Lossless withdraws liquidity from Binance Smart Chain side
Lossless brings an urgent notice which is especially important to LSS holders on Binance Smart Chain (BSC). We will remove liquidity from PancakeSwap and limit the use of the BSC bridge on the company side.
In preparation for it, we recommend everyone who has $LSS on BSC to visit chainport.io and bridge their tokens back to the Ethereum (ETH) blockchain before 1 PM UTC, 6th of August — that’s when Lossless will remove liquidity from PancakeSwap and move them to the Ethereum blockchain. If you’re providing liquidity on PancakeSwap, please also redeem your LP tokens before the set date.
In order to bridge your BSC tokens onto Ethereum, log in with your web3.0 wallet (Metamask, Trust Wallet, etc.) to chainport.io, switch your bridge from BSC to ETH and select the LSS token.
What happened with the ETH->BSC token bridge?
We want to note that since Chainport token bridge architecture is permissionless, the Lossless BSC-ETH will remain open and available. However, for the time being, Lossless will not keep liquidity on the BSC side of things.
Our team made this decision based on the recent events where token bridges suffered exploits and negatively affected several bridged tokens. Luckily, $LSS was not exploited and we’re doing everything to keep it that way. As a project working in the DeFi security field, we must hold our token’s security and integrity of the ecosystem as top priorities at all times.
Intending to avoid exploits in the future as we did in the past, our goal now is to make sure that user funds are as safe as they could be, which means we must make some changes.
The next step is to redeploy $LSS on BSC with our hack mitigation code embedded into the smart contract. That way, we can be sure that if an exploit happens, it’s possible to minimize the damage and revert fraudulent transactions, which is what Lossless is supposed to do in the first place.
Until then, keep an eye on our development by engaging with the Lossless community and us on these platforms:
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 reverses any stolen tokens back to the original owner.
With our stake-based reward system, the community is encouraged to explore new 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. Check out the Lossless whitepaper.