In addition to the V1 token for trading on decentralized exchanges, Lucky Block also recently introduced a V2 version. This immediately led to plenty of discussion among V1 users. Above all, the question was how users can switch to the V2 version. This should be possible soon thanks to the Ethereum bridge between the two versions. According to the crypto team, the bridge is currently going through the security check. This check is necessary, because a large number of cyber attacks in the past have been aimed at this type of bridge. An attack on Axie’s Infinity Network’s Ronin Bridge resulted in the loss of over $100 million. So how safe will the Lucky Block Bridge be?
When is the Lucky Block Bridge coming?
According to their own statements, Lucky Block developers are working on making the Ethereum Bridge as secure as possible. They want to offer their users a way to switch between the V1 and V2 tokens and thus secure their assets. The secured assets should in particular promote the liquidity of the project. This is how users should be happy. So far, they are upset on social media that it was not possible to switch to the V2 version directly. The security check of the bridge is still ongoing, the developers and testers want to test the bridge extensively to establish a secure connection.
All well and good.
Where Lblock bangs through the roof because of all the new lists, the HODLER V1 is definitely the shitty ones.
It’s a shame that the handle at Luckyblock works like this.
ETH Bridge should be 1000% ready before then.
— The HODLER 👑 (@_CryptoBert_) August 20, 2022
The bridge is one of the most important infrastructures there is. Ethereum Bridge intends to maintain price parity between the two stable tokens. Assets are designed to be switched between protocols, allowing users to convert their previous V1 signals into V2 signals. The conversion should be quick and easy. Above all, however, the V2 version is intended to promote the liquidity and stability of Lucky Block. This should encourage new buyers and then switch back to V1 to participate in contests there. Transcription runs through a defined chop and burn protocol. This works because the blockchain automatically blocks tokens from one side. They are then re-sworn from the other side.
The previous version of the sign corresponds to the BEP-20 standard. This also includes a 12 percent transaction tax. However, this prevents listing on central crypto exchanges. The developers therefore decided to develop a second token based on Ethereum. The token is now listed on LBank, Uniswap and MEXC. After listing on LBank, the Lucky Block Coin saw a massive 250 percent surge. The V2 token eliminates sales taxes, attracting more customers and bringing stability to the Lucky Block. Users who have a Lucky Block V1 token and want to transfer it to a V2 token would still have to pay the 12 percent sales tax. No taxes need to be paid in the opposite direction. The current token exchange rate is V1:V2 0.88:1.
How stable is Lucky Block?
After the listing on LBank and MEXC, there was uncertainty among investors regarding the V1 token, as a result of which the price fell. But then the uptrend was back and the LBlock is currently in positive territory at $0.00042. After a few months of being a bit difficult for Lucky Block, it looks like the developers are back on track. However, it remains to be seen whether the value will remain stable in the long term and whether the price will increase to make a profit. Because the course briefly fell back to 0.0007 US dollars.
At the beginning of August, Lucky Block product manager Terence Ribaudo answered questions from the public. Among other things, it was about the V1 and V2 tokens, the NFT competition and of course the Ethereum Bridge.
While Ribaudo was answering the public’s questions, some news emerged. When asked if new rewards can be announced yet, the developer replied that it is still too early to set a specific reward. The method for this would not be finalized, as soon as there is new information, he announced it.
Regarding the safety of the bridge, Ribaudo said “we are doing as much as we can to secure the bridge”. He also says the bridge is scheduled to go live in about two months, but the most important thing is that it is ready and secure, not when or how soon it will be ready. So the testing of the bridge may still take some time, but it is certain that the bridge has been extensively tested.
What is Lucky Block?
The Lucky Block is an NFT platform that allows its users to participate in contests. Users can win various prizes through the platform. In concrete terms, this works in such a way that a user uses the LBLOCK token to purchase various NFT collections. If a user has now purchased an NFT coin, he gets the chance to win a corresponding prize. For example, users can win a 5-star trip, a $1 million house, or a Lamborghini. Lucky Block aims to provide its users with such a simple and tangible platform to win opportunities.
Users can purchase the required Lucky Block tokens through LBank, MEXC Global or Uniswap. All you have to do is register with the respective platform.
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