Lossless x ApeSwap
At ApeSwap we have a deep desire to ensure a SAFU environment for everyone in the Jungle 🌴
We have always taken a slow and steady approach when it comes to development in order to allow for multiple third-party audits, community feedback, as well as trial and error before fully committing to something. In addition to this we are always on the lookout for strong partnerships that can help us guarantee that the Jungle will always be secure!
Introducing: Lossless
The team over at Lossless takes security in DeFi very seriously. So seriously in fact that they have invented a way to recover funds lost to hacks or exploits 🙊
How does it work?
It is both simple and brilliant all at the same time; they have created custom code that a developer can implement into their token that detects hacks/exploits in real time and then freezes any additional transactions of that token. While the token is frozen the hack is then validated by three parties:
- The Lossless community ($LSS holders)
- The Lossless team
- The party that created the token in the first place
If two out of three of these parties validate that a hack/exploit actually did take place then they are able to vote to reverse the fraudulent transactions. However, on the flipside, if two out of three of those parties validates the activity as valid then the token is released from the freeze and allowed to be transacted properly again. Their code includes protection against various types of threats that are unfortunately very common in DeFi, including:
- Flashloans
- Exchange Hacks
- Wallet Hacks
- Token Minting
- Intentional Rug Pulls
Wen partnership, ser? 🤔
The Lossless protocol has not fully bridged over to BSC as of yet, but due to our visions aligning in regards to DeFi safety we are very excited about their expansion. Look for an upcoming $LSS listing on ApeSwap, as well as a farm and pool! 🐵
For now, make sure to keep an eye on Lossless and you can be sure to see some big things happening in the future 😎
Lossless links
Website: https://lossless.cash/
Twitter: https://twitter.com/losslessdefi
Medium: https://losslesscash.medium.com/
Telegram: https://t.me/losslesscash
White Paper: https://lossless-cash.gitbook.io/lossless/
