Admittedly, we have been a little quiet on the ‘New Features’ front this summer.
That’s because here at Lossless, the world’s first DeFi hack mitigation protocol, we have been working tirelessly on a piece of functionality that signals a truly meaningful change of pace in our brand development. In an industry plagued by an ever-increasing number of hacks and exploits, Lossless strives to mitigate the impact of the worst financial atrocities and aspires to become a recognizable brand that would signal token security and project credibility.
Already, as our latest avalanche of new partnership agreements attests, the Lossless security standard is quickly becoming a household name among DeFi security enthusiasts and projects looking to introduce an extra layer of security into their ecosystem. However, to ensure we can meet all of the requests from early-stage projects looking to keep their protocols secure from malicious exploits, we have decided to automate and streamline the process.
That’s why we are introducing the L-ERC Token Minter, a secure and intuitive way for projects to launch their Lossless-wrapped ERC-20 token within seconds. No coding experience is required. This is our way of decentralizing the growth of the Lossless ecosystem and providing a useful tool for crypto developers without compromising our standards by stretching ourselves too thin.
Estimated release: mid-October
The Lossless hack-mitigation standard will be automatically embedded into all tokens minted with the help of this tool. That means that you can enjoy the limitless possibilities of your freshly-minted token without fear of token loss. Your token will be instantly secured with our protocol, which halts counterfeit transactions through various methods of fraud identification and automatically reverses any stolen tokens back to the original owner.
There will also be an add-on option for a complimentary professional assessment by a cybersecurity consulting and blockchain auditing company Hacken. Projects that use our L-ERC20 Token Minter will thus be able to receive independent assurance of smart contract security, validity, and authenticity, assuring their communities that no potential vulnerabilities or security flaws are present.
With Lossless, your token community can rest assured that the smart contract meets the highest level of security and that hack-related transactions will be spotted, frozen, and reversed, ensuring that no hacker ever profits from his exploits.
Hack-mitigating L-ERC Standard. Enjoy the limitless possibilities of your freshly-minted token without fear of token loss. With Lossless, your token community can rest assured that hack-related transactions will be spotted, frozen, and reversed, ensuring that no hacker ever profits from his exploits.
Verified Source Code. Our deployed smart contracts are verified to ensure code integrity, security, and compliance with the Solidity Code Style guide, facilitating trust between counterparties.
On-Demand Audit Report. Add an exclusive audit report by one of the leading smart contract security audit companies. For an additional $1000, you will receive an independent professional assessment from Hacken, assuring your community that there are no potential vulnerabilities or security flaws within the smart contract and that your token meets the highest level of security.
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 bird’s-eye view.