Upgrading Our Partnership: Lossless x Bridge Network
You might remember Bridge Network — last year, we shared the news that they’re becoming our partners, and their custom bridge tool will implement our security protocol. Today is a great day because that integration has happened — Bridge Network’s bridge has been launched onto the mainnet and it has Lossless Protocol implemented too!
What this means is that token owners bridging their tokens to different chains via Bridge Network will have the opportunity to secure them with Lossless Protocol.
Hacks have been a familiar occurrence in the bridging world due to a lack of effective security measures. When an asset is moved cross-chain, it usually looks something like this:
The asset is locked on its native chain and a wrapped version is minted on the destination chain. The smart contract that mints the wrapped asset is generally where exploits occur as hackers attempt to mint more tokens than they lock.
Bridge Network‘s goal is to set a new standard by working with projects such as Lossless to bring security and trust to the bridging world. Tokens will be wrapped in the LSS standard, which will enable Lossless security parameters for the bridged tokens.
Our team is excited about Bridge Network’s progress and about the opportunity this presents the crypto industry with — many more cryptocurrencies will now have the chance to acquire higher security standards. To us, it increases outreach in the space.
About Bridge Network
Bridge Network is the ecosystem’s first cross-chain hub providing all the tools for users and creators to seamlessly transact between blockchains. The bridge toolkit currently contains 4 tools, all connected to the core of the Bridge Network protocol. Users can move an asset (crypto or NFT) cross-chain, trade multiple assets cross-chain, or create their own bridge with no development experience.
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.