How is the V1-V2 Spread Being Affected by the Lucky Block Bridge Even Before Launch - Buy Now?

Since the Binance Smart Chain (BSC) project issued a second Ethereum-based version of its LBLOCK token last month, cryptocurrency investors have been closely following the blockchain-based Lucky Block lottery platform.

The price of the LBLOCK V1 token dropped over the past two weeks, whereas the price of the LBLOCK V2 token on regulated exchanges MEXC increased by more than 200%.

What is LBLOCK V2?

When Lucky Block originally introduced its $LBLOCK V1 currency on the BNB Smart Chain, the price of the currency experienced a fast rise, giving early investors returns of about 6,000%. Almost all other cryptocurrencies have experienced difficulties since 2022, as has the entire Metaverse. Given that the market value of the Lucky Block token is now less than $500 million, this project has significant upside potential.

However, regardless of whether they were purchasing or selling LBLOCK V1s, investors had to pay a 12% tax on each transaction. It was difficult to list on centralized exchanges even if it was based on Binance Smart Chain BSC.

As a result, the team created LBLOCK V2, one of the greatest new digital coins on the market, which now supports listings on centralized exchanges and has transaction fees removed. After being launched on the centralized exchanges MEXC and LBank, the price of LBLOCK V2 rose by more than 200%.

Following its launch on Gate.io, the fifth-largest cryptocurrency exchange, LBLOCK's price continued to rise as it raised awareness and activity in terms of volume and pricing.

Future Bridge of Lucky Block

Since the Binance Smart Chain (BSC) project issued a second Ethereum-based version of its LBLOCK token last month, cryptocurrency investors have been paying close attention to the blockchain-based Lucky Block platform.

The price of the LBLOCK V1 token fell in the last two weeks, whereas the price of the LBLOCK V2 token on regulated exchanges MEXC skyrocketed by more than 200% before returning to complete 61.8% Fibonacci retracement.

A BEP-ETH bridge would launch on October 3, and early investors would be permitted to upgrade LBLOCK V1 to V2, according to the initiative.

By encrypting tokens from one chain in a smart contract and releasing them on another, the bridge enables users to quickly trade and transfer their assets between other protocols. Due to the opportunity for investors to upgrade LBLOCK V1 and V2 to V2, the Lucky Block Bridge is consequently having a favorable effect on the V1-V2 Spread.

This is unquestionably one of the elements raising the price of LBLOCK.

Burning Lucky Block (LBLOCK)

In a message he sent out through the Lucky Block Telegram, Scott Ryder wrote the following:

Hello everybody.
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 the 3rd of October. As James Brown used to say: “Take it to the Bridge!”

Since it lowers the total quantity of a crypto asset, some investors favour a deflationary token burn. Consequently, a rise in the price of LBLOCK might potentially be related to the token burn.

Holders of LBLOCK V1 Must Exchange Assets Through a Bridge

As previously mentioned, some LBLOCK investors wasted the chance to convert their holdings into a more liquid instrument by neglecting to swap their V1 tokens onto LBANK once the V2 token was made available. The BEP-ETH bridge that Lucky Block is launching will enable these investors to move their assets to the Ethereum blockchain and effectively convert them into LBLOCK V2.

For each V1 token a person owns, they will get 0.88 V2 tokens. Because Certik, Binance's chosen blockchain security provider, is carefully examining the bridge, it is not yet accessible.

After completing all security checks, the building team is getting ready to launch this bridge as soon as possible to make sure that the assets of the community are well-defended against hostile actors.

Additionally, according to the Lucky Block team, significant exchanges have already taken note of the rising demand for LBLOCK V2 on LBANK, MEXC, and Gate.io. Due to this, it may be simpler for the token to be listed on LBANK, MEXC, and Gate.io in the near future.

To sum up

Theoretically, after the bridge is built, V1 and V2 will be of identical worth, with the exception of a slight difference brought on by a tax imposed when converting V1 to V2. When switching from LBLOCK V1 to V2, there is a 12% charge, but there is no cost when switching from V2 to V1.

The project's ERC20 V2 token can be exchanged on Gate.io, LBank, MEXC, and Uniswap, while V1 is a suitable investment on PancakeSwap.