Bitfinex celebrates the first UNUS SED LEO BURNday
As one of the long-standing exchanges in the crypto industry, Bitfinex is led by the innovation value for progress that motivates us to work relentlessly to build industry-first products and tools to deliver on the promise a blockchain of freedom and scalability.
At the same time, we know that driving adoption is equally vital, which we believe can be best achieved through an independent fiat portal that will increase the speed and ease of exchanging fiat currency for cryptocurrency in a law-abiding way.
With that in mind, Bitfinex developed a UNUS SED LEO ticket and released the white paper at 10th May 2019.
The value is in the value, not in the number
Inspired by Aesop’s legend, The Sow and the Lioness, we named the ticket UNUS SED LEO.
The words came when the sow asked the lioness about the number of cubs she produced at birth, in an effort to shame her. The lion answered, “I only have one; but that one is a complete Lion, ”suggesting that quality wins over quantity.
The UNUS SED LEO token was first offered in a private Initial Exchange Offer (IEO), after the white paper was released. The proposal received an overwhelming response from the crypto community as it managed to raise nearly 1 billion USDt in just under a week, which marked a new milestone for Bitfinex as well as the wider crypto community at the time.
As a sign designed to empower the Bitfinex community and provide utility to anyone seeking to maximize the output and capabilities of the Bitfinex trading platform, the UNO SED LEO ticket comes with heaps of benefits for its holders.
And as the name implies, just take 1 UNUS SED LEO (or the equivalent of 1 USDt worth $ LEO) to enjoy all the benefits it has to offer. However, you need to be an authenticated user to be able to enjoy them.
Here are some of the benefits UNUS SED LEO holders are entitled to:
The amount of the discount varies according to the level of the holder’s user status, which depends on how many LEO tickets are held over a period of time, as follows:
- 1 USDt in LEO ≤ Level 1 <5,000 USDt in LEO
Level 1 users are entitled to 15% recipient fee reductions.
- 5,000 USDt in LEO ≤ Level 2 <10,000 USDt in LEO
Level 2 users will receive an additional 10% discount, bringing the total take-up fee reduction to 25%.
- 10,000 USDt at 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.
Holders of UNUS SED LEO tickets receive a discount of up to 5% on peer-to-peer (P2P) lending fees.
- Related program multiplier
As a contact, if one of your members has the equivalent of 500 USDt LEO on average, you are eligible for additional multipliers, as follows: 500+ USDt LEO equivalent – 1.1x multiplier.
– Equivalent to 500+ USDt LEO – 1.1x multiplier.
– Equivalent to 5,000+ USDt LEO – 1.2x multiplier.
– equivalent to 50,000+ USDt LEO – 1.5x multiplier.
- Withdrawal and deposit fee reductions
Ticket holders> 50m UNUS SED LEO will receive up to 25% discount on crypto and deposit fee.
For more details on the benefits of UNUS SED LEO ticket holders, you can visit our support page.
Apart from all the benefits mentioned above, UNUS SED LEO holders can expect much more from all parts of the entire portfolio and future projects, products and services, as detailed in the white paper.
Celebrating a milestone year UNUS SED LEO 🥳
To celebrate the first burning anniversary of the UNUS SED LEO ticket, we’re running the ‘Win and trade as a LION’ a competition that runs from 12th in 16th June 2020. Visit the competition page to find out more details and give it a go.
On top of the benefits the ticket has to offer, UNUS SED LEO has also become the company’s motto. An ethos we hold and delve into the very fabric of our company. We value quality over quantity.
Happy 1st birthday UNUS SED LEO! You are one, but Lion 🦁