Exchange Bitfinex announced the launch of the mechanism of burning tokens UNUS SED LEO and presented a «transparency initiative» for public control over the process.
The UNUS SED LEO Transparency Initiative is here, combining a continuous token burn process with a transparent and verifiable dashboard for real-time tokenomics. https://t.co/cAqEjlI8yM pic.twitter.com/4Sz1dYnxCc
— Bitfinex (@bitfinex) June 14, 2019
So, the parent company of the exchange iFinex will buy tokens from the market, using at least 27% of their monthly gross revenues, up to their complete disappearance.
In particular, initially, for their redemption will be sent the proceeds derived from the commissions charged for trading on Bitfinex. Over time it will add other sources, including charges for Deposit/withdrawal or conclusion of margin transactions.
To ensure maximum transparency Bitfinex has launched a special website, through which users can monitor the burning LEO in real-time.
Recall that Bitfinex is going to release its own token, it became known in late April. During IEO stock exchange raised $1 billion, and in late may announced the start of margin trading in pairs with UNUS SED LEO.
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