Bitfinex made $34M in Q3, LEO burns suggest

LEO, Bitfinex’s exchange token, was launched in late May after allegedly raising $1 billion in USDT and USD in a private token sale. Similarly to BNB, one of LEO’s most important value capture propositions is its quasi-claim to Bitfinex’s cash flow via the burning mechanism.

In contrast to Binance, which only burns BNB once a quarter, Bitfinex buys back and burns LEO tokens every three hours. Bitfinex purchases LEO at market value worth 27% of the revenue and then burns the tokens in perpetuity until all of them are removed from circulation.