Since our inception in 2012, Bitfinex has worked tirelessly to support and pioneer technical innovation within the digital asset trading space, with an unwavering dedication to advancing secure, high-performance on-chain exchange capabilities.
Operating a digital asset exchange, our work has revolved around identifying and advancing the capabilities of blockchain protocols to satisfy the demands of professional traders. On this path we’ve identified a variety of groundbreaking technologies resulting in our work on Ethfinex, eosfinex, Liquid and more.
As a result of our experience in this space, we’ve decided to take a novel dual protocol approach for the issuance of our iFinex utility token — Unus Sed Leo.
Dual Protocol Launch
We have taken the unique route of a dual protocol launch for Unus Sed Leo by issuing our utility token on both the Ethereum and EOS blockchains.
The benefits of a dual protocol token launch are to:
- Provide enhanced flexibility and ease of use for Unus Sed Leo token holders.
- Contribute support and resources to protocols which we have identified as highly valuable.
- Contribute to developments focused around blockchain interoperability.
- Allow for Unus Sed Leo to become an integral part of the decentralised exchange space, including through integrations with both Ethfinex and eosfinex.
At the time of deployment, 660 million Ethereum-based tokens have been issued, together with 340 million EOS-based tokens.
Unus Sed Leo token holders can convert seamlessly between the Ethereum and EOS protocols with Bitfinex acting as a bridge between the two chains. To do so, simply deposit 1 LEO-ERC20 and withdraw 1 LEO-EOS. When done, Bitfinex adjust cold wallets/issuances on the different chains depending on the demand to effectively bridge the chains.
The dual protocol launch is unique, and we look forward to complementing it further with the issuance of Unus Sed Leo on the Blockstream Liquid Network in the coming weeks.
Unus Sed Leo launched on Bitfinex on Monday May 20th following a successful 1bn USD raise over the course of 10 days. Designed to empower the Bitfinex community, Unus Sed Leo provides significant operational benefits for those seeking to maximize the output of Bitfinex. Future work on Unus Sed Leo utility includes the deployment of outlined token fee benefits (coming next week), as well as the use of the profit burn mechanism (to start as of next month).
We are incredibly grateful to our community of traders for their warm reception to Unus Sed Leo and our team has been hard at work to configure Unus Sed Leo into a utility exchange token with true value.
We thank you, and welcome you to the era of UNUS SED LEO.