There’s no question that DeFi has changed the financial world for the better, but one issue still remains on the surface of it all.
Hacking and fraudulent digital asset transactions continue to haunt crypto users worldwide, even in this day and age as the space continues to grow and evolve. Attempted solutions to truly prevent the hacking of funds continue to fall short of expectations.
The team here at Lossless is committed to bringing the world the ideal solution to preventing hacks on the blockchain once and for all. No longer will token creators and holders be under pressure from risks of contract failure, instead with Lossless, they can feel at ease, knowing that their funds will be safe no matter what.
But of course, our goal couldn’t be achieved without our trusted $LSS token. Although many of you probably have a general idea of what it’s all about, let’s dive deeper into its use case and metrics that make it special.
The Case for $LSS
Lossless is an advanced DeFi hack mitigation tool for token creators that freezes invalid or fraudulent transactions based on specific parameters. Our detection system is run by those who identify the transaction (finders) and verify to ensure its legitimacy (Lossless Decision Making Body).
In order to ensure this process remains smooth and intact, it’s critical to have a foundational asset that helps power the network and incentivize those to participate honestly. That’s where the $LSS token comes into play.
$LSS is our governance token and is provided to finders as a reward for successfully flagging legitimate hacks — they are required to stake $5,000 worth of $LSS before the transaction can be frozen. The payouts from stopped hacks will be paid in $LSS tokens.
We’ll soon be introducing governance for the $LSS token, allowing holders to have a say in future project proposals and developments.
Now that you’ve gotten a flavor of the use case behind $LSS, we also believe it’s critical for everyone to have an understanding of the token metrics and associated distribution among holders.
The images below will provide you with these critical details — so keep on reading to learn more.
Token Metrics
Token Distribution Schedule
About Lossless
Lossless is the world’s first DeFi hack mitigation tool for token creators. Through various methods of fraud identification, our protocol halts counterfeit transactions and automatically reverses any stolen tokens back to the original owner.
With our stake-based reward system, the community is encouraged to actively continue to explore ways to detect hackers and fake transactions. Our sleek and fluid dashboard interface also allows users to view transactions at a birds eye view.
To learn more about our project and join the community, follow us on our website and social media platforms below:
