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LBLOCK bridge now live but how lucky is it so far for V2 token?

By Raphael Sanis

12:54, 4 October 2022

LBLOCK
Lucky Block is bringing competitions and lotteries to the crypto world – Photo: Shutterstock

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.

BTC/USD

95,786.40 Price
-1.150% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 50.00

XRP/USD

2.09 Price
-5.500% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01042

XLM/USD

0.39 Price
-3.530% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.00194

ETH/USD

3,619.90 Price
-2.050% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 1.75

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).

Markets in this article

ETH/USD
Ethereum / USD
3619.90 USD
-75.79 -2.050%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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