About
UNUS SED LEO (Latin for “One, but a lion”) is a utility token created by iFinex Inc., the parent company of the Bitfinex cryptocurrency exchange, first launched in May 2019 during a private Initial Exchange Offering (IEO) to raise capital and strengthen Bitfinex’s operations and ecosystem. The token’s utility centers on providing holder benefits within the Bitfinex and broader iFinex ecosystem most importantly, reductions on trading, lending, and other fees, tiered based on LEO holdings, as well as preferential access to services.
LEO was initially issued on two blockchains, Ethereum (ERC-20) and EOS, enabling flexibility for users and traders who could convert between formats via Bitfinex. Over time, the project introduced a deflationary model in which iFinex commits at least 27 % of its consolidated monthly revenues to buy back and burn LEO tokens, reducing circulating supply and potentially increasing scarcity. This ongoing burn mechanism continues until, in theory, all tokens are removed from circulation.
Unlike native coins with independent blockchains, LEO relies on the security and consensus mechanisms of the underlying chains on which it’s issued (e.g., Ethereum’s Proof of Stake after “The Merge,” and EOS’s Delegated Proof of Stake). Its design ties its value and utility tightly to the activity and success of the Bitfinex platform rather than decentralized protocol functions, making it a distinct category of exchange utility token.
