Tom Sheen
Crypto analysts are expecting Lucky Block’s LBLOCK to pump at the end of the month after the project’s burn mechanism is introduced.
As CEO Scott Ryder laid out earlier in September, the LBLOCK token will now become deflationary with a huge 1% of the total supply to be cut from September 30.
The burn will see 36.5 million tokens permanently wiped from the blockchain on September 30, drastically increasing scarcity and driving up the value of each token – with the burn to continue every month.
LBLOCK is currently trading at $0.00046 at the time of writing, up 8% in 24hrs as the burn approaches.
Burns have been hugely successful for other projects with the likes of Terra Classic (LUNC), Shiba Inu (SHIB), and PancakeSwap (CAKE) all deploying the mechanism to great fanfare.
What is Lucky Block and how does it work?
Lucky Block is the market-leading NFT competitions platform where prizes such as a Lamborghini, a $1 million house, and $1 million in Bitcoin are currently on offer.
To take part in the competitions, investors must hold a Lucky Block NFT that counts as a digital ticket for the corresponding prize.
Remember – our #NFT competitions platform is live – follow the link below and have a chance to win
➡️ A #BAYC NFT
➡️ $1,000,000 in BTC
➡️ A $1,000,000 house
And more!Check it out now ⬇️https://t.co/lU8fV3dasf #NFTs #NFTcompetitions #NFTcollection #NFTdrop pic.twitter.com/tOVOImoFK2
— Lucky Block (@luckyblockcoin) September 26, 2022
For example, to be in with a chance of winning $1 million in Bitcoin, investors would head to launchpad.xyz, find the corresponding ticket and purchase it, holding it until the draw takes place.
That happens when the entries (25,000 in this example) have been filled up.
There is no limit on the number of entries individuals can have and tickets for the Bitcoin prize are currently available for 0.264 BNB (approx. $75) each.
What is the Platinum Rollers Club NFT?
As well as the individual NFT tickets, investors can choose to buy the Platinum Rollers Club NFT.
Available from 1.65BNB (approx. $470), the Platinum Rollers Club NFT gains holders entry to all of the Platinum Roller competitions – which includes the Lamborghini – as well as entitles holders to a share of the total rewards pool.
The share of rewards pool is received in LBLOCK tokens.
What is LBLOCK V2?
LBLOCK is a cryptocurrency token that enjoyed one of the best initial exchange offerings (IEO) of 2022 and pumped more than 1,000% on launch.
The token has since retracted in value amid wider bear market conditions but has shown strong signs of life as one of the most undervalued cryptos in the space.
Developers also released LBLOCK V2 in August, an ERC-20 token that eliminates the 12% transaction fees of the V1 token and makes for easier listings on centralized exchanges.
LBLOCK V2 is already listed on LBank, MEXC, and Gate, with more listings expected shortly.
With the market cap sitting at less than $50 million, LBLOCK has huge room to grow.
What is the LBLOCK Bridge?
Following the first token burn, investors who still hold LBLOCK V1 will be able to convert their BEP token to V2 when a bridge goes live on October 3.
The project has deliberately taken its time to roll out the bridge, amid news that cross-chain bridge attacks have cost investors more than $1 billion in 2022.
Crypto security analysts Chainalysis described cross-chain bridge attacks as the “top security risk” to the space in August.
The most high-profile attack was on Axie Infinity’s Ronin Network, which cost investors $600 million and saw the price of the AXS token fall by more than 90%.
Other attacks include the $200 million drained from the Nomad Bridge and $100 million stolen from Harmony.
Lucky Block is using top-rated crypto security firm Certik to ensure there are no holes in the bridge.
Related
- Here’s How to Buy Lucky Block with a Card and Access NFTs
- Lucky Block Burn Starts on 30th September – How High Could LBLOCK Price Go?
- Lucky Block Bridge is coming, but the News is Already Narrowing V1-V2 Spread
This article was written for Business 2 Community by Tom Sheen.
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