- In total, $600,000 in LEO (~315,400 LEO) has been burnt in 40 on-chain burning events
- So far, there were four full days worth of burns, in which Bitfinex generated $1.88 million in revenue from trading fees
- On average, 0.17% of traded volume is Bitfinex’s revenue from trading fees
- If we extrapolate, Bitfinex ended up generating $143.2 million in 2017 and $298.8 million in 2018 from trading fees
LEO is an exchange token, similar to BNB, launched last month by Bitfinex. Bitfinex has allegedly raised nearly $1 billion in USDT and USD in a private token sale in order to cover $850 million currently frozen in several accounts controlled by the payment processing company Crypto Capital.
One of the most important value capture propositions for LEO is a quasi-claim to Bitfinex’s cash flow via the burning mechanism.