LEO burns hint at whales sighting on Bitfinex

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

Bitfinex buys back LEO tokens at market value worth 27% of the revenue and then burns them (every three hours) until all LEOs are removed from circulation. For now, Bitfinex only burns the revenue from trading fees but it vouched to eventually burn other revenue streams as well.