We’re delighted to announce our partnership with Lossless, the first DeFi hack mitigation tool for token creators. Lossless will play a crucial role in minting tokens for projects launching on the VentUp Launchpad.
Through Lossless’ secure and simple token minting process, we’re ensuring Vent continues on a safe, sustainable growth curve while prioritizing security as one of the primary focuses for all stakeholders.
DeFi has undergone a near-parabolic expansion during the previous two years. The ability for individuals to take control of their finances has led to a metamorphosis in how we view and value financial independence.
While the exponential growth of DeFi has been a boom for the crypto industry, the progress isn’t without caveats. Industry hacks and breaches are more prevalent than ever. Combined with developing token security features, DeFi resides in an environment where the next hack is a matter of ‘when’ and not ‘if’.
As the space evolves and grows, institutional and public interest will serve even greater emphasis to provide a secure foundation for industry growth. To foster wider adoption, we need suitable security measures ingrained into the fabric of DeFi, enabling complete trust of the investor pool.
With a team of highly experienced engineers, Lossless provides a first and foremost line of defense to prevent and ultimately minimize hacks and token security breaches.
By enabling token creators to insert a line of code into their tokens, Lossless can freeze any fraudulent transaction and engage in a two-step process resulting in the freezing of tokens and ultimately the reversal of the initial hack.
Through a community of white-hat hackers and DeFi security experts, Lossless can laser on a hack right at the early stage, massively reducing any potential fallout and ensuring the rightful owners of the tokens are compensated.
The success of our VentUp Launchpad and subsequent IDO projects have led to a surge in interest from potential future token launches. While we are humbled by the response of the wider crypto community, the security of all stakeholders (project using our platform to launch remains of primary importance.
To remain vigilant and so we can extract security measures to the greatest effect, Vent will be integrating the Lossless Token Minter to our platform to create token smart contracts.
The Token Minter is a permissionless tool enabling a token smart contract’s easy and simple deployment. By implementing an intuitive interface, Lossless has streamlined the process where minimal technical knowledge is required.
All tokens created by Vent will be infused with the Lossless sleeper code, meaning projects are not required to redeploy their token contracts in the future.
The Token Minter employs Hacken integration for further security measures as added protection. Projects can choose to receive a professional security audit report from a reputable cybersecurity firm with several years’ experience operating within the crypto industry.
We can’t wait to work with Lossless and bring their services into the fold. Their expertise will provide an extra layer of security for our projects and help us evolve in exciting new ways!
Vent Co-Founder, Lucas Mateu, shared his enthusiasm for the Lossless partnership,
“With the recent rise of security breaches in DeFi, we are excited to partner with Lossless to provide our projects and investor community a trustworthy and audited solution for token minting & hack mitigation, that will help keep everyone’s funds safe.”
Vygandas Masilionis, CEO of Lossless says:
“Our team is excited to become partners with VENT Finance and ensure that many more projects in DeFi, through hack mitigation, will have the chance to secure not only their tokens but their platform users as well.”