LEO Token Records Positive Moves While Crypto Market Struggles

LEO, the native token of the Bitfinex exchange, has recorded positive gains as the crypto market struggles to gain footing. The utility token saw a price increase of 4.24% on the day. It also enjoyed an impressive 11% surge in the last 7 days. 

LEO’s price surge comes as rival exchange FTX suffers from liquidity issues. After the FTX filed for bankruptcy, many crypto community members called for exchanges to post their proof of reserves. Bitfinex was one of the few exchanges that revealed their cold wallet storage to boost transparency.

However, this move wasn’t a major catalyst in its growth as the tokens of other exchanges that took the proof-of-reserve route are still down. The likes of BNB and Houbi Token are down 5.12% and 16.32%, respectively.

As the crypto market looks to recover, several tokens have enjoyed impressive price rallies. Besides LEO, the likes of Trust Wallet Token, Chiliz, and Toncoin are soaring with daily and weekly gains. Topping the list of top-gainers in the past day and week is Trust Wallet Token. The native token of the self-custody wallet saw an impressive run that brought its total weekly value to over 90%. TWT’s impressive run comes after CZ of Binance endorsed the wallet on Twitter. 

Taking second place is the utility token of the decentralized spot and perpetual trading platform GMX. The token saw a week-on-week surge of 20% at press time while holding 2.09% on the day. Toncoin ad Chiliz followed suit in third and fourth place, respectively. Both tokens have enjoyed renewed interest on social media, one key factor contributing to their surge.

LEO came in fifth place, posting an intraday price surge of 4.21%. The Bitfinex utility token experienced some volatility within the week. This pushed the token down to $3.66, a 4.9% drop below its 7-day opening price of $3.82. However, it has recovered the losses, reaching a new local high of $4.22. 

Many significant cryptocurrency exchanges, including Binance, OKX, Kucoin, and Crypto.com, committed to publishing their proof of reserve to restore investor trust. The development came after FTX’s liquidity issue became well-known in the crypto space. To demonstrate his commitment, Bitfinex chief technical officer Paolo Ardoino published a list of the most used Bitfinex wallets.

A total of 135 cold and hot wallet addresses were disclosed in Ardoino’s Bitfinex proof of reserves post on GitHub. He provided a list of some of the company’s big holdings, 204338.17967717 Bitcoin and 1225600 Ether, saving users the hassle of going through the addresses.

Back in June 2018, Bitfinex created an open-source framework called Antani. The goal was to promote transparency with regard to evidence of solvency, custody, and off-chain delegated proof of vote. Ardoino revealed Bitfinex’s plans to restore the system to let users see their balances without jeopardizing anonymity.