The recent events with $LUNA has really made people take notice about protocols & their associated vulnerabilities in the crypto space. If the whole Terra fiasco would have happened with a Meme coin, it woyld have been totally excusable & we would probably be laughing on Twitter about it — but what happens when a Top 10 Crypto with solid protocols in place, took a nosedive in terms of pricing and is today trading ever lower than Shiba Inu…Well, thats nothing short of a disaster and complete destruction of the Investor Sentiment.
Precisely why I will be covering a gem of project that helps crypto projects mitigate the risk of protocol hacks & actually makes these hacks a thing of the past… We are talking about Lossless $LSS
Coin Ticker: $LSS
Project quotation from $LSS Medium article:
“Mark Cuban recently compared the explosive growth of DeFi with the ‘early days of the Internet’. Major asset management firms and financial services juggernauts are entering the DeFi ecosystem: the amount of value locked in various DeFi projects is skyrocketing. With the growth of DeFi, its technology, accessibility, and security are still in early development stages. Naturally, crypto platforms become a major target for hackers to profit from less than ideal technology.
According to the research done by Atlas VPN, a total of $3.8B of crypto has been stolen in 2020 alone. Because Ethereum’s smart contract turing-completeness makes many DeFi projects prone to being exploited and hacked, it is likely that hackers will continue exploiting the early entrants into the market. We believe that DeFi platforms must become safe and accessible before any wider adoption can become possible. Unless all users can make transactions and operate with minimum risk, mainstream DeFi is not likely to happen.”
Project Network Address:
Ethereum — Contract Address: 0x3b9be07d622accaed78f479bc0edabfd6397e320
BNB Smart Chain — Contract Address: 0xf7686f43591302cd9b4b9c4fe1291473fae7d9c9
The liquidity within the above contract address has been withdrawn until the Lossless team implement the mitigation protocol. Once that has been successfully implemented, the contract will be active once again.
Unique Selling Points of Lossless
Lossless consists of two main elements:
- Vault & Treasury Protocol: This is for token creators to protect liquidity pools, treasury wallets or anything else which holds a large quantity of token liquidity
- Hack Mitigation Protocol: This consists of 4 independent parties working together.
- Lossless Community (everyone who interacts with the protocol at various levels)
- Bounty Hunters (find and identify fraudulent transactions)
- Stakers (They can support what they believe to be legitimate hack to receive a reward, but are at the risk of losing stake if wrong)
- Decision Making Body: They consists of Committee Members, Token Holders & the Lossless Team, each of them have equal voting power. A 2/3 vote is required for a hack to be confirmed
If the reported transaction was found to be legitimate, the affected address will be removed from blacklist and entitled to compensation. The finder who reported it and any stakers supporting it will have their stake slashed.
Lossless Bug Bounty Program
Bug Bounty $50k reward scheme with Immunefi
Lossless Success Highlight
Vulcan Forged, the team behind the Polygon- based Play-to-Earn game token $PYR, relaunched after a hack carried out on December 13th, 2021 drained the project of 4.5 million PYR tokens worth $140 million dollars. On relaunch, Vulcan Forged associated with Lossless protocol, & Lossless protocol advised the organisation on how to handle the hack & on the relaunch of PYR.
Currently Lossless has 67 partnerships, more than half being protocol integrations (such as Vulcan Forged).
Lossless Project Audit Report:
Audit was completed by Hacken on 17th May, 2021. Audit Rating- “Well Secured”.
No Critical or High Risks found.
Full report: https://hacken.io/audits/#lossless
Audit 2 was done by
, October 2021
Audit Report Overview: 1 Critical and 11 Major Issues found, all are centralisation risks.
None of the risks have been ‘resolved’ but all have solutions including use of ownership renouncement to Gnosis multisig, time-delay lock, hardware wallets and moving roles into smart contracts
Full report: https://www.certik.com/projects/lossless
Lossless Project Team & Advisors:
The is Fully dox , not KYC audited, but this team and project have more than proven that they are in the space to be game-changers. No red flags from my end �
Project Partners &/or Venture Capital (VC) Investors:
The fact that Lossless project has partnerships with Hacken Group (security audit), Uno Re (insurance) & Immunefi (bug bounty reward scheme) are an absolute treat for me, who has started foccusing so heavily on the fundamental side of projects. These guys are like the Avengers…Assemble in crypto.
Lossless Project Roadmap:
The current roadmap is very close now to its fruition. I am sure that the roadmap will expand once the project mainnet goes live.
- $LSS is the native token, used for Governance and to pay rewards
- 100 million maximum token supply; circulating supply 46 million (according to coinmarket.com)
Lossless Token distribution
- 35% allocation to private sale
- 15% allocation to team
- 5% allocation to advisors
- 10% allocated towards to marketing/listing liquidity
- 15% allocation to company reserves
- 20% allocation towards adoption incentives.
Network Fees & Charges
- Lossless takes 7% of the saved transaction/recovered hacked funds value as their fee
- They use the 7% to buy $LSS and distribute rewards to Finders and Stakers in $LSS
- Core Protocol Staking Amounts are set at: 2500 $LSS for Finders; 200 $LSS for Stakers
Lossless Social Media links:
- Twitter: https://twitter.com/losslessdefi
- Telegram: https://t.me/losslesscash
- Discord: https://discord.com/invite/4CUqdMkvgN
- Medium: https://losslesscash.medium.com/
- CoinMarketCap: https://coinmarketcap.com/currencies/lossless
- LinkedIn: https://www.linkedin.com/company/losslessdefi/
- Whitepaper: https://lossless-cash.gitbook.io/lossless
- Website: https://lossless.cash/
Lossless is a one-of-a-kind project that is servicing a new industry offering. Mitigating protocol hacks are the need of the hour & any project that is serious about protecting their investors funds will turn to a project like Lossless.
The working mechanism of Lossless is not only very well-planned, but their execution with past success has shown that the execution is flawless as well. I really love this project & see this cementing its place amongst the Top in the coming years.
The above information should not be treated as financial advice, this is only for educational purposes.
A huge thank you to CoinDCX for giving me this opportunity to write such a detailed report and be a part of the #CoinDCXpathbreaker program, enabling me to share such knowledge with everyone in the crypto space.
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