Cryptocurrency Alternate Bitfinex Publicizes a LEO Token Burn Initiative

Cryptocurrency exchange Bitfinex launched a LEO burn initiative in a Medium submit published on June 14.

Per the announcement, the initiative will see the change’s mum or dad agency iFinex funnel its gross revenue into shopping for LEO tokens at market prices in what the submit refers to as a result of the UNUS SED LEO burn mechanism. This new system will launch alongside the LEO Transparency Dashboard, which is ready to reportedly current real-time insights into all collected platform fees and LEO token burns. The company explains its reasoning:

“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.”

At first, the system will solely comprise revenue from shopping for and promoting fees, nevertheless the agency ensures to broaden it to all completely different revenue streams, along with deposit and withdrawal fees, funding fees and completely different firms. The submit extra notes that the initiative will embrace entities equal to EOSfinex, and that the tokens will most likely be bought “at market rates and on an hourly basis, equal to a minimum of 27% of consolidated revenues of iFinex.”

The burn mechanism is able to stop solely when there will not be any further tokens in circulation. The LEO tokens which is likely to be used to pay shopping for and promoting fees on the change may additionally reportedly be burned, and as a minimum 80% of the funds recovered from the Bitfinex hack may additionally be used to buy and burn them.

As Cointelegraph reported on the time, Bitfinex unveiled its change utility token UNUS SED LEO on May 17.

Earlier in May, Bitfinex and the affiliated stablecoin Tether had been subject to approved investigation in New York state for misrepresenting their reserves.



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