Jimmy Aki
A historic LBLOCK token burn is about to occur. Analysts anticipate a massive price increase for the asset now that the LBLOCK token has finally joined many other coins in adopting the deflationary model.
Lucky Block: Universally Available NFT Gaming and Competitions Platform
Lucky Block began as a blockchain gaming service and has now expanded to provide a variety of games and collectibles while engaging its community in competitions.
The platform has been actively involving its users and participants in numerous initiatives, which recently increased the value of the platform’s native token, LBLOCK.
According to a recent release, the developers of Lucky Block are hosting several prize pools and draws.
There is $2,500 up for grabs with #LuckyBlock! ⬇️
Don't Miss Out!https://t.co/mv4IlWPqnZ#gleamgiveaway #gleam #cryptogiveaway #giveaway
— Lucky Block (@luckyblockcoin) September 19, 2022
These draws give LBLOCK holders the chance to win over $50,000 in prizes, while investors who buy Lucky Block NFTs can also compete in unique draws with higher entry barriers but more valuable prizes.
Join Our Platinum Rollers #NFT Club & Enjoy Benefits Such As:
➡️ A lifetime entry to the #NFT draw
➡️ An automatic entry to the #lambo draw
➡️ An automatic entry to weekly competitionsBuy Now!https://t.co/u64JvpW0O8#NFTs #NFTcommunity #NFTdrop pic.twitter.com/RLuyIkkCYY
— Lucky Block (@luckyblockcoin) September 19, 2022
The influx of investors has also piqued the interest of several top platforms in the market. The asset has been listed on exchanges such as MEXC and Gate.io, making it available to even more investors looking to earn.
Gm #LuckyBlockArmy!
Big day for #LuckyBlock – $LBLOCK is LIVE on https://t.co/FkAb1Wvhuw! Get some now at https://t.co/NCzeQkbC90 pic.twitter.com/bifLHkTPLi
— Lucky Block (@luckyblockcoin) September 1, 2022
LBLOCK Tax Burn Incoming
The Lucky Block developers made a significant announcement earlier this month. They confirmed in a tweet that LBLOCK would implement a 1% monthly tax burn beginning September 30.
$LBLOCK #tokenburn is coming!
Starting September 30th 2022, #LuckyBlock will implement monthly 1% token burn of the LBLOCK supply in order to support LBLOCK price
Don't miss it, grab some $LBLOCK before at https://t.co/NCzeQkbC90 pic.twitter.com/fjBVJfM2zf
— Lucky Block (@luckyblockcoin) September 7, 2022
As stated in the announcement, the tax burn will be implemented to support the LBLOCK price. Lucky Block’s developers will cut 1% of all LBLOCK tokens in circulation every month. This creates a deflationary model for the coin, reducing its available supply and providing the asset with a level of scarcity.
According to the laws of economics, the value of an asset should rise as it becomes scarcer.
Over the years, different assets have chosen different paths to maintain a deflationary model. The trend started with Bitcoin, which has a hard cap of 21 million units. As a result, the asset becomes more deflationary with each BTC mined, and its circulating supply decreases. However, most asset developers choose token burns instead, reducing the supply of their tokens to create the scarcity required to support the token’s price.
With LBLOCK’s circulating supply currently at 3.65 billion tokens, the first round of the tax burn should result in the removal of 36.5 million tokens from circulation. The cycle will continue indefinitely.
Ethereum Bridge on the Way
The upcoming burn program isn’t the only good news for the Lucky Block ecosystem. In a recent Telegram session, its developers confirmed that they are working on an Ethereum bridge solution that would allow the LBLOCK V2 token to be moved between the Ethereum blockchain and its current home on the Binance BNB Smart Chain.
The Ethereum bridge is expected to go live on October 3 and will be verified by Certik, one of the most prominent security solution providers in the crypto industry. LBLOCK V1 token holders can convert them to V2, with the exchange rate set at 1 LBLOCK V1 to 0.88 LBLOCK V2 coins.
Related News
- Lucky Block Burn Starts on 30th September – How High Could LBLOCK Price Go?
- NFT Competitions Platform Lucky Block Listing on Gate.io – LBLOCK Blast Off
- Here’s How to Buy Lucky Block with a Card and Access NFTs
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This article was written for Business 2 Community by Jimmy Aki.
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