What is Lossless (LSS)?
Lossless is a blockchain project that aims to provide an extra security layer in the crypto space. The protocol is designed to prevent fraudulent token movement and recover lost tokens due to fraud. The Lossless DeFi ecosystem has a Lossless code that helps token creators prevent loss from malicious activities such as hacks, exploits, and social engineering.
Lossless services are available for all the tokens that follow the LERC-20 token standard. The project has a Hack Mitigation Protocol, a Vault, and a Treasury Protection Protocol. Overall, four actors cooperate to sustain a Lossless ecosystem: Finders, LERC-20 token holders, Stakers, and the Decision Making Body. You can join the community by buying the native token LSS. The up-to-date LSS price is displayed on the live price chart above.
Finders are network participants who identify and report fraudulent transactions. They submit a report containing the involved LERC-20 token contract and the address of the malicious actor. Finders who provide accurate information are rewarded with a portion of the recovered tokens.
Stakers are another significant class of participants. They stake their tokens on open reports that they believe to be legitimate. Stakers give more visibility and credibility to the report they stake their tokens on. Besides, they are also rewarded with a portion of the token that was initially stolen.
The Decision Making Body, on the other hand, is tasked with investigating the reports and confirming their validity. This body is comprised of Committee Members, Token Owners, and the Lossless Team.
Use Cases of LSS Tokens
LSS token is an important asset of the Lossless ecosystem. It has various use cases.
For starters, holders of LSS can stake their tokens to become finders. As mentioned before, finders enjoy rewards for sustaining the ecosystem.
Moreover, LSS is also a governance token, which means that token holders get the chance to propose and vote on network changes.
Besides the Lossless tokens also facilitate referral and promotion programs, which reward network participants with LSS tokens.
You can view the live Lossless price chart above to see the main trends in its price changes. It features both – the current and the previous LSS price.
Who Founded Lossless?
Lossless was founded by Vygendas Masilionis and Domantas Pelaitis in 2021. The Lossless team comprises engineers, DeFi experts, white-hat hackers, and finance professionals.
Tokenomics of LSS
Lossless has a maximum token supply of 100,000,000 LSS. The fixed supply is a deflationary mechanism. The mechanism helps to avoid excessive that may affect the Lossless price.
