Token Relaunch Toolkit: How It Operates
Our newest and fourth in a row product — the Token Relaunch Toolkit — may explain its mission straightforwardly just with its name. But our team understands that once you try it out, certain questions can arise.
The Token Relaunch Toolkit is meant to help projects which have already been established in the market to relaunch their tokens anew. One of the reasons to do that can be the need to increase security and that requires smart contract changes — our toolkit allows you to integrate the Lossless Protocol and disperse new protected tokens to holders. Another reason can be to relaunch a cryptocurrency that was previously hacked and needs a restart.
Here’s some more questions covered by our team to make the relaunch process clearer (they will be updated if we receive additional questions from projects). There’s a video tutorial below as well to refer to.
How does the relaunch of the token happen?
The Token Relaunch Toolkit allows you to create a new version of your token with Lossless Protocol integrated and distribute it to the existing holders. In short:
- Generate an account and their balance snapshot up to a specific block which you state with its number;
- New tokens with a Lossless integration are taken care of by our Token Minter for now (in the future this function will merge with the Token Relaunch Toolkit);
- After tokens are minted, the Toolkit allows you to easily disperse them to the existing holders of the original cryptocurrency.
Does the token owner distribute the new tokens manually?
No, the Token Relaunch Toolkit automates this process by generating a snapshot of your existing holders to whom you can distribute the newly minted currency by a push of a button.
Our product generates a snapshot with information about wallets, their balances and type. After this data is retrieved, we recommend deleting contract addresses (like DEX ones for example) from the recipient list since they won’t be able to support the new token as well as taking out low balance recipients (ones that have a balance with 6 numbers after the comma). This is easily done by ticking two boxes in the tool.
Check out the Token Relaunch Toolkit’s tutorial below to see how the process works:
Restoring trust in web3 security. Lossless incorporates a new layer of blockchain transaction security, protecting projects and their communities from malicious exploits and the 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.