After Bitfinex made the headlines with the launch of its inner LEO token, the trade is once more within the information after the announcement of the launch of the UNUS SED LEO Transparency Initiative, on the 14th. June.
This initiative, constructed round a real-time token-buying program, marks the launch of the chip-burning mechanism, wherein LEO can be regularly burned to purchase the chip again onto the market. The report talked in regards to the burn mechanism and stated,
"The token mechanism will incentivize iFinex (and entities equivalent to eosfinex) to purchase UNUS SED LEO out there, at market charges and on an hourly foundation, comparable to a minimal of 27% of iFinex's consolidated revenues. The engraving mechanism will proceed till 100% of the chips are redeemed and no extra tokens are in circulation. "
The inventory trade additionally knowledgeable the group that LEO tokens used to pay transaction charges on Bitfinex would even be burned. This choice is aimed on the buy of tokens in circulation. Bitfinex has additionally launched its UNUS SED LEO Transparency Dashboard which permits token holders to confirm details about the token redemption course of.
The Leo token was launched on Might 22, after which the corporate raised $ 1 billion by a twin protocol launch. Based on Bitfinex, the entire provide of UNUS SED LEO is 1,000,000,000.
The Bitfinex publication broadcasts the implementation of an engraving mechanism designed to take away LEO tokens from circulation. He first appeared on AMBCrypto.