LEO · UNUS SED LEO
The Bitfinex exchange token
No new supply ever issued and a 27%-of-revenue buyback that parks tokens off the market — but Bitfinex made trading free, so you no longer need to hold LEO to do anything, and exchange tokens carry no VC narrative.
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LEO · nothing is ever made, and a little is removed every day.
LEO is the token of the Bitfinex exchange, living on Ethereum and Vaulta. All 1 billion were sold once, in May 2019, with no lockups and no release calendar — about 920M are still on the market, and that number only goes one way.
Sell pressure. None. Neither chain made a single new LEO in the window, there is no vesting left, and no estate holds any. Nothing added supply in the last 90 days.
Buy pressure. The exchange bought back and removed 633,733 LEO over the window, in 86 daily on-chain moves — roughly 6,964 a day, every one of them checkable.
Net. About 0.07% taken off the market over 90 days — shrinking, but slowly, and the same rate is what the next 90 days look like.
LEO is an exchange token, not a chain, so there is no block reward and no staking emission to pay out. The Ethereum side read 660,000,000 LEO at both ends of the window, unchanged since 2019; the Vaulta side read 307,653,658.9 LEO at both ends, with no issue and no retire action anywhere in the window. The issuer on Vaulta and the controller on Ethereum are both still live contracts, so the door to new supply is not bolted shut — it has simply never been opened.
There is no vesting calendar and there never was one. The whole 1,000,000,000 LEO was sold and delivered in a ten-day sale in May 2019, so nothing is left to unlock on any date. No lock or escrow contract exists on either chain.
Nothing moved out of company hands toward the market in the window, but the size of what could is worth naming. A cold-storage safe on Ethereum holds 648,000,000 LEO — about 70% of the tradable figure and 98% of the Ethereum side — and it read exactly the same at both ends of the window, having never sent a token out. A company cold account on Vaulta holds 257,791,296 LEO and recorded no activity at all. Alongside them sit 47,789,248 LEO already parked in the buyback account, which only ever grows, and 2,069,561 LEO in the operating account that feeds it. On the Ethereum side, company wallets grew by about 374,591 LEO over the window rather than shrinking. The Vaulta issuer also keeps 692,346,341 LEO of unissued headroom under its own ceiling.
No estate or trustee holds LEO. The 2016 breach restitution returns bitcoin to the company, not LEO, so there is no court-ordered release of LEO to track.
The company spends at least 27% of its gross revenue buying LEO back and taking it off the market, and it does so almost every day. Over the window 633,733 LEO left the float across 86 on-chain transfers, about 6,964 a day: 218,999 from Jun 2 2026, 200,839 in Jul 2026 and 213,895 in Aug 2026. The account those coins land in has never sent a single token back out, in the window or across the whole trailing year — but note that they sit in that account rather than being wiped from the token's own supply figure.
Nothing is destroyed. LEO is not the gas token of either chain it lives on, the two dead addresses on Ethereum held 0 LEO at both ends of the window, and the Vaulta side has never recorded a single retire action. The supply figure on both chains is exactly what it was 90 days ago. Everything that comes off the market comes off through the buyback in row 1.
Recovered funds from the 2016 breach are pledged to buy and remove more LEO over about 18 months, but nothing extra has reached the chain yet. The daily stream shows no step up at all — it runs at about 6,964 a day now, no faster than earlier in the year. Armed, not fired.
There is no staking contract and no lockup to enter. Repurchased LEO is not locked for later — it is parked permanently in the buyback account, which is already counted in row 1.
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