Launch of Burn Mechanism Will See iFinex Revenues Used To Buy Back Tokens
ROAD TOWN, British Virgin Islands, June 14, 2019 /PRNewswire/ -- Bitfinex is proud to announce the launch of the UNUS SED LEO Transparency Initiative, built around a real-time token burn redemption mechanism.
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.
Today, Bitfinex have commenced the UNUS SED LEO token burn mechanism as outlined in the whitepaper. This token burn mechanism will see iFinex and its affiliates buy back UNUS SED LEO from the market, at market rates and on a real-time basis, equal to a minimum of 27% of consolidated gross revenues of iFinex (exclusive of Ethfinex), until no more tokens are in commercial circulation. UNUS SED LEO tokens used to pay trading fees on Bitfinex may also be burned. Recovered net funds from Crypto Capital, and an amount equal to at least 80% of recovered net funds from the Bitfinex hack, will also be used to repurchase and burn outstanding UNUS SED LEO tokens. The burn mechanism will continue until 100% of tokens have been redeemed.
To complement the launch of the burn mechanism, Bitfinex also unveiled the 'LEO Transparency Dashboard', which provides real-time insights into all collected platform fees, and subsequent LEO burns, as verified by the blockchain.
The UNUS SED LEO Transparency Dashboard can be accessed at leo.bitfinex.com.
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 circulating and total supply of UNUS SED LEO is 1,000,000,000.
About iFinex: iFinex started operations in 2012, initially operating under the Bitfinex brand, making it one of the longest-standing exchanges in the blockchain industry. Since then, iFinex, through its trading platforms, has become one of the most widely-recognized companies in the cryptocurrency sector, with a community of passionate entrepreneurs, idealists, and technologists that have together contributed to one of the best growth stories in our industry.