Lossless has been working in the crypto industry for already 1.5 years. Our team accomplished many goals during this period and had quite a few success cases. Despite the bear market conditions, we kept BUIDLing and stayed true to our mission — providing security to web3 companies and their users. Let’s run through the core events that our team came across.
1. Lossless token ($LSS) launch
Our token became publicly available on the 1st of June back in 2021. Before our IDO, we were able to raise $445,000 during the public and $2.245M in private rounds, making it a total of $2.69M.
2. Vault Protection
The first tool we launched was our Token Minter, which allows minting cryptocurrencies free of charge on six chains with our protocol’s integration. Right after that, our team worked on Vault Protection. Its purpose is to offer an additional layer of security by allowing project owners to secure their project wallets.
You either apply wallet whitelisting, withdrawal limiting, or both. Wallet whitelisting creates a list of wallets permitted to receive funds from your project’s wallet. Withdrawal limiting sets a cap for transactions from the very same wallet. Here are both tools explained:
3. GotEM hack prevention
Only a month passed after we launched the new tool, and we were able to use it successfully. With the help of Vault Protection, which gotEM had applied, we were able to prevent a hack of $55,000 at the time of the incident. During this attack, multiple projects were exploited, but only gotEM had Lossless security.
The exploiter transferred ownership of gotEM’s LPStaking and LPMining smart contracts to another address, allowing him to remove the funds and transfer them for himself. Tokens were exchanged for BNB, sent to a different account, and then deposits began of 100 and 10 BNB to Tornado Cash.
Using the Vault Protection tool, gotEM, with the help from Lossless, enabled wallet whitelisting protection for the exploiter’s address. With it enabled, the exploiter could no longer dump the tokens. The only thing he could do was send these tokens back to gotEM’s project owner. Of course, he did no such thing; this was where our next product came into play.
4. Lossless Core Protocol
The moment our whole team had waited for. On April 15th, 2022, we successfully launched our main product — the Core Protocol. It was highly anticipated both by us and by the crypto industry. The protocol is able to retrieve stolen funds from a hack if the affected cryptocurrency has our integration.
You report the malicious transaction — the hack — with $LSS tokens, freeze it, trigger an investigation, and if a hack is confirmed, retrieval is initiated. Here’s what it looks like:
Check out the detailed explanation of how the protocol works HERE.
5. Token Relaunch Toolkit
Though we launched our main tool, that did not mean we had reached a finish line. There are plenty of other products for security that can be built in web3. One of them is the Token Relaunch Toolkit.
The purpose is simple — help projects that experienced an attack or want to update their smart contract restart their cryptocurrencies with ease. The Toolkit allows the automated distribution of newly minted tokens to already existing holders and, in simple terms, creates a swap of old tokens for new ones.
6. Retrieval of 78M $AAG tokens
The moment that motivated our entire team to new heights. During the Horizon Bridge hack, there were many currencies that were stolen. One of them — $AAG — had our Core Protocol’s integration. We were able to act quickly together with the team of our partners and freeze the malicious transaction stealing $AAG.
An investigation confirmed the hack, and the retrieval process was started. The Decision-Making Body concluded its investigation on the exploit on the same day, June 24th, and at 3:17 PM UTC, the stolen 78M of $AAG tokens were successfully retrieved. Here’s the whole story in detail:
7. Launch of Aegis
During our work with the Core Protocol, we identified a challenge regarding its adoption rate. Projects that wanted to integrate our security solution either had to be pre-launch or willing to redeploy their smart contract. Understanding how this slows down our web3 coverage, we immediately took action to design a tool suitable for all. This is how Aegis was born.
Aegis is an all-seeing eye — a product for smart contact monitoring. It scans mined transactions, identifies malicious ones, and informs you about them the same second such activity is caught. You are immediately notified in real-time via multiple channels of your choosing, allowing you to stop an attack and save your funds.
Aegis is constantly updated, and there are many new features awaiting development. Here’s where we are now:
8. Harmony and Elysium
Aegis has the power to protect multiple smart contracts, so we’re talking about entire blockchains. It didn’t take long for us to onboard grand names from the industry as our clients.
Harmony and Elysium, the latter belonging to Vulcan Forged, became the blockchains to apply Aegis and monitor their smart contracts. In turn, we also added support to these chains next to Ethereum, Polygon, and Fantom. These names are definitely not the last ones to become members of our security ecosystem. More are to appear.
Powerful 1.5 years, no? 🔥
About Lossless
Restoring trust in web3 security. Lossless incorporates a new layer of blockchain transaction security, protecting projects and their communities from malicious exploits and associated financial loss.
Lossless protocol implements an additional layer of blockchain transaction security for ERC-20 standard tokens, mitigating the financial impact of smart contract exploits and private key theft. Lossless protocol utilizes community-driven threat identification tools and a unique stake-based reporting system to identify suspicious transactions, providing real-time protection.
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