LavaX Announces Partnership with Lossless
World’s first hack mitigation-tool for trusted & safe DeFi
LavaX is thrilled to announce our new partner: Lossless
This new partnership allows us to provide more value and trust to our users and investors. With Lossless, we’ll be able to help DeFi projects reduce fraud, and ensure that users are protected at all times.
Lossless Protocol freezes fraudulent transactions based on fraud identification parameters and returns stolen funds back to the owner’s account.
Token creators use the Lossless code by inserting it into their protocol to mitigate the losses suffered from exploits and hacks. Lossless can mitigate hacks by using a stake-based reward system to incentivize the community to develop increasingly effective hack-spotting mechanisms. The first spotter to take action receives the reward.
Lossless has a two-step process for recovering stolen funds.
- Instant freezing after an alleged hack has happened (driven by a combination of community action & technology)
- Permanent freezing after a hack is officially verified by the Lossless committee, the company, and the token creators.
With the Lossless token standard developed, LavaX will promote the integration of the code to all future tokens launched on its Launchpad. Using Lossless’ code, it is possible to stop or track hackers before users lose their funds.
Projects that we choose to launch on our LavaX platform first go through a thorough background check. During this process, Lossless’ crypto hack mitigation tool can potentially be integrated. We will empower white hat hackers and security experts to detect, stop hacks, and retrieve any stolen funds.
The outcome? Investors will be protected against any fraudulent activities from the very beginning, providing more trust in the DeFi protocols.
LavaX is a multi-chain decentralized IDO launchpad platform. It drives the next generation of projects to launch in an equitable and decentralized manner across multiple blockchains.
LavaX is community-driven, governance-based, and transparent. Their community runs LavaX through a first-of-its-kind DAO protocol, so you can actually engage with the projects to influence if and how they are launched. Not only is it unique that this launchpad allows multiple chains, but LavaX also makes the listing process uniquely transparent and fair.
We look forward to this collaboration, and will work together to help achieve our mutual goals!
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