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Bitfinex announces implementation of burn mechanism for removing LEO tokens from circulation

After Bitfinex made headlines with the launch of its in-house LEO token, the exchange is in the news again after it announced the launch of the UNUS SED LEO Transparency Initiative, on June 14.

This initiative, built around a real-time token burn redemption programme, marks the launch of the token burn mechanism, where LEO would be continuously burnt to buy back the token from the market. The report talked about the burn mechanism and stated,

“The token burn mechanism will see iFinex (and entities such as eosfinex) buy back UNUS SED LEO from the market, at market rates and on an hourly basis, equal to a minimum of 27% of consolidated revenues of iFinex. The burn mechanism will continue until 100% of tokens have been redeemed and no more tokens are in circulation.”

The exchange also…

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