Crypto Gaming Token LBLOCK V1 Sees 40% of Supply Bridged as FOMO Heats Up
Friday, September 15th, 2023 – Four days after the LBLOCK bridge opened to convert from the token from the BNB Smart Chain to the Ethereum chain, 41.1 billion tokens worth $3.9 million have been bridged.
It means 41% of total supply has entered the bridge with a second bridging opportunity opening on 25 September. LBLOCK V1 token holders need to get on board fast or risk missing out on swapping 1:1 for the more richly priced LBLOCK V2 token.
Although there is a chance that the bridge will reopen after the two scheduled windows, that decision will likely depend on demand, such as if there is a late surge and many token holders look set to miss the deadline.
LBLOCK is the native token of the fast-growing Lucky Block Casino and Sportsbook. The original incarnation of the LBLOCK token has a tax on buy and sell transactions, making it unsuitable for listing on many centralized exchanges. That tax has been removed for bridging to encourage maximum community take-up.
The reopening of the bridge is a major step on the roadmap of the reimagined LBLOCK as it aims to become the world’s most widely used native token in the gambling industry.
By moving all the V1 BEP-20 tokens onto to Ethereum’s ERC-20 standard, it opens up the LBLOCK token not just to more liquid trading markets but also the advantages that flows from running on crypto’s preeminent chain for decentralized applications.
Lucky Block: “Aggressive expansion is our goal”
Commenting on the bridging success so far, Damian Jacobs, community manager at Lucky Block, said: “There really is no time to lose to get onto the LBLOCK V1 to V2 bridge. After a long journey we are immensely pleased that so many token holders have stayed loyal to the project.
“At Lucky Block Casino we believe their patience will be handsomely rewarded as the popularity of crypto gaming explodes and the role of LBLOCK within that pushes forward innovation. The recent launch of our Casino and Sportsbook on the Telegram app shows are intent, and aggressive expansion is our goal.
“We are laser-focused on creating growing value for LBLOCK holders as we make playing in our casino an unrivaled experience across crypto and the legacy competition.”
Crucially, for LBLOCK holders and Lucky Block users, LBLOCK will extend the gamification possibilities on the platform and widen the utility of the token, therby increasing its value.
The V2 token is valued at more than 4x the value of the V1 token, which means the bridge provides holders of the LBLOCK V1 with the possibility of dramatically increasing the value of their stash.
However, the arbitrage opportunity afforded by the spread in the price of the two versions of LBLOCK, means that volatility will increase as the bridge takes place and in the vesting period afterwards.
Precisely because of the volatility risk, a 60-day vesting period applies to bridged assets, which will be released back to owners at a rate of 16.65% of the principal briddge amount every 10 days
By the end of the 60-day vesting period, 100% of the vested tokens will have been released. This vesting design will have the effect of dampening volatility as bridged coins will only become free to trade as they are unlocked over the 60-day period.
Here’s the LBLOCK V1 to V2 bridging details
There are two bridging windows, with the first, which started on 11 September, set to close on the 15th, after which claiming will begin on 18th September. All coins bridged will be claimable indefinitely from the 18th September onwards.
The second bridge window opens on 25 September and closes on 29 September. Claiming for tokens using the second bridge will begin shortly after, on 2 October for an indefinite period.
Users can start claiming on the 18th if they joined the 1st bridging period.
Users can starting claiming on the 2nd October if they joined the 2nd bridging period.
|Bridge opens*||Bridge closes||Claiming begins**|
|Bridge 1||11 September||15 September||18 September|
|Bridge 2||25 September||29 September||2 October|
|Notes: *connect wallet on BNB Smart Chain. **Connect wallet on Ethereum chain. Claiming will remain open for an indefinite period, but the bridging windows are the last opportunity to convert from LBLOCK v1 to LBLOCK V2|
At a date as yet unspecified, the V1 token will no longer be provisioned with liquidity for trading on PancakeSwap.
LBLOCKV1 token holders can connect to the bridge at: https://v2bridge.luckyblock.com/.
Once the tokens have entered the bridges you will be able to see the transaction information on the BNB Smart Chain. When it comes to claiming the tokens from the Bridge, this must be done on the Ethereum chain, by clicking the ‘Switch to ETH chain’ button.
Bridging cryptocurrencies is a tricky business that requires robust security testing. This is why the Bridge is not kept open outside of the two one-week windows. The dev team will be manually sending the tokens locked on the bridge to the Ethereum blockchain to guard against security issues arising.
The team has released on its Twitter and Discord accounts a step-by-step LBLOCK bridging guide on how to use the bridge and comprehensive frequently asked questions (FAQs) to address all aspects of the bridging process.
Lucky Block’s LBLOCK V2 token is currently priced at $0.00009476 and LBLOCK V1 at $0.00002353.
A new updated version of the Lucky Block whitepaper will published in the next few weeks.
New-look LBLOCK will provide privileged access to special tournaments, jackposts and a VIP rewards program as gamification ramps up
At the core of the ongoing development powering the reimagined LBLOCK will be a host of new utility features to enhance value proposition for token holders.
During the vesting period, holders of the bridged assets will see the introduction of a variety of gamification and crypto-related features.
Among the new services will be revamps of existing products. So, for example, the owners of the Platinum Rollers Club NFTs will see the long-awaited implementation of the VIP Program. It will include preferential and exclusive entry to a range of product offerings in the Lucky Block Casino.
There will also be a special tier of the Lucky Block Loyalty Program for LBLOCK owners.
Other products in the works include tournaments and special jackpots in which the LBLOCK token will unlock exclusive access and prize features.
In a sign of the innovation that has become the hallmark on the ecosystem, Lucky Block recently stealth-launched its casino on the Telegram messaging app, laying down the gauntlet to the competition.
The Lucky Block Telegram Casino and Sportsbook allows users to quickly get up and running because it leverages the KYC of Telegram to make onboarding a breeze.
Telegram bots make it super easy to use, providing access to Lucky Block’s fully featured service that includes all the online casino favorites such as slots, poker, live casino, and table games, including roulette and blackjack.
LBLOCK is the must-have crypto asset to unlock the world of gaming – overnight, it turns token holders into VIP patrons with a front-row seat in the most exciting growth sector in crypto.
Where to buy LBLOCK V2
LBLOCK V2 token is listed on a number of top centralized exchanges, including Gate.io, MEXC and LBank, and the team says more will be joining the list in the weeks following the completion of the bridging process.
For those who haven’t played at the Lucky Block Casino and Sportsbook, here’s the list of coins customers can use: LBLOCK, Bitcoin, Ethereum, Litecoin, Dogecoin, Tether (USDT), Cronos, Monero, Dash, Zcash, Solana, Avalanche, Dai, Chainlink, Polygon, USD Coin, Polkadot, Uniswap, Shiba Inu and Wrapped Bitcoin.
If you are a LBLOCK V1 token holder, there’s no time to lose to get on the bridge.
For those who aren’t yet token holders but play on the casino and wager at the Sportsbook, then buying LBLOCK at today’s low price could be a smart investment, as the crypto gaming sector continues to boom.