Bitfinex announced Friday it has launched a transparency initiative for its exchange token LEO.
The LEO Transparency Initiative was built around a real-time token burn redemption mechanism. Bitfinex is implementing a continuous burning mechanism, which will buy back LEO from the market every hour. The firm will use 27% of the consolidated revenues to purchase LEO tokens at market value until all LEOs are removed from circulation.
To start, Bitfinex will burn revenue from trading fees only. The company will reportedly expand the burn over the following weeks to include all revenue streams “including deposit/withdrawal fees, funding fees and further exchange products.”
The dashboard shows hourly data of how much LEO was purchased by Bitfinex from the open market and also how much is burned on-chain every 3 hours.