Revenues From Margin Funding Dedicated To UNUS SED LEO Redemptions
Revenues derived from funding activities used for UNUS SED LEO redemptions
As of Sunday July 14th, a proportion of revenues from margin funding activities on Bitfinex have been allocated to UNUS SED LEO token redemptions. A minimum of 27% of all revenues from margin funding activities will be used to purchase UNUS SED LEO from the open market.
To mark the launch of the funding fee redemptions, we successfully concluded the buyback of 27% of funding fees accrued throughout the previous 40 days on Sunday evening, 18.00 UTC.
The margin funding feature on Bitfinex allows traders and liquidity providers to earn interest through providing funding to leveraged traders. Funding is available across various tokens, rates and periods, and allows for significant personalisation to suit unique trading strategies.
As of today, the funding market on Bitfinex has a 24-hour volume of 410,000,000 USD, with the 24-hour USD funding rate at 0.0067% and the BTC funding rate at 0.0073%. To view the Bitfinex margin funding markets in greater detail, visit bitfinex.com/stats.
On a continuous basis, Bitfinex buys back UNUS SED LEO from the open market equal to a minimum of 27% of the revenues of iFinex, including trading fees, funding fees and revenues associated with Tokinex. This occurs in perpetuity, until no tokens remain in circulation.
Over the past two months we’ve added numerous fee benefits to UNUS SED LEO token holders, including an array of taker fee reductions. To view your account-specific fee discounts, visit bitfinex.com/fees.
More UNUS SED LEO fee benefits are set to go live over the course of the coming weeks and we remain committed to growing the range of advantages for traders on Bitfinex. For an overview of all scheduled utility benefits, please refer to the UNUS SED LEO whitepaper.