Leading crypto trading platform Bitfinex stated on Wednesday that it followed a dual-protocol route to issue its utility token Unus Sed Leo. The token is issued on both, Ethereum and EOS networks. The announcement was made via a tweet, in which the platform also shared a Medium post link to explain the move in detail.
We have taken the unique route of a dual protocol launch by issuing our utility token, Unus Sed Leo, on both Ethereum and EOS.
Read our justification here: https://t.co/ixmQ4FNFau
— Bitfinex (@bitfinex) May 22, 2019
Bitfinex is known to have an innovative approach in the field of digital asset trading. The techo-exchange has extensive experience in implementing ground-breaking technologies in its services like Ethfinex, EOSfinex, Liquid, etc. In the Medium post it shared, Bitfinex says,
Unus Sed Leo token holders can convert seamlessly between the Ethereum and EOS protocols with Bitfinex acting as a bridge between the two chains. To do so, simply deposit 1 LEO-ERC20 and withdraw 1 LEO-EOS. When done, Bitfinex adjusts cold wallets/issuances on the different chains depending on the demand to effectively bridge the chains.
Unus Sed Leo was launched earlier this week on Monday, May 20. Prior to this, the exchange had a 10-day pre-sale program, which helped them raise over a billion USD. While talking about the benefits of the dual-protocol, Bitfinex wrote that it would provide flexibility to the Unus Sed Leo token. It further added that the dual-protocol route would help them contribute to support and resources to high-value protocols and blockchain interoperability development.
Apart from this, the dual-protocol route would allow the token holders to be a part of the DEX and integrate with Ethfinex and EOSfinex.