEO from the market, at market rates and on an hourly basis, equal to a minimum of 27% of consolidated revenues of iFinex. The burn mechanism will continue until 100% of tokens have been redeemed and no more tokens are in circulation.
UNUS SED LEO tokens used to pay trading fees on Bitfinex will also be burned, whilst recovered funds from Crypto Capital, and an amount equal to at least 80% of recovered net funds from the Bitfinex hack, will be used to purchase (and subsequently burn) circulating tokens.
The UNUS SED LEO redemption mechanism is live as of today, 10.00 AM UTC, with tokens being burnt every 3 hours until 100% of supply has been taken out of circulation. To monitor the token redemption statistics, visit leo.bitfinex.com.
The UNUS SED LEO Transparency Dashboard
The LEO Transparency Dashboard has been put together to provide token holders with unique, verifiable insights into the token buyback process. With real-time token and exchange performance statistics, traders are provided with a uniquely transparent look into the UNUS SED LEO tokenomics.
Specifically, the dashboard provides a comprehensive overview of UNUS SED LEO token statistics, including:
Live LEO Acquisition
Live LEO Acquisition shows the quantity of UNUS SED LEO purchased by iFinex from the open market over the course of the current hour.
Pending LEO Burn
Pending LEO Burn shows the total quantity of UNUS SED LEO to be burned in the upcoming buyback on-chain transaction. Tokens are burned on-chain every 3 hours.
Collected LEO (24h)
Collected LEO (24h) shows the quantity of UNUS SED LEO purchased by iFinex over the course of the previous 24 hours.
Daily LEO Burns (7 day Period)
Daily LEO Burns provides a visual representation of the daily UNUS SED LEO burns across the previous 7-day period.
LEO Burn Transactions
LEO Burn Transactions displays the on-chain burn transactions for UNUS SED LEO, updated every 3 hours.
Today marks an important milestone for the LEO community and signals the start of a long-term initiative built around transparency, collaboration and growth.
We are taking these steps to prove that transparency within the exchange ecosystem is both possible, and vital, and we will do our utmost to grow and foster our community through transparency and integrity.
We are excited to continue down this path with the community and embracing the vision of UNUS SED LEO.
UNUS SED LEO Token Information
The UNUS SED LEO token was launched on May 22nd following a successful 1bn USD raise, in a unique dual protocol launch which saw the token distributed to contributors across both EOS and Ethereum.
UNUS SED LEO tokens were distributed from the newly-formed subsidiary of iFinex, Unus Sed Leo Limited, as part of a private sale between May 7th and May 13th. The purchase price was 1 USDt for 1 UNUS SED LEO, with no discounts available. The total supply of UNUS SED LEO is 1,000,000,000.
The UNUS SED LEO Whitepaper is available here.
