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  • April 29th2022

Lossless Token Review – LSS

This is NOT financial advice. Please see our Financial and Affiliate Disclosures below for more details.

Hello everybody, and welcome. David Tatera here with CryptoTutorials.org, and today I'm excited, we're starting a new project. We are going to go over the 10 most exciting new tokens for June 2021, and today is our Lossless Token Review. 

There's there's well over a thousand new tokens that come out every month. It's amazing the volume. I like to keep an eye on a lot of them and see which projects I think are interesting, which ones might be worth an investment of a little bit of money. Which ones I think came up with a novel and unique way to use the blockchain. Which ones just did some cool marketing and I liked their design of things. I think all of those things are important when releasing a new token and I like to keep an eye on all of them. .

I'm going to go over each token, what the token is, what it's about and a little bit of background on it. I'm also going to do article for each token that will explain to you how to purchase it if you want to purchase Lossless Protocol Token. I'm going to make it for each of these 10 and I'm really excited to share them with you. Lets get started with Lossless.

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Review Of Lossless Token's Start

Lossless. This is a token that I am very, very, very excited about. Quick rundown of the CoinGecko numbers. It's going for about 15 cents a token right now. Has been fairly stable in the 14 to 16 kind of range. This one actually does have a market cap. It's got a $1.8 million market cap. 24 hour trading volume is 450,000. So that's pretty substantial for a market cap of that size.

A review of Lossless shows it is on Ethereum and Binance blockchains, because this one is designed help out a lot of different ecosystems. Scroll on down, we can take quick, look over the last month of coin price and you can see it's had a couple big shoot ups. I'm not entirely sure if a certain piece of news came out or what, because there's been a lot of news for a short of a period of time.

Partnering With The Right Teams

You can tell a lot about the potential of a coin by looking at who they partner and work with. A review of Lossless token's partners' show they have done an excellent job of brining on high quality partners that add to their token. 

Lossless Protocol - Stopping Defi Hacks

They've had a lot of announcements. It's been a very busy token. I'm going to take a guess that most of these spikes correlate to one piece of news or another, but high volumes at a few different points, tapered off lately. But like I said, very exciting token.

What is, lossless all about? Losses is the first defy hack mitigation tool for token creators. Basically what happens is, Lossless is a set of protocols that you add to a token. It's like wrapping a token, like WBNB. You can have a Lossless-BNB, just like regular BNB. Acts just like regular BNB, except.. if the technology notices something shady or weird going on and it trips the alarm, they can initiate a freeze protocol.

Lossless Token Review Partners

It just simply stops any transactions going on with that account. You know, those countless hacks like BunnySwap, where somebody figures out a way to go in and rip all of liquidity out of an exchange and leave everybody broke with nothing. This is a tool designed to prevent that.

By putting this on all of these different white hat hackers are rewarded for helping find ways to detect fraud and reverse the stolen funds. There's a whole bunch of different automated tools as well as manual tools and all of these prevent those hacks and thefts from taking place. It stops it before they can raid everything out of the account.

Pretty cool tool. If we go over here and look at their medium page you're gonna see they've had a lot going on. PolkaFoundry, additional developers on the team, teaming up with the white hat community, they've been adding and adding and this is just in a few weeks.

Lossless Protocol Aims To Block Rug Pulls And Evil Contracts

They've been adding new partnerships and teammates almost every day. Looking at new markets because flash loans, exchange hacks, wallet hacks, token minting, rug pools, evil contracts, all of these things.

If you haven't gotten hit by one of these, you haven't been buying in the Defi space very long. I probably have been hit by half of these things. I would love it if there was a company that had figured out a way to stop it without having to go to government. Without having to resort to someone else doing it, just doing it ourselves.

This token has so much potential because it is doing something that, it's very, very easy to justify spending a little bit more money on something that can protect you from loosing this amount of money when you're building a new token or Defi platform.

If they can successfully execute what they're trying to do, sky's the limit for this token. At the bottom of the white paper it's pointing out some of the numbers here. There have been 122 major hacks totaling of $3.8 billion stolen in 2020, that's a market that you can tap into.

Lossless Token KuCoin

That's a market that you can make money on. Here's the list of the different types of ones. I liked the way that they're both going at it with their own tools and then incentivizing white hat hackers to come up with other ways to stop these flash thefts that happen.

Here is the roadmap. The hack monitoring toolkit, it looks like it's close to coming out. Obviously they've got that first first partnership and they're putting it in. So this is when we start finding out. All that has to happen is one or two hacks get prevented by these tools, and it's going to become something standard and everybody starts to implement.

I can't predict the future and I don't know exactly how it's all going to turn out. But I think Lossless, or something very similar is going to become a standard thing. A part of every DeFi protocol down the road. These guys definitely have an advantage getting out there first.  I hope you have enjoyed my Lossless Token Review. 

Thanks again, and much Aloha!

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