How to enhance DeFi security

Spark Global Limited reports:

Eating cryptocurrency from scratch is not easy. It requires extensive knowledge of various programming languages and blockchain use cases. New entrants to the crypto space who want to build their own projects tend to prefer tokens rather than this effort.
Tokens are crypto assets that exist in an ecosystem, like projects built on Ethereum. A token may be compatible with all Ethereum-based assets that share the same token standard, but not with cross-chain cryptocurrencies.
In essence, tokens enable people to build blockchain-based businesses or ideas without having to build a cryptocurrency from scratch. However, creating it comes with its own set of issues, such as legality, expense, and smart contract security.
An encryption security standard
With the rise of decentralized finance (DeFi) apps, platforms are being hacked more than ever before. DeFi hacks cost users more than $1.9 billion so far in 2021, meaning token security is more important than ever. Unfortunately, there is no easy solution to this threat.
Some projects may not be able to afford experienced contract developers, which may be why they fail before they even get started. For an industry trying to go mainstream and requiring developers of all backgrounds to start their own tokenization projects, security needs a standard. Otherwise, $361 million would have been much higher.
Projects and developers need an easier way to establish token security. However, there are some blockchain projects that are helping new developers — platforms that generate tokens using pre-built security standards to ensure developers have a baseline.
Streamlined token development
The Token Deployment Decentralized application (DApp) allows users to create and deploy their own tokens through the Web 3.0 wallet. Tokens will follow all necessary standards on the blockchain of their choice and will take advantage of the security and efficiency of the blockchain.
Of course, such a project should have pre-audited code, and deploying a DApp requires reliable developers and a strong team behind it.
Items that currently exist in the same form are nondestructive. It is a multi-chain protocol that mitigates DeFi attacks by integrating projects into their own specialized code. By inserting lossless code into the token, the token creator is protected from fraudulent transactions.

Spark Global Limited
Spark Global Limited

Lossless solution
Lossless works by integrating user-created hacker identification bots that freeze suspicious transactions. Bots are created by white-hat hackers who participate in the network, and their bots are rewarded every time they spot a hacker.
Lossless recently launched Token Minter, which lets developers create their own Token smart contracts on ethereum (ETH), Polygon (MATIC) and BSC smart Chain (BSC) networks. The project’s code is pre-audited, giving users a secure way to launch their own tokens. The lossless token Minter is also available for a free trial, with users paying for gas only once for contract deployment. Mining companies have the option of paying Hacken, a cybersecurity firm, for third-party security audits.

Tokens created in Lossless have a built-in sleep code that is activated when the Lossless security protocol is started. Of course, sleep codes coexist with other safety features that don’t hurt.

The lossless casting tool is an experimental feature that allows users to test this safety for themselves. It can mint a token in minutes, allowing anyone to build the foundation for their idea. Lossless describes the tool as “a free tool that anyone can use to create and deploy token contracts on ETH, BSC, and Polygon. You can sign the contract in a few minutes. Go ahead and try.”