Lucky Block Bridge and Burn program details in full: Will deflation spur LBLOCK price?
14:32, 13 September 2022
Lucky Block (LBLOCK), the non-fungible token (NFT) competitions platform, is looking for a boost in its price after a decision to implement a 1% burn programme and an ethereum (ETH) bridge between tokens.
Scott Ryder, Lucky Block’s CEO, said via Telegram that from 30 September 2022, the crypto will start a monthly 1% burn programme “to support the LBLOCK price”.
The burn will transform LBLOCK into a deflationary asset, as 36.5 million tokens will be erased from the market in September from its maximum supply of 3.65 billion.
Ethereum bridge
Ryder also announced that the ethereum bridge solution for moving between the LBLOCK Ethereum V2 token and Binance BNB Smart Chain V1 versions of the coin will be live from 3 October.
The bridge is being verified by the crypto security firm Certik and will allow holders to convert each V1 coin to 0.88 V2 coins.
The digital asset is now listed on three crypto exchanges, Uniswap, MEXC Global and LBANK.
Ryder said: “There has been a lot of uncertainty and, dare I say, fear, uncertainty and doubt (FUD), hanging over the project. As always, the best rebuttal is to deliver the product. To that end my team has been hard at work delivering and executing.”
The Lucky Block CEO also hinted at “some exciting Web 3.0 partnerships” taking place in the future.
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Price still down
Despite this news being released, both LBLOCK versions were down in price on 13 September, according to CoinMarketCap. Lucky Block V1 was down by 6.99% to $0.0004435 and Lucky Block V2 was down by 4.45% to $0.0007296.
On 12 September, LBLOCK V1 shot upbriefly in price 110% to $0.0009777, before falling back to the $0.0004435 level.
Lucky Block players earn rewards by holding NFTs and entering competitions.
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