Posted July 01, 2022
By Matt Insley
Bear Market, Where?
It's been a tough few months for crypto investors. The market has been in a free fall, with Bitcoin losing over 50% of its value. But there's one token that's been bucking the trend: UNUS SED LEO.
Commonly known as LEO, the utility token was created to recover losses following Bitfinexs processing partners' partial loss of funding, due to government seizure. Currently up over 300% against Bitcoin, LEO is one of the best-performing assets in the bear market.
To survive in the current market, cryptocurrencies need to bring something unique to the table. So, what's driving the success of this particular token?
Bitfinex recently announced a fully transparent token burn redemption effort, where iFinex will publicly purchase active LEO tokens at market price
The project, which is based on a real-time token burn redemption system, introduces the LEO burn mechanism, under which iFinex gross income will be used to gradually buy active LEO tokens at market prices, then burn them.
"Burrning" tokens is the term given to the act of permanently pulling them out of circulation. The digital currency is transferred to an inactive wallet, with an unknown private key — so the crypto is gone forever. The quantity that is purchased and burned is equal to at least 27% of the profits made by iFinex.
Investors holding onto LEO should expect the token to appreciate as it becomes more scarce. Essentially, these tokens boast a guaranteed rise in price, with a limited period of availability. Aside from being launched on two blockchains, this unique system is exactly what makes LEO an uncommon and desirable investment.
Real-time insights are available through Bitfinexs website.
Publisher, Daily Crypto Hunter