UNUS SED LEO (LEO)
Bitfinex/iFinex exchange token. Monthly buyback & burn from profits.
Ranked 53rd of 251 rated tokens. Scoring pass 18 Sept 2026.
What the numbers say
LEO scores 126 of 250 across the 25-variable framework, which places it 53rd of 251 rated tokens and inside the top quartile of the set. The framework verdict is CAUTIOUS HOLD.
LEO is a top-10 name in the set on 3 variables. The score rests on Buyback and Burn 8/10, 7th of 251, Supply Inflation 8/10, 8th of 251, Circulating / FDV Ratio 9/10, 10th of 251 and Treasury Runway 7/10, 11th of 251.
Against the same universe, LEO sits in the bottom third on Regulatory Safety 4/10, 213th of 251 and Holder Concentration 3/10, 197th of 251. These are the variables that would have to move for the verdict to change.
93.4% of eventual supply is already circulating, so vesting is not a live risk for LEO. Price has to be justified by demand rather than absorbed against a cliff.
LEO is 16.2% off its all-time high of $10.61, a 1.2x round trip from here.
The framework score gained 126 points against the previous pass (0 to 126). Revisions of this size follow a change in the underlying variables, not a change in price.
Every variable LEO scores 7 or better on is one the market does not currently charge for: Supply Inflation, Vesting Schedule and Buyback and Burn. On the evidence, none of what this token is good at is reflected in what it costs, which is the entire case for owning it and the entire reason it may stay cheap. It is weak on Catalyst Calendar and Social Mindshare, which the market does price, so that damage is already done and visible in the valuation.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 6 | 21st of 251 | |
| Revenue Trend | 5 | 32nd of 251 | |
| P/S Multiple | 5 | 38th of 251 | |
| Real Staking Yield | 3 | 143rd of 251 |
Supply
| Supply Inflation | 8 | 8th of 251 | |
| Vesting Schedule | 8 | 21st of 251 | |
| Circulating / FDV Ratio | 9 | 10th of 251 | |
| Buyback and Burn | 8 | 7th of 251 |
Ownership
| Smart Money Flows | 4 | 93rd of 251 | |
| Insider Selling | 6 | 21st of 251 | |
| Holder Concentration | 3 | 197th of 251 |
Traction
| TVL Trend | 4 | 65th of 251 | |
| Active Users | 5 | 38th of 251 | |
| Developer Activity | 4 | 158th of 251 | |
| Network Growth | 3 | 156th of 251 |
Position
| Market Share | 5 | 52nd of 251 | |
| Competitive Moat | 5 | 57th of 251 | |
| Institutional Adoption | 4 | 71st of 251 | |
| Exchange Depth | 4 | 157th of 251 | |
| Social Mindshare | 3 | 157th of 251 |
Risk
| Regulatory Safety | 4 | 213th of 251 | |
| Catalyst Calendar | 3 | 158th of 251 | |
| BTC Alpha Potential | 5 | 13th of 251 | |
| Team Execution | 5 | 74th of 251 | |
| Treasury Runway | 7 | 11th of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Catalyst on the scorecard
Continuous LEO token buyback and burn funded by at least 27% of iFinex consolidated gross revenue, accelerating token burn from Q3 2025.
The Q3 2025 item has already passed. This was written as forward-looking at the 18 Sept 2026 scoring pass, so read those parts as history. Anything else listed may still be ahead.
Principal risk
DOJ indictment of Bitfinex/Tether executives for bank fraud or sanctions violations.
Market and supply
| Price | $8.90 |
| Market cap | $8.19Brank 18 |
| All-time high | $10.614 May 2026 |
| Circulating supply | 919,857,852 |
| Eventual supply (total supply) | 985,239,504 |
| Dilution to full supply | 1.07x |
| Listed on | Bitfinex, Gate.io |
Price, market cap, supply and all-time high from CoinGecko, fetched 7 Oct 2026. The 25 scores come from the research pass dated 18 Sept 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to LEO measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
LEO compared head to head
Both sides of each comparison were scored by the same framework in the same pass, so the gap between them is a measurement rather than two readings taken with different rulers.
Common questions
- What is the Early Thunder score for UNUS SED LEO (LEO)?
- LEO scores 126 out of 250 on the 25-variable framework, ranking 53rd of 251 rated tokens (top quartile). The framework verdict is CAUTIOUS HOLD.
- What are LEO's strongest fundamentals?
- LEO ranks highest on Buyback and Burn 8/10, 7th of 251, Supply Inflation 8/10, 8th of 251, Circulating / FDV Ratio 9/10, 10th of 251 and Treasury Runway 7/10, 11th of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the LEO thesis?
- LEO scores in the bottom third of the universe on Regulatory Safety 4/10, 213th of 251 and Holder Concentration 3/10, 197th of 251. The single risk carried on the scorecard is: DOJ indictment of Bitfinex/Tether executives for bank fraud or sanctions violations.
- How much LEO supply is still to enter circulation?
- 93.4% of eventual LEO supply is circulating today, leaving 1.07x the current float still to arrive. At a flat price per token that is 6.6% of fully diluted value ahead of current holders.
- How far is LEO from its all-time high?
- LEO trades 16.2% below its all-time high of $10.61. Returning to that high requires a 1.2x move from the level used in this scoring pass.
- Which tokens have a similar profile to LEO?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to LEO are GT (123), BGB (135), HT (98) and OKB (145). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What catalyst was LEO scored against?
- Continuous LEO token buyback and burn funded by at least 27% of iFinex consolidated gross revenue, accelerating token burn from Q3 2025. This was written as forward-looking when the scoring pass ran. The Q3 2025 item has since passed, so read that part as history. Anything else listed may still be ahead.
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.