How to Buy UNUS SED LEO (LEO) and Can You Mine It?

UNUS SED LEO may be purchased via multiple cryptocurrency exchanges, such as OKX, Kraken, and Coinbase, on which you will have to create an account, verify your identity, fund your account, and buy the tokens through a trading pair including the cryptocurrency. UNUS SED LEO (LEO) cannot be mined. LEO is not a proof of work cryptocurrency operating on its own network. On the contrary, LEO is a token that operates on Ethereum and Vaulta (EOS previously) networks and was issued exclusively through a private token sale in May 2019, which means that you can currently acquire tokens only through exchanges or wallet swap services.

Key Takeaways

• UNUS SED LEO may be acquired via multiple cryptocurrency exchanges that support the token, namely OKX, Kraken, and Coinbase.
• LEO is not mineable. The cryptocurrency was issued exclusively via a private token sale that took place in May 2019 and utilizes no proof of work consensus mechanism.
• LEO is a token that operates on two blockchain platforms, namely Ethereum (ERC-20) and Vaulta, formerly known as EOS.
• As the cryptocurrency operates on existing blockchains instead of operating its own proof of work network, it does not need any mining equipment or intense validations.
• The current price of LEO is around $9-$10, and the market capitalization of the cryptocurrency is enough to place it among the top fifteen coins in the world.
• Canadian residents may buy LEO on cryptocurrency exchanges supporting customers from Canada provided that their accounts are verified.

If you have been trying to find how to buy UNUS SED LEO and whether LEO is mineable or not, you have found the answers to both questions here.

What Is UNUS SED LEO (LEO)?

UNUS SED LEO is a utility token of the iFinex Inc., which is a parent company of the crypto exchange Bitfinex and the affiliate of the Tether organization. UNUS SED LEO has been issued in May 2019 and gives the owner some benefits while using the iFinex ecosystem; the most important benefit is lower trading commissions on Bitfinex with increasing discounts depending on the amount of the LEO tokens owned by the user.

The number of tokens constantly diminishes due to a steady buyback and burn program during which iFinex spends at least 27% of their profits on purchasing LEO from the open market and burning it.

Can You Mine UNUS SED LEO?

No, UNUS SED LEO is not mined. This is very important information for all people who mistakenly consider that the LEO token is the same kind of cryptocurrency like Bitcoin and is mined according to the proof-of-work consensus algorithm. There is no independent blockchain network of UNUS SED LEO and it was never designed to earn tokens by mining.

All existing tokens of UNUS SED LEO have been created and sold in the course of a private token sale arranged by iFinex in May 2019 and raised 1 billion dollars in less than two weeks in exchange for Bitcoin, USD, and USDT. Since then, there haven’t been new tokens issued either through mining or other methods of issuance; on the contrary, the number of tokens keeps decreasing during every buyback and burn cycle.

Why LEO Doesn’t Use Mining

The reason LEO cannot be mined can only be comprehended when the blockchain networks on which it runs are comprehended. There are two blockchain networks on which the LEO token is run: Ethereum blockchain network (where LEO is an ERC-20 token), and Vaulta blockchain network (earlier known as EOS). None of these blockchain networks uses the high energy-consuming mining process that is used by Bitcoin.

In 2022, Ethereum shifted from proof of work to proof of stake using a mechanism known as The Merge. Under the proof of stake consensus mechanism, the transactions are validated by the validators that have locked their ETH in their wallets. Vaulta is a DPOS blockchain network. Under DPOS consensus mechanism, the transactions are validated by the block producers that have been chosen to carry out their role.

Since LEO is a token that is run on an existing blockchain network, it acquires the consensus mechanism of its blockchain network.

How to Buy UNUS SED LEO: Step by Step Guide

As mining is not an option for the LEO tokens acquisition, the only way of purchasing LEO is via an exchange. The following information will provide you with the general idea of the process.

1: Choose a Supporting Exchange

There are many well-known cryptocurrency exchanges where you can purchase LEO, including OKX, Kraken, Coinbase, Bitfinex (it is the parent company). Choosing an exchange that allows trading LEO and is open to Canadian users is your first move.

2: Register and Verify Your Account

Register on the exchange via email or phone and proceed with the account verification. Verification is a mandatory procedure, which is needed to deposit, withdraw or use trading functions on the platform.

