Lucky Block LBLOCK V2 Token Pumps 250% on LBank, MEXC Listing 1st August

Lucky Block LBLOCK V2 Token Pumps 250% on LBank, MEXC Listing 1st August 1

Last Updated on 23 mins by cryptoevent

Lucky Block, the NFT competition platform, saw a 250 percent rocket of the newly listed LBLOCK V2 token on the LBank exchange in the past few days after the venue completed the token migration to an Ethereum version – the Version 1 (V1) the Binance Smart Chain version – supported by LBLOCK remains operational.

Since completing the migration on July 27 and resuming trading, LBLOCK’s trading volume has also skyrocketed, up 62% in the last 24 hours alone.

Since the new version of the LBLOCK token runs on the Ethereum blockchain, it opens up the ecosystem to a much broader investor and user base. The Lucky Block team has updated the token to cater to centralized exchanges (CEXs) and traders.

Cryptoassets are a highly volatile unregulated investment product.

lblock top winner

No more taxes is music to the ears of CEXs and traders

LBLOCK V2 transactions are no longer subject to the tax that comes with the V1 version and are used in part to fund the jackpot prizes that have been running on the Lucky Block web app for around two months.

On DEXs, LBLOCK sales are taxed at 12%, while on LBank it was 6% for purchases and sales, but this no longer applies after LBank migrated to V2.

Version 1 of LBLOCK is a BEP20 compliant token and holders receive rewards from the jackpot pool for holding it and voting for charities as jackpot beneficiaries.

In comments to Business2Community, Lucky Block CEO Scott Ryder said, “We are very excited about the initial success of our new Ethereum-based V2 token.

“The listing of this token on the largest global exchanges will open the project to a huge investor base.

“We are confident that Lucky Block is on the way to becoming one of the most well-known cryptocurrencies in existence.”

LBLOCK buyers may be tempted to buy LBLOCK at LBank by the generous $255 giveaway to new depositors at the LBank exchange.

Listing on MEXC exchange on Monday 1st August – more CEXs in the pipeline

On Monday, LBLOCK is listed on the MEXC exchange, the 18th largest in the crypto space by trading volume. Buyers are buying in anticipation of this event, but also in anticipation of a pipeline of more offerings.

Insiders at Lucky Block say they have been taking calls from a number of top exchanges over the past few days as the success of the V2 migration on LBank is injecting liquidity into the LBLOCK/USDT trading pair.

The bulls are further encouraged by the prospect of a pipeline of CEX listings to be announced in the coming days and weeks.

Bridge between LBLOCK V1 and V2 to narrow price range, Pump v1 price

Holders of the V1 version of the token are excited for the launch of the bridge to link the two versions of the token.

Bridges have become a crucial piece of crypto infrastructure in a world of otherwise incompatible tokens running on competing blockchains.

However, with a bridge, the ERC20 and BEP20 versions of LBLOCK can be seamlessly swapped and the liquidity imbalance between V1 and V2 arbitrated, reducing the spread between the two token versions.

The bridge is currently undergoing intensive testing by Binance-approved auditor Certik. As critical as they are to the crypto infrastructure, they have emerged as a key vulnerability and have been subject to numerous hacks, most notably perhaps the theft of $650 million from the Ronin Bridge linked to Axie Infinity.

So suffice it to say that the current V2 price increase is a significant advantage for V1 owners.

NFT Competes With Significant Milestone For Lucky Block

LBLOCK’s price boom is also aided by product development progress which has seen the completion of jackpot draws which now allow for charity votes and rewards for token holders. Additionally, just over a week ago, the team announced that the launch of the NFT competitive platform is imminent.

Entry into the NFT Contest Draws is by purchasing an NFT from the collection, which is created to be uniquely attributed to each prize.

Prizes include $1 million in bitcoin, a home, a BAYC NFT and VIP tickets to the FIFA World Cup, among others.

So, aside from purely speculative reasons to buy the token, there are solid fundamentals that provide a basis for future price support and expansion.

Lucky Block Bulls Return ATH’s reclaim to the table

Coming back to the price, LBLOCK V2 cleared a significant headwind around the $0.00230 level, meaning the way is now clear for a rally to $0.0036 and beyond.

LBLOCK hit an all-time high of $00.9387 on the closing day, according to Coinmarketcap prices. With the current tailwind of positive news and product fundamentals, combined with a tentative turnaround in sentiment in the broader market, there are now many bulls poised to target a return to ATH and higher.

The delay in CEX listing was caused by the difficulties centralized exchanges had in listing a coin that was seen as paying a reward and had to tax sales.

Token taxes are good for encouraging long-term investors, but obviously not ideal for day traders.

Having two tokens means Lucky Block can expand its ecosystem by catering to the needs of both types of holders – those looking to participate in Lucky Block’s product offering and those looking to leverage the value of its network on trading platforms with deep liquidity .

Similar news

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  • LBank supports Lucky Block (LBLOCK) v2
  • How to Buy Lucky Block NFT in 2022 – Beginner’s Guide

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