LBLOCK bridge now live but how lucky is it so far for V2 token?
12:54, 4 October 2022
Lucky Block is not quite winning over the crypto market, despite its newly released bridge.
The London-based cryptocurrency lottery system wants to grow into a global lottery with players leveraging blockchain protocol.
The LBLOCK bridge connects its BNB Chain and Ethereum (ETH) cryptocurrencies. Its arrival comes after the recent launch of an ERC-20 token by the project.
However, both tokens are struggling, with the Ethereum version experiencing strong losses.
LBLOCK performance
Lucky Block launched its own Ethereum-based token in August 2022, eight months after its first cryptocurrency on the BNB Chain.
Rather than combining the two contracts into one cryptocurrency like most projects, Lucky Block has separated these two versions into different cryptocurrencies. Lucky Block V1 uses the BEP-20 standard, while the V2 token is an ERC-20 token.
Its bridge between the two tokens launched on 3 October. However, they were both struggling the following day.
As of 4 October, Lucky Block V2 was down 31% in the previous 24 hours. The fall is a continuation of a downward trajectory that has seen the token drop by 64% in the past month.
Similarly, Lucky Block V1 had fallen by 22% in the past day and 46% over the past month.
Bridge details
While the bridge increases interoperability for the project, it does have a cost for the consumer. Lucky Blocky charges a 12% tax for those moving funds from the BNB Chain to Ethereum. It tweeted: “The tax covers our gas costs to execute the internal bridge functions.”
This Lucky Block Bridge is not a permanent fix either. It launched on 3 October at 12pm BST (+1 UTC) and will close four days later on 7 October.
Scott Ryder, Lucky Block’s CEO, said on Telegram in reference to the bridge: “The final piece of our near-term plan”
Next steps
The telegram announcement saw other major updates being released. This included a burn programme, which will destroy 1% of all tokens every month. The first burn took place on 30 September.
Ryder also revealed there are partnerships incoming with unnamed Web 3.0 brands, along with plans to incorporate a decentralised autonomous organisation (DAO).
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