3: Deposit Funds

Deposit funds onto your account by means of a bank transfer, card payments or transferring of any other cryptocurrency, like USDT, from your wallet to the exchange account.

4: Searching for LEO Tokens and Purchasing Them

Go to the trading part of the website and find the trading pair of LEO. Usually, it will be named LEO/USDT. Place an order using the market or limit orders, depending on whether you want to purchase LEO instantly or at the desired price.

5: Confirm Your Purchase

Having completed the transaction, check your balance in the trading account to make sure that you possess the proper amount of LEO tokens.

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Storing UNUS SED LEO Safely

After purchasing LEO, choosing appropriate storage depends on how actively you plan to use the token, particularly given its Bitfinex fee After the purchase of LEO token, the most appropriate storage for it will vary depending on how much you expect to use the LEO token, especially due to the advantage offered by Bitfinex through LEO.

The LEO token is a digital asset and can exist on two blockchain platforms, therefore, it is important to ensure that the version you have (either Ethereum ERC-20 or Vaulta) is compatible with your desired wallet as it may be difficult to recover the funds lost in case they get sent to an incompatible network.

Converting Between LEO’s Ethereum and Vaulta Versions

The users of LEO token who have it on one of the two networks and wish to have it on the other can easily do it instantly thanks to the Bitfinex service, as it is quite possible to convert Ethereum LEO into Vaulta LEO tokens and vice versa instantly.

Staking vs Mining: What LEO Holders Should Understand

ince LEO token cannot be mined by miners, lots of people wonder whether there is any type of staking that is used when it comes to this token. Nonetheless, it needs to be stated that LEO token is not a stakable token because of the fact that there is no native consensus mechanism of this token and, therefore, there is no need for validators.

Nonetheless, it does not mean that LEO token holders have no chance to earn some extra money by using their tokens. Instead of staking, what the LEO token holders are offered is the opportunity to participate in the tiered fee discount program and the buyback and burn program that reduces the supply of LEO tokens each month by burning some of the iFinex’s monthly profits. Thus, the LEO token holders neither receive new tokens by staking but reduce their transaction fees and the number of LEO tokens.

If you know how staking works at Ethereum network, where the validators lock up certain amount of ETH to ensure the safety of the network and earn rewards in exchange, you understand how different LEO token works in this case.

Comparing LEO’s Distribution Model to Mineable Cryptocurrencies

It could be rather helpful for a new investor to have some understanding of how the LEO token is distributed and how this process differs from the one used for traditional mineable cryptocurrencies.

As we can see, the distribution of LEO tokens differs considerably from the distribution of mineable cryptocurrencies. With Bitcoin, for example, you get tokens as a reward for computation work. In case of LEO, you should remember that all its advantages are due to the profitability of its platform and its profit-funded supply destruction.

Why iFinex Chose a Token Sale Over Mining

Having understood why LEO token was issued in a form of a fixed supply token sale, you would be able to perceive the logic of its structure. In May 2019, when iFinex launched LEO token, they did not have to issue tokens gradually during several years as they do in a token sale. All they needed was quick capital gain.

Having organized private token sale, iFinex managed to attract more than one billion dollars within two weeks, and thus got the required capital for improving the financial situation of their company. Moreover, private token sale made it possible for them to determine the token supply structure and promise buyback and burning percentage right from the beginning.

This kind of structure of token distribution is typical for most exchange utility tokens, since platform-specific tokens are intended to add value to the customers of a certain company.

What to Know Before Buying LEO as a Canadian Investor

There are some things to know prior to purchasing LEO:

• Availability of exchange: It should be checked if the exchange allows for trading LEO and accepts Canadian residents before registration.
• Taxation: There is some advice to check the most recent data on taxation of crypto from CRA, because buying cryptos such as LEO may be taxed in Canada.
• Purpose of LEO: Considering the fact that LEO has a value in terms of discounts on Bitfinex trading fees, it is important to define your purposes of trading it or keeping LEO for deflationary token economy.
• Security features of the account: Regardless of which platform is used, all the possible security measures should be taken, especially two-factor authentication.

