Bitfinex has announced the launch of the UNUS SED LEO Transparency Initiative. As it states, the initiative, based on a real-time token burn redemption mechanism, marks the launch of the LEO burn mechanism, which will see iFinex gross revenues.
According to the official press release, the initiative will see iFinex 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 initiative is live as of today, 10.00 AM UTC.
Earlier Bitfinex started the second round of its bonus program for UNUS SED LEO holders.
The first implementation of the UNUS SED LEO burn mechanism includes revenue from trading fees only.
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