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paoloardoino's profile
Paolo Ardoino
Paolo Ardoino
Paolo Ardoino
Verified account
@paoloardoino

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Paolo ArdoinoVerified account

@paoloardoino

CTO @bitfinex + CTO @tether_to [Views are my own]

London
github.com/prdn
Joined January 2010

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    1. Larry Cermak‏Verified account @lawmaster 3 Jul 2019

      1/ I finally decided to look at LEO. There is a lot of shilling, a lot of hate so it’s always good to look at data and let it speak for itself. And as opposed to BNB burns, I like how granular the data is (every three hours)pic.twitter.com/buNNoq1hak

      9 replies 66 retweets 246 likes
      Show this thread
    2. Larry Cermak‏Verified account @lawmaster 3 Jul 2019

      2/ LEO is Bitfinex’s exchange token that was launched in May after allegedly raising $1 billion in a private token sale. Similarly to BNB, one of the most important value capture propositions is a quasi-claim to Bitfinex’s cash flow via the burning mechanism.

      1 reply 0 retweets 17 likes
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    3. Larry Cermak‏Verified account @lawmaster 3 Jul 2019

      3/ Bitfinex buys back LEO tokens at market value worth 27% of the revenue and then burns them (every 3 hours) until all LEOs are removed from circulation. For now, Bitfinex only burns the revenue from trading fees but wants to add more streams eventually https://leo.bitfinex.com/ 

      1 reply 0 retweets 15 likes
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    4. Larry Cermak‏Verified account @lawmaster 3 Jul 2019

      4/ The size of the burn logically varies depending on the revenue from trading fees and the price of LEO. So far, there have been 19 days of burns throughout which $2.8 million in LEO (~1.5 million LEO) has been burnt in 151 on-chain burning events.pic.twitter.com/NBlzBcZ5ke

      1 reply 1 retweet 12 likes
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    5. Larry Cermak‏Verified account @lawmaster 3 Jul 2019

      5/ Interestingly, there have so far been two LEO burning gaps (both on June 26). But it seems that Bitfinex just burned the full amount after skipping one. Not sure why. Maybe @paoloardoino can clear uppic.twitter.com/uoZLMz85Z7

      2 replies 1 retweet 14 likes
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      Paolo Ardoino‏Verified account @paoloardoino 3 Jul 2019
      Replying to @lawmaster

      It's due to the platform downtime we had back them for the planned upgrade. We'll be doing proper accounting to see if we missed to buy the correct amount of LEOs.

      4:51 AM - 3 Jul 2019
      • 4 Likes
      • serzhiio | capitalist Jason French Randy Myers Larry Cermak
      1 reply 0 retweets 4 likes
        1. New conversation
        1. Larry Cermak‏Verified account @lawmaster 3 Jul 2019
          Replying to @paoloardoino

          Cool, that's good to know! Thanks

          1 reply 0 retweets 2 likes
        2. dividebynine‏ @dividebynine 3 Jul 2019
          Replying to @lawmaster @paoloardoino

          Are you considering a token burned at the time of repurchase when it is taken out of circulating supply?

          0 replies 0 retweets 1 like
          3. End of conversation

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