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Common Questions About LEO’s Token Structure

Considering the fact that the issuance process of LEO is very unusual for Canadian cryptos, here are some things about it that deserve attention:

• LEO is not an inflationary token: As there are no newly issued tokens and LEO has buyback and burn mechanism that reduces the total token supply, LEO supply can only decrease.
• LEO is not a Layer 1 blockchain: LEO operates entirely as a token built on Ethereum and Vaulta blockchains.
• Total supply of LEO tokens is fixed since the release: The whole token supply has been created during May 2019 sale and there are no plans of further issuing LEO tokens.
• Low energy consumption: In case of lacking the proof of work consensus algorithm, LEO uses the energy of proof of stake networks on which it operates, not the energy of mining.

UNUS SED LEO Current Market Overview

At the time of writing, LEO is valued in the range of $9.50 to $9.70 with a market cap of around $8.8 to $8.9 billion, placing it between twelfth and fifteenth among the largest cryptocurrencies by market capitalization. The all-time high of the token reached around $10.61 in May 2026, as per statistics by CoinMarketCap and CryptoSlate.

The circulating supply of the LEO token is about 920 million tokens against a total supply of slightly under 985 million tokens, as per statistics by CoinCheckup. Given that cryptocurrency prices can fluctuate significantly, it is crucial always to check for the latest value of the coin through live tracking tools before purchasing it.

You can use the following real-time Zcash (ZEC) price and market cap chart from BTCC to track the coin’s price movements and performance:

leo

Where UNUS SED LEO Is Traded

Unlike most cryptocurrencies, the trading volume of the LEO token is currently spread out over several leading exchanges instead of concentrating on a single one. According to the recent statistics by CoinCheckup, OKX became the exchange that handles a significant part of the trading volume of LEO, besides trading that continues on Bitfinex where the token was first listed and other exchanges such as Kraken and Coinbase.

This information gives Canadian investors an option of buying LEO on the platform of their choice while simultaneously contributing to the formation of the coin’s more reasonable price. It would be sensible to take into account the liquidity and volume of transactions on the chosen exchange before making a big purchase.

Checking LEO Availability Before You Buy

Nevertheless, considering the fact that LEO is not available for trading on each crypto-exchange, it is highly recommended to find out whether your favorite platform has the cryptocurrency on its list or not prior to making the purchase. The great majority of crypto-exchanges on which the cryptocurrency is listed will have the LEO ticker, where the most commonly used trading pair will be LEO/USDT. However, in some cases, the exchanges will have different pairs for the asset due to its regional availability.

On the other hand, in order to make sure that your favorite platform allows you not only to trade with LEO but also provides access to Canadians, you may review the list of countries in which the exchange operates. This information is usually presented on the exchange’s help page or terms of use page.

Next, following the instructions from the previous section, one can register an account and proceed to buy the asset.

What Happens to LEO’s Supply Over the Long Term

As discussed above, the supply of LEO coins will only diminish over time due to the buyback and burning process. Hence, the further analysis of the development of this parameter will help to make a decision about the purchase of the asset more informed. In contrast to the majority of other mineable cryptocurrencies, the supply of LEO can only decrease but never increase due to its tokenization.

As CoinCheckup indicates, the present-day circulating supply of LEO coins is around 920 million tokens. The total supply of LEO was initially issued during the token sale in 2019. According to well-known data platforms CoinMarketCap and CryptoSlate, the supply of the circulating coins keeps decreasing at each new buyback and burn cycle of iFinex.

Such a systematic reduction in the number of tokens in relation to the performance of iFinex, and not as a result of a pre-determined schedule of mining becomes another essential characteristic that makes LEO distinguishable from mineable cryptocurrencies in terms of long-term investment.

Why Investors Choose to Buy LEO

There are several reasons why LEO remains an attractive cryptocurrency for investing, particularly for those people who live in Canada:

• The ability to use it directly thanks to Bitfinex discount.
• Deflationary nature of the token due to the income of iFinex per month.
• History of operation that began in 2019 and gives LEO a history cycle.
• Presence on many exchanges, not just the official one.

Conclusion

It is possible to buy UNUS SED LEO by completing a few steps through any exchange, including opening an account, verification, deposits and placing an order. As for mining, it is impossible because LEO has been mined once in 2019 at its original token launch and does not have its PoW chain, but operates as a token of Ethereum and Vaulta.

For Canadian LEO investors, being aware of all these specifics, as well as choosing the right exchange supporting this token and storing it securely become very important issues.

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