What is Lossless crypto? Is LSS token a good buy?

Highlights

  • So far, 2022 seems to be a repeat of 2021 as altcoins are performing better than Bitcoin
  • Lossless (LSS) crypto has defied the odds to remain in the positive territory since the start of the year
  • A DeFi protocol, Lossless claims to be a platform which can eliminate fraudulent transactions

After ending 2021 on a highly positive note with huge yearly gains, big cryptocurrencies like Bitcoin and Ether are losing value in 2022. But there are a few altcoins defying the wider bearish trend in the cryptocurrency world. One such altcoin is Lossless (LSS) crypto, which as of now is trading at a higher price as compared to beginning of this year. More than Bitcoin and Ether, which largely dominate the crypto investment news, altcoins may have the potential to grow investors’ money.

What is Lossless crypto?

Lossless is riding the decentralized finance (DeFi) wave. DeFi gained popularity in 2020 when it emerged as a better alternative to crypto exchanges. In DeFi, a user can undertake multiple tasks including lending, borrowing and exchanging of crypto holding. As against crypto exchanges like Coinbase, DeFi platforms claim to have no centralized authority, with the users deciding the governance norms.

Also read: The top crypto gainers of 2021, and a couple of underperformers

Lossless is a DeFi protocol, but it also claims to provide an added advantage of fraud mitigation to its users.

The crypto world is notorious for bots hacking the system and taking undue advantage of anonymity of decentralized ledger technology. Lossless crypto project claims that it can detect bots and hacks, and in case of a fraudulent transaction, the transfer is immediately reversed, with stolen cryptos retuned back to the legitimate owner.

Lossless DeFi uses LSS token to allow staking, payment of fee, and participation in voting. LSS crypto serves as a reward for users that detect the fraud, besides acting as the governance token of the protocol.

Also watch: Are we in a Crypto Bear Market?

Lossless crypto price

Lossless is a relatively newer altcoin, and it has a market cap of US$35 million.

LSS token is trading at nearly US$0.96 as of now, after appreciating almost 16 per cent over the past 24 hours.

Image description: Price of LSS token

Data provided by CoinMarketCap.com

Lossless crypto price prediction

On October 20, 2021, Lossless crypto peaked to a price of US$2.4 before entering a rough phase. It was priced almost US$0.93 on January 1, 2022, but within three days, the price breached US$1.

Lossless crypto price has been volatile since inception. Interest of investors in DeFi and Lossless’ claim that it weeds out frauds from the network can be a trigger for price growth. If the momentum sustains, Lossless crypto may breach US$3 by the end of first quarter.

Also read: Crypto crash 2022: Is it all bearish in cryptocurrencies?

Is LSS token good investment?

It depends on how blockchain enthusiasts react to Lossless DeFi protocol’s claim to prevent frauds on its platform.

LSS token has use only within the platform and only the popularity and adoption of Lossless protocol will decide how the token performs in the near-to-medium term.

Bottom line

Lossless crypto has had a better 2022 so far as compared to Bitcoin. If this DeFi platform can fulfil the promise of keeping frauds and bot manipulations at bay, LSS token could be a good investment. That said, cryptos, including Bitcoin and all altcoins, are volatile, and the investor must pay attention to the actual project any token represents. If the project has value, its native token may have a good chance to grow, otherwise crypto investment can also lead to steep losses.

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