Unus Sed Leo (LEO) - the cryptocurrency that saved the Bitfinex exchange

When the Bitfinex cryptocurrency exchange started having problems with stablecoin coverage Tether, shareholder Bitfinex Dong Zhao came up with a new token that quickly improved liquidity, but also provided new opportunities and discounts for traders. After a year it is known that it was a great move, a classic situation "Win-win". How it works and what it gives cryptocurrency Unus Sed Leo (LEO)? We check.

We continue the cycle of the Forex Club portal, in which we analyze and describe the largest, highest-valued, most interesting, most developmental, advanced and also the most controversial cryptocurrency projects around the world. Today is the time for LEO - the cryptocurrency of the Bitfinex cryptocurrency exchange, which some predict such great successes as the tokens of the largest in the world Binance cryptocurrency exchanges - BNB Faucetwhich have already increased in price several times.

The emergence of the LEO cryptocurrency

The beginnings of the LEO token are directly related to the Tether problems described on the Forex Club portal. A stablecoin that is 1: 1 reflecting the price of the US dollar is no longer fully covered in USD. They also include other assets, as well as deposits and ... loans. This is the result of losing control of USD 850 million deposited in the fund Crypto Capital and covering this gap in Tether (USDT) so that the Bitfinex exchange does not lose liquidity.

And this is where the story of LEO, a cryptocurrency invented by Dong Zhao, Bitfinex investor and shareholder, from China, begins. 

- LEO tokens are to be utility tokens at the center of the iFinex ecosystem. Holders will experience the benefits of using them on various iFinex trading platforms. Taker fees using LEO will decrease by 15% for crypto-crypto pairs (this also applies to stablecoins). There is an additional 5000% discount for those with more than $ 10 USDT in LEO - wrote Dong Zhao at the beginning of the project.

And it's hardly surprising that this idea worked, because all traders using Bitfinex cryptocurrency exchangeswanted new tokens. The more they traded, the more it paid off to buy. The supply thus disappeared literally minutes after the start of the subscriptions, even though US citizens could not participate in it and could only be purchased for Tether (USDT) at a 1: 1 ratio. 

Where did the name LEO come from?

Leo is Latin for a lion, of course, but that would be too easy. Based on the ERC20 Ethereum token standard, which also has a version for EOS, which allows it to be transferred between networks, the name itself says much more. Design UNUS SED LEO it refers to a short story by the Greek writer Aesop entitled "The Pig and the Lion". It boasts a pig that has many cubs, and a lioness only one. The lioness replies to this remark in Latin: "unus sed leo", which means: "One but a lion". 

The name is therefore intended to indicate the uniqueness and high quality of the cryptocurrency.

On the other hand, it is difficult to confirm at first glance, because although Bitfinez assures that over 100 people from around the world worked on it, the names of the development team were never given. It certainly did not add credibility to the cryptocurrency at first, but over time the project managed to defend itself - the rebates were simply calculated and everything worked and works flawlessly. 

What's more, the Bitfinex cryptocurrency exchange has announced that when Bitfinex recovers the frozen USD 700 million, it will use it to buy about 80% of its token, which ignites investors' imaginations and allows you to think about above-average profits.

LEO cryptocurrency quotes

As of August 26, 2021, the LEO token can already be traded on 14 cryptocurrency exchanges around the world. All tokens are traded in the amount of $ 1 billion, valued at $ 3,00 apiece, which translates into a government capitalization of $ 3 billion. The peak of trading took place on May 14, 2021, when each LEO token was paid $ 3,96, and the capitalization reached $ 4 billion.