Lucky Block LBLOCK Price to Surge on Bridge and Burn Program
Lucky Block is expected to surge in price in the coming days and weeks after two major announcements from the project.
The price is already up nearly 20% in the last 24hrs as investors take up positions for the market leading online competitions platform.
LBLOCK V2 is now priced at around $0.0008 having been priced at $0.0005 just three days ago - an increase of 60% - after key announcements from project CEO Scott Ryder filtered through the space.
LBLOCK to add 1% Monthly Burn
As Ryder announced earlier this month, LBLOCK - one of the top cryptos on the market - will now become a deflationary asset, with 1% of the total supply set to be burned from the project on a monthly basis, starting on September 30.
In a post to holders on Telegram, Ryder said: "There has been a lot of uncertainty – and dare I say 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."
Ryder also made a number of other important announcements, including a promise of LBLOCK being listed on more exchanges, a daily jackpot, the NFT competitions platform having been launched and a move to become a DAO.
Why is a Burn Good for Price?
Becoming a deflationary asset means that a supply of an asset reduces over time rather than increases over time. Therefore, on a per token basis value should increase as scarcity increases.
LBLOCK currently has a max supply of 3.65 billion coins and September's burn will see 36.5 million erased instantly from the market.
There are numerous deflationary crypto assets, most notably Bitcoin, while Terra Classic (LUNC) pumped around 80% after staking and a burn was introduced.
LUNC will see 1.2% of tokens burned per transaction but while that sounds higher, a monthly 1% burn of max supply from LBLOCK will likely be a much higher figure.
LBLOCK to add Bridge
Ryder also announced that a bridge between the V1 and V2 LBLOCK coins will go live on October 3.
The team launched the V2 coin in August to allow for easier listing on centralized exchanges and eliminate the 12% transaction fee that the V1 coin had.
The V2 coin is already listed on MEXC, LBank and Gate.io and, as mentioned above, Ryder says listings on bigger exchanges are in the pipeline.
The bridge, which is being verified by crypto security firm Certik, will allow holders to convert each V1 coin for 0.88 V2 coins.
Lucky Block is the leading NFT competitions and prizes platform with unrivalled rewards on offer - a $300,000 Lamborghini, a $1 million house and $1 million of Bitcoin can currently be won.