According to a recent announcement, FLUID, an ultra-low latency liquidity aggregator, has announced its newest partnership with Lossless, the world’s first DeFi hack mitigation tool for token creators.
Under this cooperation, FLUID will integrate the LERC20 standard of Lossless to power its $FLD token hack mitigation capabilities of detecting fraud to freeze fraudulent transactions as well as reverse stolen funds.
FLUID Is Working To Bring Better Security to The DeFi Space
FLUID uses AI quant-based models to tackle inefficient fragmented liquidity in virtual asset markets.
The Dubai-based company is changing the virtual assets industry in liquidity aggregation with high throughput, ultra-low latency, and costs, as well as, zero counterparty risk, which are the result of the company’s AI quant-based solutions.
Lossless is the world’s first DeFi hack mitigation tool thanks to its known cyber security solutions and renowned professionals.
In addition, its community also plays a role in its system. In that, there’s a tangible reward system that will encourage community members to explore new ways to detect hacks and fraudulent transactions.
Not only does it implement various methods of fraud identification to halt counterfeit transactions, but the Lossless protocol also automatically reverses any stolen tokens back to the original owner.
By integrating the LERC20 protocol, the liquidity aggregator also can improve security for a range of its services including spot trading, derivatives, futures, synthetics, tokenized assets, and security token offerings.
New Ways to Stay Safe in a Growing Market
In the era of blockchain technology, there will be more physical and digital assets to be tokenized in the future. Therefore, increasing privacy and security is always one of the top concerns of investors.
Mentioning the company solutions, Shah Sheikh, Chief Information Security Officer at FLUID, said,
“Securing digital assets is a major challenge for the industry and an even greater barrier for institutional adoption of virtual assets. As the liquidity aggregator of the future, it is fundamental that FLUID provides access to deep liquidity in a secure framework. Our partnership with Lossless, which is the first DeFi hack mitigation tool, adds an additional layer of security that conforms to the highest standards in place currently.”
The partnership with Lossless is expected to increase the demand for FLUID’s solutions as retail and institutional investors are paying more attention to the intensification of security for investments within the DeFi space.
With the purpose of creating the liquidity aggregator to build on the most influential blockchain technologies, FLUID recently has also successfully partnered with Polygon which has become its primary DeFi chain.
As a result, the integration provides $FLD token-holders the ability to access ultra-low latency and ultra-low transaction fees.
The Rise of Cyber-Attacks in The Digital Assets Industry
According to experts, as digital assets have become more popular, crypto hacks have grown. Recently, digital asset investors are more aware of a lack of cybersecurity as a hacker stole over $600 million of tokens from Axie Infinity’s Ronin Network in March.
Ronin, a blockchain protocol linked to Axie Infinity, a popular play-to-earn game with $4 billion in NFT sales, has announced that the attacker stole roughly $625 million in crypto, draining 173,600 ether and 25.5 million USDC.
This is believed to be one of the biggest in the history of crypto and highlights the sector’s immense risks.
US regulators see the blooming cryptocurrency industry as a growing source of risk, while Treasury officials have also been discussing with cryptocurrency exchanges as well as trade groups aiming to ensure US digital assets are safe.
With a growing number of cyber-attacks and crypto-hacks in the digital assets industry recently, the FLUID’s partnership with Lossless may provide retail and institutional investors with a secure platform as well as open more opportunities in the DeFi market.
The post FLUID Partners With Lossless to Combat Hacking, Fraud appeared first on Blockonomi.
