Investors in cryptocurrencies have been paying close attention to the blockchain-based Lucky Block lottery platform since the Binance Smart Chain (BSC) project released a second Ethereum-based version of its LBLOCK token last month.
The price of the LBLOCK V1 token decreased during the last two weeks; however, the price of the LBLOCK V2 token soared by more than 200% on regulated exchanges MEXC.
What is LBLOCK V2?
Lucky Block exhibited a sharp surge in price to offer early investors nearly 6,000% returns when it first debuted its $LBLOCK V1 currency on the BNB Smart Chain. At the same time, almost all other cryptocurrencies and the entire Metaverse have struggled since 2022. The upside potential of this project is enormous, as the market capitalization of the Lucky Block token is now under $500 million.
However, investors were required to pay a 12% tax on every LBLOCK V1 transaction, whether buying or selling. Despite being based on Binance Smart Chain BSC, it was not easy to list on centralized exchanges.
As a result, the project has released LBLOCK V2, one of the best new cryptocurrency coins available, which has eliminated transaction fees and now allows listings on centralized exchanges. LBLOCK V2’s price increased by more than 200% after it was listed on the centralized exchanges MEXC and LBank.
LBLOCK’s price further increased upon its listing on Gate.io, the fifth-largest cryptocurrency exchange, as it increased awareness and activity in terms of volume and pricing.
Lucky Block’s Upcoming Bridge
Investors in cryptocurrencies have been paying close attention to the blockchain-based Lucky Block platform since the Binance Smart Chain (BSC) project released a second Ethereum-based version of its LBLOCK token last month.
The price of the LBLOCK V1 token decreased in the previous two weeks; however, the price of the LBLOCK V2 token soared by more than 200% on regulated exchanges MEXC before coming back to complete 61.8% Fibonacci retracement.
The project revealed that a BEP-ETH bridge would go live on October 3, and early investors will be allowed to upgrade LBLOCK V1 to V2.
The bridge will allow users to swiftly swap and transfer their assets between several protocols by locking up tokens from one chain in a smart contract and releasing them on another. Thus, the Lucky Block Bridge is positively impacting the V1-V2 Spread by giving investors the chance to upgrade LBLOCK V1 and to V2.
This is undoubtedly one of the factors driving the LBLOCK price up.
Lucky Block (LBLOCK) Burn
Scott Ryder wrote the following in a message he sent out over the Lucky Block Telegram:
Well, it is great to be back among you all. I know it looked like I may have gone into hiding, but far from it. As you know we have reset Lucky Block to contend with various obstacles, some within our control and some not.
Several weeks back, we finally settled on a strategy to overcome various issues and you have seen those reworked milestones of our product roadmap being delivered.
✅ The final piece of our near-term plan – the Ethereum bridge – will be delivered on 3rd October.
✅ The NFT competitions platform has been launched and the prizes are truly awesome. We are currently working to deliver the rewards system for the NFTs you buy to enter the competition draws.
✅ LBLOCK is now listed on 3 major exchanges with more to follow.
✅ The jackpot is running daily and we have plans, as you know, to fully decentralise the product as a DAO.
✅ Burn baby burn: we will be starting a monthly 1% burn programme on 30th September to support the LBLOCK price.
✅ And we haven’t mentioned it yet, but today I can let you know that we will have some exciting Web3 partnerships to announce, so look out for those!
There has been a lot of uncertainty – and dare I say FUD – hanging over the project. As always the best rebuttal is to deliver the product. To that end my team has been hard at work delivering and executing, so a special thanks to Terence and James on that and our Mods for their polite patience in dealing with an understandably at times frustrated community.
Roll on 3rd of October. As James Brown used to say: “Take it to the Bridge!”
Some investors prefer a deflationary token burn since it reduces the total supply of a crypto asset. Therefore, a surge in LBLOCK price could also be associated with the token burn.
LBLOCK V1 Holders Must Exchange Assets via Bridge
As previously stated, some LBLOCK investors squandered the opportunity to transfer their assets into a more liquid instrument by failing to swap their V1 tokens onto LBANK once the V2 token was released. Lucky Block, on the other hand, plans to launch a BEP-ETH bridge, allowing these investors to transfer their assets to the Ethereum blockchain and effectively transform them into LBLOCK V2.
A user will receive 0.88 V2 tokens for every V1 token they own. The bridge is not yet available because Binance’s chosen blockchain security company, Certik, is thoroughly reviewing it.
The construction team is preparing to launch this bridge as soon as possible after passing all security inspections to ensure that the community’s assets are well-defended from malicious actors.
The Lucky Block team also said that major exchanges have already noticed the growing demand for LBLOCK V2 on LBANK, MEXC, and Gate.io. This could make it easier for the token to be listed on the main competitors of LBANK, MEXC, and Gate.io in the near future.
In theory, V1 and V2 will be of equal value when the bridge is completed, except for a small spread due to a tax levied when converting V1 to V2. There is a 12% tax when swapping LBLOCK V1 for V2, but there is no tax when swapping V2 for V1.