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Lucky Block V2 token bridge details, timing in full: Will burn program charge LBLOCK price?

By Capital.com News

Edited by Charlie Mellor

16:23, 26 September 2022

Portrait of Lucky Block CEO, Scott Ryder
CEO of the Lucky Block platform, Scott Ryder – Photo: Getty Images

Non-fungible token (NFT) rewards and competition platform Lucky Block (LBLOCK) is set to implement its new 1% burn programme that will see an update between its BNB Smart Chain (BNB) V1 token and Ethereum bridge V2 token. 

The burn is set to transform LBLOCK into a deflationary asset with 1% of the total supply set to be burned from the project on a monthly basis.

The main objective, according to the company’s website, is to ensure that both V1 and V2 tokens are available to the entire crypto community by listing them on the world’s biggest decentralised exchanges (DEXs).

The V1 token is currently listed on PancakeSwap (CAKE), with V2 trading on the LBank and MEXC Global. On 1 September, V2 went live on the Gate.io exchange, the fifth-largest cryptocurrency exchange by trading volumes.

Lucky Block launched just nine months ago in January 2022, and has already amassed a community of more than 57,000 token holders.

ETH/USD

3,500.61 Price
-0.730% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

SOL/USD

173.86 Price
-0.470% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

XRP/USD

0.59 Price
-2.080% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

BTC/USD

66,950.35 Price
-0.690% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

V2 token bridge timing: What’s coming up?

Lucky Block CEO Scott Ryder confirmed via Telegram that the go-ahead date for the bridge is 3 October. The update is expected to boost the values of both V1 and V2 tokens.

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, so a special thanks to Terence and James on that and our Mods for their polite patience in dealing with an understandably at times frustrated community.”

While the price of LBLOCK surged by more than 400% on its opening debut on the MEXC exchange on 27 July according to Lucky Block, past performance is not a reliable indicator of future results – so it’s not clear what effect go-ahead date for the bridge will have on the price of lucky block.

Markets in this article

BNB/USD
Binance Coin / USD
600.57 USD
-2.71 -0.450%
CAKE/USD
CAKE/USD
2.1057 USD
-0.0182 -0.880%

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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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