A roadmap update followed by more detailed tokenomics of $LSS? You got it! Allow us to present to you the current LSS token use case, token metrics, and vesting period in more detail.
$LSS token contract address: 0x3b9be07d622accaed78f479bc0edabfd6397e320
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 $LSS tokens before the transaction can be frozen. The rewards from stopped hacks will be paid in $LSS tokens as well.
It’s important for everyone to have an understanding of the token metrics and associated distribution among holders. The images below will provide you with these details — keep on reading to learn more.
$LSS Token Metrics
- Token type: ERC-20
- Ticker: LSS
- TGE date: 2021, June 3rd
- Role of Token: Governance
- Total supply: 100,000,000 LSS
- Current circulating supply: 27,500,000 LSS
The total supply of $LSS is 100,000,000 tokens, created by the Lossless deployer (tx hash) on May 26, 2021.
For the vesting schedule, 20% of the tokens were unlocked at TGE (1st of June). After that, 20% of Private Round tokens are up for unlocking every quarter. The latter combined with Marketing/Listing and Adoption Incentives, the next unlock, Month 7 (December 1st), will add to the supply 12,500,000 LSS. The total circulating supply after that will be 40 million $LSS. Team tokens will start unlocking 1 year post-TGE.
You can find more information on the schedule in the image below:
Lossless is the world’s first DeFi hack mitigation tool for token creators. Apart from our known cyber security solutions and renowned professionals, the community also plays a role. With a tangible reward system, community members are also encouraged to explore new ways to detect hacks and fraudulent transactions.
Our protocol halts counterfeit transactions through various methods of fraud identification and automatically reverses any stolen tokens back to the original owner. Our solutions to the impending problems of cyber theft within the blockchain space are thorough and applicable within many protocols.
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