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Bitfinex community will be able to openly track iFinex revenues and LEO token burn quantities

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Bitfinex community will be able to openly track iFinex revenues and LEO token burn quantities
Source: Pixabay

As the transparency of the crypto exchanges had garnered attention in the crypto ecosystem, digital money trade exchanges had started to carry out transactions openly in order to gain trust of the users. Recently, Bitfinex became the latest addition to this list by declaring the LEO burn activity.  

With the latest crypto regulations formulated by the G20 members, it became necessary for the exchanges to share the true information of the transactions with the users, according to the sources. 

The burn mechanism will stop only after the condition when there are no more tokens available for use. The LEO tokens that are utilized to pay exchanging charges on the trade will be scorched, and majority of the assets recuperated from the Bitfinex hack will be utilized to purchase and consume them. This way the demand will be effectively met by disposing off the tokens on a  regular basis.

At first, the framework will just include income from exchanging charges, yet the organization guaranteed to extend it to all other income streams, including store and withdrawal expenses, financing expenses and different administrations. This step will be crucial for the exchange to maintain the transaction rate of digital tokens along with generating trust between the crypto community members in the offing.

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Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.