What a year…
2023 has been nothing short of extraordinary for Lossless and our community of Web3 security enthusiasts. Despite adverse market conditions, we have managed to make great strides in product development, community building, business reach, and ecosystem expansion.
Since the launch of AegisV2 we have managed to more than double our user base. The rollout of the LSS Boost Plan and Aegis Pulse has solidified our position as an industry leader in Web3 security tools. Meanwhile, our recent recovery of $800,000 in $PYR tokens serves as a great example that our products have tangible real-world impact.
As we reflect on such milestones, it is clear that this year has been about more than just weathering a crypto winter; it’s been about building trust and creating a safer, more dynamic Web3 future. Throughout the past year, we have focused on deep innovation, prioritizing sustainable growth at the cost of short-term gains.
Here’s what we have accomplished
Release of AegisV2
By far, the most significant Lossless event of the year has been the upgrade of our flagship threat monitoring system. Aside from much-needed improvements in UI/UX design and processing speed, the launch of AegisV2 has brought advanced smart contract defense capabilities to the DeFi space. Since the rollout of AegisV2, our user base has more than doubled, and our Total Value Monitored has surpassed $500m.
We have added customizable alerts for tracking token movements, events, function calls, TVL milestones, and much more. Users have reported less noise from low-severity alerts. Our developers have added unique features (such as the Panic Button), fine-tuned our threat models for precision, and utilized the Aegis backtesting capabilities to identify famous past exploits that could have been prevented.
Recovery of $800,000 for Vulcan Forged users
Our most recent Lossless Protocol success story, meanwhile, has attracted substantial media coverage. As reported by Cointelegraph, our fail-safe mechanism has been put to use in retrieving some 119,000 PYR tokens stolen from Vulcan Forged users. Some platform users had made themselves vulnerable to an attack thanks to an outdated third-party wallet integration. Luckily, Vulcan Forged has recently relaunched its native PYR token with Lossless Protocol integration, which meant that we were able to quickly avert the crisis.
This is not the first time we have been successful in recovering a substantial amount of user funds. Last year, our protocol successfully recovered $1.2m worth of $AAG Tokens in Harmony’s Horizon Bridge hack. Many other smaller success stories have gone unreported. Nevertheless, even small recovered amounts do add up to a greater total — a substantial boost in the confidence of communities protected by Lossless.
Launch of LSS Boost
Meanwhile, the inception of our LSS Boost Plan reflected our efforts to cultivate meaningful utility in the Web3 landscape. By providing $LSS token holders with access to Aegis functionalities, we have essentially created a sustainable lifetime subscription to Aegis.
The LSS Boost Plan has enabled us to offer community access to premium Aegis functionalities without charging exorbitant fees. Anyone can now access advanced smart contract monitoring tools simply by connecting their wallets to prove they are $LSS token holders.
While many Web3 projects offer various token gimmicks, Lossless remains committed to the responsible evolution of $LSS utility. The launch of the LSS Boost plan has both rewarded current $LSS token holders and widened access to professional-grade Web3 monitoring tools.
Aegis Pulse Rollout
Speaking of innovation, our latest product — Aegis Pulse — has also received substantial buy-in from the community. We have designed Aegis Pulse as a hands-off service for setting up public alert channels that help foster community vigilance and boost project credibility. Nevertheless, some projects have also used Aegis Pulse to create private alert channels, ensuring a timely team response to critical security incidents.
The service has been created for ease of use. One of the main draws of the service has been its low-effort setup. There is no code integration — users do not even need an Aegis account to get started. Teams can set up alert channels by simply choosing which contracts to monitor and allowing us to handle the rest.
Ecosystem Growth
The Lossless ecosystem has also undergone a substantial expansion in 2023 in spite of adverse market conditions. We have signed a great number of important partnerships, including those with ChainGPT, Orion, MEV Capital, AzteqMetaverse, MILC Platform, ShidoGlobal, GetBlock, Nereus Finance, SmarDex, QuickIntel, Liquis, Arthera, and others. Our products have been mentioned by Cointelegraph, Yahoo News, Nasdaq, InvestorPlace, AssureDefi, OVioHQ, Founderheads, and other opinion leaders.
We have been steadily expanding our business operations and welcomed a new Product Manager and Marketing Lead. Our team has been invited to share insights at various regional and international conferences, including DeFi Security Summit 2023, Web3 Berlin, DevConnect Istanbul, ETH Milan, Web3 Security Conference Milan, Token2049 Singapore, and others.
What’s next?
Our strategic roadmap for 2024 is more ambitious still. The company stands on solid financial ground following the influx of revenue from Aegis sales and token recovery events. Our additional financial runway enables us to focus on innovating our product line, expanding our business reach, and organically growing our retail user base.
Our vision for 2024 is to make Aegis the go-to tool for all security-focused DeFi users. You can look forward to Lossless branching out into new blockchain networks and onboarding more high-profile projects. Make sure to stay tuned for more updates about the launch of our plug-and-play service for monitoring wallet activity — the Aegis dApp — as well as tools tailored for CEX and DEX platforms.
More than ever, our priority in product development is to build tools that empower users to take actionable steps in effectively responding to potential threats. Similarly to our Panic Button feature, we are now developing more practical and actionable security reports that users can readily act upon.
We are also exploring additional forms of token utility for our suite of tools and expanding the offerings of our $LSS Hodler package. Needless to say, $LSS token holders can also look forward to getting more out of their tokens in 2024. The ultimate goal is to attract more retail users into the Lossless product ecosystem, leveraging their feedback to refine our offerings further.
With the prospect of bullish market conditions just around the 2024 corner, we remain committed to delivering real value to our community. We have survived the crypto winter, and we will keep our heads cool during the hotter months to come.
About Lossless
Lossless is a trendsetter in Web3 security architecture. Our solutions empower projects to protect their communities from smart contract exploits and the associated financial loss.
The Lossless protocol wraps ERC-20 standard tokens in an additional layer of transactional security, providing project creators with a fail-safe against malicious exploits. Transactions flagged as malicious are frozen and can be reverted subject to an investigation.
Aegis, our latest flagship product, also offers automated threat monitoring and firewall-like features. Project teams can utilize its real-time alerts and zero-integration monitoring capabilities to identify possible threats before they turn into exploits.
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