Price of Lucky Block LBLOCK to Rise Due to Bridge and Burn Initiative
After two significant announcements from the project, the price of Lucky Block is anticipated to increase over the next few days and weeks.
As investors buy positions in the market-leading online contests platform, the price has already increased by almost 20% in the past 24 hours.
Following significant disclosures from project CEO Scott Ryder, the price of LBLOCK V2 has increased by 60% from its three-day-old price of $0.0005 to roughly $0.0008.
1% Monthly Burn to be Added to LBLOCK
One of the most popular cryptocurrencies on the market, LBLOCK, will now become a deflationary asset, Ryder revealed earlier this month. Starting on September 30, 1% of the entire supply will be burned from the project on a monthly basis.
Ryder stated: "There has been a lot of ambiguity, and dare I say FUD, hanging over the project, in a statement to holders on Telegram. Delivering the product is always the best rebuttal.
To that end, my staff has been working diligently to deliver and execute; as a result, a special thank you to Terence and James on that front as well as to our Mods for their courteous tolerance in dealing with an occasionally irritated community.
Other significant statements made by Ryder included the pledge that LBLOCK would be listed on more exchanges, a daily jackpot, the introduction of the NFT contests platform, and a decision to become a DAO.
Why Does a Burn Have a Good Price?
When an asset's supply decreases over time rather than increases, it is said to be a deflationary asset. When a result, value should rise as scarcity rises on a per-token basis.
LBLOCK currently has a maximum supply of 3.65 billion coins, and the burn in September will instantaneously remove 36.5 million of those coins from circulation.
There are many deflationary digital assets, most notably Bitcoin, while Terra Classic (LUNC) increased by almost 80% after the addition of staking and a burn.
While a monthly 1% burn of the maximum supply from LBLOCK will probably be a far greater figure, LUNC will see 1.2% of tokens burned per transaction, despite the fact that that sounds higher.
To add Bridge to LBLOCK
A bridge between the V1 and V2 LBLOCK coins will go online on October 3 as well, according to Ryder's announcement.
In order to make it simpler to list on centralized exchanges and do away with the 12% transaction fee that the V1 currency had, the team introduced the V2 token in August.
As previously indicated, the V2 coin is already listed on MEXC, LBank, and Gate.io, and Ryder claims that listings on larger exchanges are on the horizon.
Holders will be able to exchange each V1 token for 0.88 V2 coins thanks to the bridge, which is being certified by the crypto security company Certik.
A $300,000 Lamborghini, a $1,000,000 home, and $1,000,000 in Bitcoin are currently up for grabs on Lucky Block, the top NFT competitions and prize site.