Since listing on LBank on 27th July the LBLOCK V2 token price has pumped 250% and is now firmly on the listings radar of major exchanges in the crypto space, with a MEXC listing up next on Monday 1 August.
At the time of writing LBLOCK continues to be among the top gainers on the LBank exchange, currently priced at $0.00240.
Breaking into the major resistance region above $0.0023 is a highly significant technical that signals LBLOCK could retrace much higher from here.
LBank exchange at midnight on 27th of July) at 7pm UTC+8, with withdrawals reopened at 2pm UTC+8 on 28th.
Lucky Block CEO Scott Ryder commenting on the LBLOCK V2 launch said: “We’re extremely excited about the initial success of our new V2 Ethereum based token.
“The listing of this token on the largest global exchanges is going to open the project up to a huge investor base.
“We are confident that Lucky Block is on its way to becoming one of the most well-known cryptocurrencies in existence.”
LBLOCK originally listed on the Hong Kong-based LBank exchange on 11 February this year.
At that time, sell and buy transactions were subject to a 6% tax. The tax is used to fund the Lucky Block prize pool. However, with the ERC20 version those transaction fees no longer apply.
Holders of the V1 token on LBank saw their LBLOCK automatically swapped to the Ethereum ERC20 version at a rate of 0.94:1 to reflect the transaction tax.
V1 holders on decentralised exchanges such as Pancakeswap were able to migrate to V2 by selling and re-buying on the CEX.
V2 token success creates huge upside for LBLOCK V1 holders
Those who didn’t migrate to V2 will still the nevertheless see substantial upside when the bridge is live.
The introduction of LBLOCK V2 is already injecting substantial fresh liquidity into LBLOCK/USDT trading pair on LBank. In turn, this is leading to stronger price appreciation.
The V2 version of LBLOCK has been designed to facilitate day trading and does not feature a rewards mechanism as part of its design.
However, the introduction of the bridge will allow those in the Lucky Block ecosystem to seamlessly move between both versions of the token. Depending on what holders want to do with their tokens, some could be allocated for accumulating jackpot rewards and buying tickets there, while another portion could be kept on CEXs.
NFT competitions rollout to be major milestone achievement
But the good stuff doesn’t stop with the red hot action on LBank. On the product development side, he Lucky Block team has released the beta of its NFT competitions platform.
NFT collections will be minted for each prize giveaway, in an innovative use case for NFT technology.
The prizes will include $1 million worth of bitcoin, a house and VIP tickets to the FIFA World Cup, so the competitions platform sure to see strong interest from consumers both inside and outside crypto – Lucky Block has built an onramp to make it easy to buy with normal fiat currency.
MEXC listing on 1 August as buyers flood in
Tomorrow LBank lists on the MEXC exchange and this is likely to be followed in quick order by a flurry of other listings, as the success of V2 is being closely watched by crypto trading venues.
According to coinmarketcap, 24-hour volume has jumped 50% in the past 24 hours alone to $666,826.
The Lucky Block team is now focused on hugely expanding the liquidity of LBLOCK while the bridge between the ERC20 and BEP20 versions of the tokens completes its audit, which is being conducted by Certik.
Bridges are notoriously prone to hacking and so security is paramount.
The amount of funds that are required to maintain the bridge, where funds added to one side have to be locked on the other, means that a hack can seriously damage a project, as happened with Axie Infinity and its Ronin bridge, and countless other recent examples.
Perfect bullish storm for Lucky Block
However, with LBLOCK V2 flying on LBank and CEXs forming an orderly queue to list the token, the liquidity expansion goals look well-timed with the future release of the bridge.
Add to that the tentative bottoming currently being seen in the wider crypto market right now, and it makes for a prefect bullish storm for LBLOCK.
But regardless of whether the market is general recovering, Lucky Block is well placed to go from strength to strength on both the adoption traction front and in terms of the market valuation to reflect that.
You can buy the ERC20 version of the LBLOCK token here: