In the past few days, there has been a consistent increase in the price of Lucky Block as investors take up positions for the biggest online contests platform on the market. After a number of important announcements made by CEO Scott Ryder have made their way across the space, the price of LBLOCK V2 has surged to around $0.0008, having been priced at $0.0005 just a few days before. This is a gain of approximately 60%.
LBLOCK Is Going To Add 1% More To the Monthly Burn
One of the most successful cryptocurrencies currently available, LBLOCK, will soon transform into a deflationary asset, as Ryder announced earlier this month. Beginning on September 30, 1% of the total supply of LBLOCK will be destroyed as part of the project on a monthly basis. This practice will begin.
Ryder acknowledged that there has been a great deal of doubt around the project in a statement that he made available to holders on Telegram. However, he refrained from using the term “FUD.” Delivering the goods is the most effective kind of rebuttal at all times.
To that end, his team has been diligently working on delivering and executing, so a particular thanks goes out to Terence and James on that, as well as their Mods, for their kind tolerance in dealing with a community that may be understandably upset at times.
Ryder also made a number of other significant announcements, including a guarantee that LBLOCK will be listed on other exchanges, a daily jackpot, the introduction of the NFT contests platform, and a move toward becoming a DAO.
How Does The Burn Affect The Price?
In order for an asset to be considered deflationary, the supply of that asset must decrease over time rather than continue to grow over time. When a result, the value of each token ought to go up as the number of tokens available goes down.
LBLOCK has a maximum supply of 3.65 billion coins at the moment, and the burn in September will cause 36.5 million of those coins to disappear instantaneously from the market.
There are a number of deflationary crypto assets, the most prominent of which being Bitcoin; nonetheless, Terra Classic (LUNC) rocketed approximately 80% with the introduction of staking and a burn.
1.2% of LUNC tokens will be burnt during each transaction; however, a monthly 1% burn of LBLOCK’s maximum supply is likely to result in a significantly greater total. This is despite the fact that 1.2% seems like a bigger number.
LBLOCK Bridge Date Announced
Additionally, Ryder disclosed that a connection between the V1 and V2 LBLOCK coins will be made operational on October 3.
The V2 currency was introduced in August so that the coin could be listed on centralized exchanges more rapidly and the 12% transaction charge associated with the V1 coin could be removed.
The V2 currency is now available on the exchanges Lbank, MEXC Gate.io, and Ryder has stated that listings on major platforms are currently in the pipeline.
Once the bridge receives certification from the crypto security firm CertiK, holders will be able to trade one V1 token for 0.88 V2 tokens.
At the moment, users have the opportunity to win a Lamborghini for $300,000, a mansion worth $1 million, and $1 million in Bitcoin through the usage of the Lucky Block platform, which is the industry leader when it comes to NFT tournaments and prizes.
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