LEO

Overview of LEO

UNUS SED LEO, also known as LEO, is a type of cryptocurrency that was founded by iFinex Inc. in 2019. Named after a Latin phrase meaning “One, but a lion”, it operates on both Ethereum and EOS platforms. LEO was launched as a utility token on the Bitfinex exchange platform, primarily to consolidate the operations of the platform. It is an ERC-20 token, so it can be stored in any wallet that supports such tokens. Its utility extends to providing exchange fee discounts for holders on Bitfinex trading platform, and also allowing holders privileges such as participation in various on-platform activities. Details about the total supply or circulating volume of LEO may vary, as it is subject to periodic burns aimed at reducing the quantity over time. Although it particularly serves Bitfinex users, it can also be traded on other exchanges. Unlike Bitcoin and several other cryptocurrencies, LEO does not use mining, and its initial distribution was achieved through a private sale.

Pros and Cons

What Makes LEO Unique？

UNUS SED LEO (LEO) presents a number of innovative solutions within the cryptocurrency landscape. One point of innovation is its focus on delivering tangible benefits to holders by offering utilities on the Bitfinex platform, one of the significant crypto-trading platforms. An important feature is the provision of exchange fee discounts for holders, a model that increases the intrinsic value of holding the tokens beyond mere speculation on price increase.

That being said, LEO stands out from many other cryptocurrencies in a number of ways. Firstly, unlike most other cryptocurrencies that were offered via public sales or mining, LEO's initial distribution was made through private sales. This method of initial distribution is not as common in the cryptocurrency market.

Secondly, LEO operates on both the Ethereum and EOS platform. While it is not uncommon for tokens to be built on Ethereum (as ERC-20 tokens), the dual-platform functionality with EOS is less common and increases its accessibility and flexibility of use.

Lastly, LEO demonstrates an ongoing commitment to maintain its value through a token 'burn' mechanism which is designed to systematically reduce the number of tokens in circulation. The 'burn' process is not universally practised across all cryptocurrencies.

How Does LEO Work？

The working mode and principle of LEO, also known as UNUS SED LEO, is closely intertwined with its original purpose - a utility token on the Bitfinex exchange platform.

As an ERC-20 token, LEO operates on the Ethereum and EOS platforms, enhancing its scope of operations and compatibility with various digital wallets and cryptocurrency exchange platforms. However, its most distinctive functionalities and utilities are centrally tied to the Bitfinex exchange platform.

LEO holders on Bitfinex enjoy certain benefits like reduced exchange fees, including trading, depositing, and withdrawing charges, depending on the amount held. These benefits increase with the amount of LEO held. For instance, large volume LEO holders are eligible for higher fee reductions.

Moreover, LEO tokens serve a purpose in various activities on the Bitfinex platform, including, but not limited to, advanced features and voting rights on protocol decisions.

One unique element of the LEO economy involves the “burning” mechanism. Bitfinex, the issuer, has committed to buying back tokens from the open market, funded by a portion of the platform's profits. These bought-back tokens are “burned” or permanently removed from circulation, resulting in a gradually receding token supply. This model aims to maintain and potentially increase the token's value over time by systematically reducing the overall supply.

Exchanges to Buy LEO

Here is a list of the exchanges where UNUS SED LEO (LEO) can be bought or traded:

1. Bitfinex: This is the primary exchange for LEO token where it was initially listed by the founders, iFinex Inc. On Bitfinex, LEO can be traded using various currency pairs such as LEO/USD, LEO/BTC, LEO/ETH.

2. OKEx: On OKEx, LEO holders can trade with pairs like LEO/USDT, LEO/BTC, LEO/ETH.

3. Binance: Despite being a competing exchange, Binance lists LEO for trading. Trading pairs available include LEO/BNB, LEO/BTC, LEO/USDT, LEO/BUSD.

4. HitBTC: LEO can be bought or traded on HitBTC with the following pairs: LEO/BTC, LEO/ETH, LEO/USDT.

5. Gate.io: On Gate.io, LEO can be traded with USDT.

How to Store LEO？

UNUS SED LEO (LEO) is an ERC-20 compatible token, meaning it can be stored in wallets that support the ERC-20 token standard.

Here are some wallet types that can be used to store LEO tokens:

1. Hot Wallets: These are wallets that are connected to the internet, providing convenient access to your tokens but at higher vulnerability to online attacks. Examples include web wallets and most mobile wallets. For instance, you can store LEO on web and smartphone wallets such as MyEtherWallet, and MetaMask.

2. Cold Wallets: Cold wallets are not connected to the internet and thus provide a higher level of security. They are ideal for storing larger amounts of LEO for the long term. Examples include hardware wallets like the Ledger Nano S, Ledger Nano X, and the Trezor series, which support ERC-20 tokens.

3. Desktop Wallets: Desktop wallets such as Exodus and Atomic Wallet can store LEO as they support a variety of ERC-20 tokens.

4. Exchange Wallets: These are wallets offered by cryptocurrency exchange platforms. While they offer convenience, especially for traders, they might not be the best option for long-term storage due to potential security risks. Bitfinex provides wallets where users can store LEO among other cryptocurrencies.

5. Mobile Wallets: These are smartphone applications that act as cryptocurrency wallets. Trust Wallet and Coinomi are mobile wallets that support LEO.

Should You Buy LEO？

LEO, or UNUS SED LEO, is primarily targeted at active users of the Bitfinex trading platform, particularly those who conduct substantial volume of trades. This is because the primary utility of LEO is to provide token holders with discounts on trading fees on the Bitfinex platform, with the level of discount extending with the amount of LEO held. In addition, LEO token holders are also allowed to participate in various platform activities.

Thus, users who are looking to buy LEO would ideally be those who:

1. Regularly use the Bitfinex platform for trading.

2. Engage in high-volume trades and could significantly benefit from trading fee discounts.

3. Are interested in participating in platform-specific functions and activities on Bitfinex.

FAQs

Q: Can I store LEO tokens in any digital wallet？

A: LEO tokens can be stored in any wallet that supports ERC-20 tokens, including hot wallets, cold wallets, desktop wallets, exchange wallets, and mobile wallets.

Q: Who could potentially benefit the most from owning LEO tokens？

A: Active Bitfinex users, especially those conducting high-volume trades, are likely to benefit the most from owning LEO due to the trading fee discounts and platform-specific privileges it provides.

Q: How can LEO's price potentially rise over time？

A: While there's no guarantee, LEO's price could potentially appreciate due to its utility value on Bitfinex and the systematically reducing supply caused by the token 'burn' mechanism.

Q: Is it certain that I will make money if I invest in LEO？

A: No, like all forms of investment, buying LEO carries risk, and there is no guaranteed profit or appreciation in value.