The Lossless team is thrilled to announce the launch of its new product, Wrapped Tokens. Wrapped Tokens enable ERC-20 token holders to wrap their assets in Lossless security, a protocol whose main aim is to retrieve stolen funds.
Finally, Web3 users will be able to wrap their tokens in Lossless security, a game changer for the entire crypto industry, as previously only companies were able to use this advanced security method. Moreover, existing ERC-20 currencies can now be wrapped in Lossless security. Previously, only pre-launch projects were able to do this before deploying their smart contract.
Users can access their wrapped tokens via wrap.lossless.io, and the same process applies as previously with the protocol. Transactions can be reported through the platform.lossless.io if funds are stolen. Community members can stake $LSS on top of that report to make it more visible and become eligible for rewards upon asset return.
The community plays a crucial role in the decision-making process since the wrapped tokens will not have a token owner (currency issuer). They will vote on a hack report via the Lossless DAO powered by the UMA Protocol, and Lossless token holders will participate in the decision-making process.
“We are excited to launch Wrapped Tokens, which is a major milestone for the crypto industry,” said the Lossless team. “This innovative technology will enable Web3 users to wrap their tokens in Lossless security and report stolen funds, furthering our mission to make the crypto world more secure and accessible for everyone.”
Vygandas Masilionis, the CEO, said: “When we created the Lossless Protocol, we had a strong belief that this solution is highly needed in a hack-prone industry. Today we’re powering up this tool by making exploit security accessible not only by crypto companies but by retail users as well. This allows us to cover the space more widely and also offers an easy-to-use security product for the end-user.”
In conclusion, this new development by Lossless is a major step towards a more secure and accessible crypto industry. With the ability to wrap existing ERC-20 currencies and the inclusion of the community in the decision-making process, lossless is leading the way toward a more decentralized and secure future for the crypto industry.
About Lossless
Lossless is a leader in Web3 security architecture and exploit mitigation tools. It taps into smart contract monitoring algorithms and community-driven threat identification strategies to efficiently track suspicious activity, inform you the moment it’s spotted and help you retrieve stolen funds when needed.
To learn more about how Lossless products can strengthen your security and deliver value from day one, visit their website here.
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Source: https://beincrypto.com/wrapped-tokens-new-lossless-security-technology/