Paolo ArdoinoVerified account

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

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

6/ Knowing that the total burnt amount represents 27% of revenues from trading fees, we can deduce that Bitfinex generated nearly $10.4M in revenue from trading fees in the last 19 days. That’s, on average, $550k of revenue a day from trading fees. June 26 was the most active daypic.twitter.com/BJPIyI9aEV

7/ But since we also know the figures for the reported trading volume on Bitfinex, we could get a better sense of how much of the trading volume Bitfinex captures as revenue (on average).pic.twitter.com/5548LdMYEv

8/ As expected, the trend between volume and revenue is consistent — when volume increases, revenue increases as well and vice versa. But when looking at the ratio between revenue and volume, we can see that there has been a significant change in the last couple of weeks.pic.twitter.com/sRwWsSLby3