Lossless, a decentralized finance (DeFi) security-focused protocol, has entered a strategic partnership with LaunchX to further its vision of providing reliable security solutions for DeFi space.
Lossless, via an official blog post, announced the new collaboration. According to the announcement, the LaunchX partnership will advance its ambition of becoming a trusted anti-hacking solution for DeFi.
We continue to make waves in #DeFi! With the Lossless token standard developed, @LaunchX_ platform will promote Lossless integration to all future tokens launched on LaunchX launchpad. Good choice, if you ask us! 👀https://t.co/TLWPr9B4AG
— Lossless (@losslessdefi) June 28, 2021
As a result of the partnership, LaunchX will promote the growth of Lossless’ newly developed token standard. LaunchX, a decentralized multi-chain, governance-based IDO launchpad will integrate Lossless code to every future token launched on its launchpad.
Additionally, the partnership will enable other projects to utilize Lossless’ new code in their protocol. This will invariably provide more security and trust to their customers, and investors.
Lossless noted that the partnership will attract more users and increase the use cases of its native token ($LSS). It added, “We are excited for such a big platform and look forward to achieving our goal of helping DeFi projects reduce fraud in their protocols, and ensure their users are protected at all times.”
It is worth noting that Lossless protocol can protect smart contracts against exploits with just one line of code. According to the protocol, it adds a piece of code to any token in its care, and when suspicious transactions occur, it freezes them.
Lossless Partners Uno Re
Meanwhile, Lossless has also been securing other partnerships with major players in the DeFi space to provide DeFi security. The protocol has recently partnered with Polkadot-owned, Uno Re, to ensure digital asset safety. The partnership is focused on reducing the probability of users losing tokens in an occurrence of a successful hack.
Furthermore, Lossless noted that Uno Re partnership will reinforce the already safest conditions for the upcoming DeFi projects. “By sharing the same beliefs in openness and the importance of community involvement, our team here at Lossless couldn’t be happier to start building a safer DeFi together,” it said.
Also, the DeFi security-focused protocol recently collaborated with NewsCrypto to tackle the rising issues of hacks, and to increase the safety of all digital assets.
As of the time of publication, LSS price was $0.147127 with a 24-hour trading volume of $447,335. LSS prices also fell by 7.3% over the last 24 hours and currently has a market cap of $1,777,868.
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