Once again, we’re bearing great news to everyone seeking ultimate DeFi security: Lossless partners up with another one-of-its-kind blockchain project that can extend the protection of your funds wrapped in Lossless code!
Even though Lossless, by itself, is already a self-sufficient security measure, this new friendship will further reduce the possibility of losing tokens in an unlikely event of a successful hack or exploit.
Let us introduce Uno Re, a democratized reinsurance and risk-trading platform that can cover your Lossless-wrapped tokens with the Excess of Loss insurance from all types of losses and risks. That means if an unexpected wealth loss occurs on our watch, Uno Re will heavily lessen the burden of paying significant obligations, adding one more security layer to the Lossless ecosystem.
Uno Re will also begin offering reinsurance and Lossless service as a combined product to their platform users, where insurance protocols that also employ Lossless’ code will have a lower cost of reinsurance premiums.
With Lossless code implemented in a token, it becomes possible to follow a community-initiated, two-step process to mitigate unexpected and fraudulent activities like hacks or exploits: first by freezing the hacker’s wallet and then verifying or denying a hack through a decentralized decision-making body. This hack mitigation technology will also be used on Uno Re risk pools to better protect investors.
The whole process is community and technology-based: $LSS holders report incidents by staking the $LSS tokens. First responders to freeze a truly fraudulent transaction are rewarded 2% of the recovered amount, so are the staking entities that support first responders’ claim. If Lossless Company then verifies a hack, the transaction, excluding the rewards to all mitigating parties, will be reversed.
The mutually beneficial partnership between Uno Re and us only strengthens the already safest conditions for the upcoming DeFi projects. By sharing the same beliefs in openness and the importance of community involvement, our team here at Lossless couldn’t be happier to start building a safer DeFi together.
About Uno Re
Uno Re will be the world’s first decentralized reinsurance platform powered by Polkadot, allowing the community to invest and trade in ‘risk’ and receive sizable returns on their investments in one of the safest asset classes in the world. The platform will break barriers to entry for the retail investor by doing away with the historic pre-requisite of absurdly high capital generally needed to invest in the market while also introducing much-needed transparency into the industry as a whole. Uno Re will also allow the community to propose innovative insurance products to the space, thus propelling a new generation of Insurtech companies powered by the Uno Re ecosystem.
Lossless is the world’s first DeFi hack mitigation tool for token creators. Our protocol halts counterfeit transactions through various methods of fraud identification and automatically reverses any stolen tokens back to the original owner.
With our stake-based reward system, the community is encouraged to actively explore ways to detect hackers and fraudulent transactions. Our sleek and fluid dashboard interface also allows users to view transactions at a birds-eye view.