Bitfinex celebrates UNUS SED LEO first BURNday - Bitfinex blog
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Bitfinex celebrates UNUS SED LEO first BURNday

As one of the longest-standing exchanges in the crypto industry, Bitfinex is guided by the innovation for progress value that motivates us to work relentlessly to build industry-first products and tools to bring the blockchain promise of freedom and scalability to fruition. 

At the same time, we know that driving adoption is equally crucial, which we believe is best achieved through an independent fiat gateway that will increase the speed and ease by which fiat currencies can be exchanged for cryptocurrency in a legally compliant manner.

With that in mind, Bitfinex developed the UNUS SED LEO token and released the whitepaper on 10th May 2019.

The value is in the worth, not in the number

Inspired by an Aesop’s fable, The Sow and the Lioness, we named the token UNUS SED LEO. 

The words came when the sow asked the lioness about the number of cubs she produced at a birth, in an effort to shame her. The lioness’ answer was, “I have only one; but that one is altogether a thoroughbred Lion,” suggesting that quality wins over quantity. 

The UNUS SED LEO token was first offered in a private Initial Exchange Offering (IEO), following the release of the whitepaper. The offer received an overwhelming response from the crypto community as it successfully raised nearly 1 billion USDt in just under a week, which marked a new milestone to Bitfinex as well as the wider crypto community at the time. 

As a token designed to empower the Bitfinex community and provide utility for anyone seeking to maximize the output and capabilities of the Bitfinex trading platform, the UNUS SED LEO token comes with heaps of benefits to its holders. 

And as the name suggests, it only takes 1 UNUS SED LEO (or equivalent to 1 USDt worth of $LEO) to enjoy all the benefits it has to offer. However, you need to be a verified user to be able to enjoy them. 

Here are some of the benefits that UNUS SED LEO holders are entitled to:

  • Trading fees discounts

The amount of discount varies according to the holder’s user status level, which depends on the amount of LEO tokens held over a period of time, as follow:

  • 1 USDt in LEO ≤ Level 1 < 5,000 USDt in LEO

Level 1 users are entitled to 15% taker fee discounts.

  • 5,000 USDt in LEO ≤ Level 2 < 10,000 USDt in LEO

Level 2 users will get an additional 10% reduction, bringing the total taker fee discount to 25%.

  • 10,000 USDt in LEO ≤ Level 3 

In addition to the above cumulative fee reductions, level 3 users will receive discounts of up to 6 basis points (BPS) when trading crypto-to-crypto, crypto-to-stablecoin and crypto-to-fiat and up to 2 BPS for crypto derivatives trades. 

  • Funding fees discounts

UNUS SED LEO token holders get up to 5% discount on peer-to-peer (P2P) lending fees. 

  • Affiliate program multiplier

As an affiliate, if one of your members hold an average of 500 USDt LEO equivalent, you’re eligible for additional multipliers, as follow:500+ USDt LEO equivalent – a 1.1x multiplier. 

– 500+ USDt LEO equivalent – a 1.1x multiplier.
– 5,000+ USDt LEO equivalent – a 1.2x multiplier. 
– 50,000+ USDt LEO equivalent – a 1.5x multiplier.

  • Withdrawals and deposits fee discounts

Holders of > 50m UNUS SED LEO tokens will receive up to a 25% crypto withdrawal and deposit fee discount. 

For more details on the UNUS SED LEO token holders benefits, you can go to our support page.

Aside from all the benefits mentioned above, UNUS SED LEO holders can expect far more from across the entire portfolio and future projects, products, and services, as detailed in the whitepaper.

Celebrating UNUS SED  LEO’s one-year milestone 🥳

In celebration of the first burn anniversary of the UNUS SED LEO token, we’re running the ‘WIN and trade like a LION’ competition that runs from 12th to 16th June 2020. Head to the competition page to find out further details and enter.  

On top of the benefits the token has to offer, UNUS SED LEO has also become the company’s motto. An ethos that we hold and extends into the very fabric of our company. We do value quality over quantity. 

Happy 1st anniversary UNUS SED LEO! You are One, but a Lion 🦁

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