Simply Explained: Lossless (LSS)
The DeFi space has grown rapidly in recent years. However, it’s still early, and there’s a lot that needs to be improved, including security. Lossless is a DeFi hack mitigation protocol designed to protect projects and communities from malicious attacks.
In its whitepaper, Lossless outlines its mission:
“As a team of experienced engineers, finance professionals, as well as DeFi experts, and white-hat hackers, we are dedicated to making the crypto space accessible and safe.”
By fostering a safer environment, it aims to “increase the adoption of DeFi markets.”
Let’s take a closer look at how it works!
How does Lossless work?
In simple terms, Lossless protocol is a piece of code that token creators can insert into their tokens. The code allows Lossless to freeze fraudulent or invalid transactions according to defined parameters.The detection process is carried out by ‘Finders’ who identify the transactions and the ‘Lossless Decision-Making Body’, which verifies the transactions’ legitimacy.
Read more about the process here.
Lossless products
Alongside its hack detection tool, Lossless has developed other products, including:Token Relaunch Toolkit: allows users to apply Lossless security measures to active tokens.
Vault Protection: an advanced security tool.
Token Minter: a token generator that enables project owners to mint their own Lossless-protected tokens.
Aegis: a tool for smart contract monitoring.
$LSS token
LSS is an ERC-20 governance token that’s provided to Finders as a reward for successfully identifying hacks. (ERC20 is a standard for creating smart contracts on the Ethereum blockchain.)To join the Lossless community and be eligible for finder fees, users must stake 2500 LSS tokens before a transaction can be frozen. A 2% fee paid from the stopped hack transaction is paid to the Finder.
If the hack is proven false, staked LSS may be confiscated from the Finders.
As a governance token, LSS allows active users (who have staked LSS and are actively engaged in the ecosystem) to offer feedback and suggestions.
Tokenomics
Lossless’ maximum supply is 100,000,000.The token distribution is as follows:
- Company reserves: 15%
- Advisors: 5%
- Team: 15%
- Adoption incentives: 20%
- Private round: 35%
- Marketing: 10%
Where can you buy LSS?
LSS can be purchased on Uniswap.Thanks for reading! Let us know what you think of Lossless.
Disclaimer: Not financial nor investment advice. Any capital-related decisions you make are your full responsibility and yours only.
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