Lossless Launches on Polygon, Providing a New Actionable
Asset Security Standard for Token Developers
Lossless (LSS) asset protection standard will integrate on Polygon, making its exploit-prevention infrastructure available for implementation to all current and future projects on the blockchain. LSS DeFi security protocol utilizes community engagement and advanced fraud identification methods to spot suspicious transactions, temporarily freezing them for closer inspection. Lossless is now included in the tool list for Polygon developers.
In an industry where billions are stolen each year, we have all been passive observers for too long, allowing some of the worst financial atrocities to continue plaguing the world of DeFi. By integrating on the Polygon chain, Lossless hopes to accelerate the trend towards a more mature and responsible attitude on asset security, encouraging more projects to adopt the LSS security infrastructure, thus helping to safe-proof the emergent DeFi ecosystem.
Lossless (LSS) security protocol is the world’s first hack mitigation tool, allowing token developers to take a hands-on approach in preventing the exploitation of its tokens. Our code offers actionable prevention of fraudulent transactions, enabling concerned stakeholders to temporarily freeze transactions for 24 hours, locking the assets until a closer investigation is concluded and the transaction can be processed or reverted. Lossless standard is already included in the development tool list for Polygon developers, with detailed documentation available for those who wish to implement it.
Since the Polygon chain continues its solid upward trend — with transaction volume, new project numbers, and total gross value locked on a sharp increase — asset security is increasingly becoming one of the primary considerations for both project creators and investors alike. The Lossless standard enables all Polygon-based projects to assuage those worries over hack-related thefts and rug pulls, freeing up the project teams to focus on developing their products rather than worrying about asset security.
Additionally, by implementing the Lossless standard, projects gain access to an unparalleled community of professional white hat hackers and crypto security enthusiasts united in their pursuit to rid the DeFi industry of malicious actors. The Lossless staking-based reward system continuously encourages all stakeholders to actively explore innovative ways to detect hacks and fraudulent transactions.
We’re super excited to expand Lossless security capabilities to Polygon. Giving its high efficiency, high transaction volumes, and even faster rate of development, Polygon is becoming the go-to layer for new and upcoming crypto projects. We want to offer them a chance to integrate security measures to protect their treasuries, network integrity, and community funds — said Vygandas Masilionis, CEO of Lossless
Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building and connecting Secured Chains like Plasma, Optimistic Rollups, zkRollups, Validium, etc., and Standalone Chains like Polygon POS, designed for flexibility and independence. Polygon’s scaling solutions have seen widespread adoption with 500+ Dapps, ~567M+ transactions, and ~6M+ daily transactions.
Lossless is the first DeFi hack mitigation tool for token creators. The protocol halts counterfeit transactions through various methods of fraud identification and automatically reverses any stolen tokens back to the original owner.