Friday, September 15th, 2023 – It has been four days since the LBLOCK bridge opened to convert tokens from the BNB Smart Chain to the Ethereum chain. So far, 41.1 billion tokens worth $3.9 million have been bridged, which accounts for 41% of the total supply. Another bridging opportunity will open on September 25th, so if you hold LBLOCK V1 tokens, you need to act quickly to swap them for the more valuable LBLOCK V2 tokens.
The LBLOCK token is the native token of Lucky Block Casino and Sportsbook. The original version of the token had a tax on transactions, which made it unsuitable for listing on many centralized exchanges. However, this tax has been removed for bridging purposes in order to encourage more people to participate.
The reopening of the bridge is a significant milestone for LBLOCK as it aims to become the most widely used token in the gambling industry. By moving all V1 tokens onto Ethereum’s ERC-20 standard, it not only opens up more trading markets but also allows for greater innovation and utility within decentralized applications.
According to Damian Jacobs, community manager at Lucky Block, there is no time to waste in joining the LBLOCK V1 to V2 bridge. He believes that loyal token holders will be rewarded as crypto gaming grows in popularity and LBLOCK plays a crucial role in pushing forward innovation. The recent launch of Lucky Block’s Casino and Sportsbook on Telegram demonstrates their commitment to aggressive expansion and creating value for LBLOCK holders.
The bridging process presents an arbitrage opportunity due to the price difference between the two versions of LBLOCK. This may result in increased volatility during and after the bridging period. To mitigate this risk, a 60-day vesting period applies to bridged assets. Tokens will be released gradually over this period to dampen volatility.
There are two bridging windows, with the first closing on September 15th and the second opening on September 25th. Tokens can be claimed starting from September 18th for the first bridge and October 2nd for the second bridge. Liquidity for trading the V1 token on PancakeSwap will eventually be removed.
Bridging cryptocurrencies requires robust security testing, which is why the bridge is only open during specific windows. The dev team manually sends tokens locked on the bridge to the Ethereum blockchain to ensure security. Lucky Block has provided a step-by-step guide and FAQs on how to use the bridge.
The new version of LBLOCK will offer privileged access to special tournaments, jackpots, and a VIP rewards program. Gamification features will enhance the value proposition for token holders. Existing products like Platinum Rollers Club NFTs will see revamps, and a special tier of the Lucky Block Loyalty Program will be introduced for LBLOCK owners. Tournaments and jackpots exclusive to LBLOCK holders are also in development.
Lucky Block recently launched its casino on Telegram, showcasing its commitment to innovation. The Telegram Casino and Sportsbook offer a seamless onboarding experience using Telegram’s KYC feature. Users have access to various casino games, including slots, poker, live casino, roulette, and blackjack.
LBLOCK V2 tokens are listed on centralized exchanges such as Gate.io, MEXC, and LBank. More exchanges are expected to join once the bridging process is complete. Customers can use various coins at Lucky Block Casino and Sportsbook, including LBLOCK, Bitcoin, Ethereum, Litecoin, Dogecoin, and many more.
If you hold LBLOCK V1 tokens or are interested in playing at the casino and wagering at the Sportsbook, now is the time to take action. Bridging your tokens or buying LBLOCK at its current low price could prove to be a smart investment as the crypto gaming sector continues to grow.
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