Holders of the LBLOCK native crypto casino token of the fast-growing Lucky Block Casino and Sportsbook will be able to fully convert to its Ethereum variant from September 11.
Following the April 2023 integration of the LBLOCK token into the Casino, this is the next major step on the roadmap to re-energize LBLOCK as the world’s premier native token of the gambling industry.
In a series of two staged openings, on 11-17 September and 25 September to 1 October, holders of the original LBLOCK V1 BNB Smart Chain (BEP-20) version of the token will be able to convert it to the LBLOCK V2 Ethereum-compliant (ERC-20) version.
The bridge opens at 3pm UTC and can be accessed by visiting https://www.luckyblock.com/en/how-to-buy-lucky-block.
Bridging cryptocurrencies is a complicated technological process that requires rigorous security testing. This is why the Bridge is not kept open outside of the two one-week windows.
However, for users of the bridge, this complexity is hidden. Users will simply need to connect their wallet to the official bridging website to swap their tokens.
The team has released on Twitter and Discord a step-by-step LBLOCK bridging guide on how to use the bridge and comprehensive frequently asked questions (FAQs) to address all aspects of the bridging process.
Lucky Block’s LBLOCK V2 token is currently priced at $0.00009085.
A new Lucky Block whitepaper pulling together roadmap changes and the way forward for the ecosystem will be published during the 60-day vesting period that applies to bridged assets.
Advantages of LBLOCK on Ethereum; Lucky Block crypto casino launches on Telegram
Lucky Block crypto casino is widely publicizing the opening of the bridge in order to make sure that the whole community is aware.
Converting to Ethereum has many advantages for token holders, chief among them being the higher price of the ERC-20 token compared to the V1 BEP-20 token.
However, the Ethereum blockchain is also the largest and most important network for hosting and running decentralized applications, so the migration opens up LBLOCK to a world of greater business development and interoperability.
Bridging involves making transactions on the Ethereum blockchain, which incurs costs. Because of this, the 12% transaction tax on LBLOCK V1 tokens will not apply.
In other related news – and a further boon for the community – this week, the Lucky Block Telegram Casino and Sportsbook bot launched on the Telegram app.
Community manager Damian Jacobs: “Exciting and profitable time ahead”
Commenting on the bridging and Telegram news, Damian Jacobs, community manager at Lucky Block, said: “After the delay that unfortunately followed our previous bridge announcement, I am extremely pleased to be able to confirm the bridge opening on September 11.
“Long-term holders of the first version of the LBLOCK token can now rest assured that the value of their tokens has been safeguarded for the future. In fact, the growth plans we have for the token will place its holders at the cutting edge of our booming industry.
“From the Platinum Rollers Club NFTs to the expanding utility of the LBLOCK Ethereum-based token, we can together look forward to an exciting and profitable time ahead.
“And this week, we launched the Lucky Block Telegram Casino and Sportsbook bot. We are among the first fully regulated betting firms to set up shop on Telegram. Game on!”
There’s no tax when you bridge to LBLOCK V2 and vesting will dampen price volatility
Because of the price volatility inherent in swapping from one actively traded asset to another and the arbitrage opportunity it will attract, a 60-day vesting period will apply for all newly bridged tokens.
Across the 60-day period, 16.65% will be unlocked every 10 days, based on the principal bridged amount. By the end of the 60-day vesting period, 100% of the vested tokens will have been released.
The impact of the vesting period will be to reduce price volatility and provide a foundational basis for the price of the Ethereum-based token to appreciate.
LBLOCK’s new improved value proposition: new tournaments, special jackpots Platinum Rollers Club NFT VIP Program, CEX listings… and much more to come
Lucky Block’s development team is currently working on bringing new utility features to the LBLOCK token, thereby enhancing its value proposition for token holders.
During the vesting period, holders of the bridged assets will see the introduction of a variety of gamification and crypto-related features.
Among the new services will be revaps of existing products. So, for example, the owners of the Platinum Rollers Club NFTs will see the long-awaited implementation of the VIP Program. It will include preferential and exclusive entry to a range of product offerings in the Lucky Block Casino.
There will also be a special tier of the Lucky Block Loyalty Program for LBLOCK.
Other products being planned include tournaments and special jackpots in which the LBLOCK token will unlock exclusive access and prize features.
As dual-coin confusion ends, plans for more LBLOCK CEX listings take shape
Crucially, as part of the team’s commitment to the future success of the LBLOCK token, more centralized exchange listings will be sought. LBLOCK V2 token is already listed on a number of top centralized exchanges, including Gate.io, MEXC and LBank.
The end to the confusion surrounding the two versions of the coin will make it easier for the team to get LBLOCK listed on more centralized exchanges.
Prior to the launch of the Lucky Block Casino and Sportsbook in November 2022, the main product of the platform was prize draws and lotteries.
The team has confirmed that the lottery feature will return in a different form, with a version specially designed for Lucky Block token holders.
Lucky Block is not limiting its LBLOCK V2 token to be just the native token of Lucky Block, as important as that is. The business development team is looking at the possibility of introducing the token to more casinos.
The list of coins customers can use on Lucky Block Casino and Sportsbook includes LBLOCK, Bitcoin, Ethereum, Litecoin, Dogecoin, Tether (USDT), Cronos, Monero, Dash, Zcash, Solana, Avalanche, Dai, Chainlink, Polygon, USD Coin, Polkadot, Uniswap, Shiba Inu and Wrapped Bitcoin.
As LBLOCK gains traction within and beyond the Lucky Block Casino and Sportsbook, it aims to grow its reputation and visibility as the leading gambling and gaming-focused cryptocurrency in the booming sector.
According to data supplied by crypto analytics and information site CoinGecko, LBLOCK V2 is the 11th-ranked coin in the crypto gambling sector, with a fully diluted market capitalization value (FDV) of $9,489,804.
Gambling is a huge market opportunity for Lucky Block, plus Lucky Block Telegram Casino and Sportsbook launched this week
Problems at Stake.com aside, online betting is a booming industry, last valued at $63.5 billion in 2022, and is expected to grow at a compound annual growth rate of 11.7% between 2023 and 2030.
Within that space, crypto is the fastest growing segment, and it is innovators like Lucky Block who are sure to be the major beneficiaries.
Speaking of innovation, as mentioned earlier, Lucky Block recently stealth-launched its casino on the Telegram messaging app, laying down the gauntlet to the competition.
The Lucky Block Telegram Casino and Sportsbook allows users to quickly get up and running because it leverages the KYC of Telegram to make onboarding a breeze.
Telegram bots make it super easy to use, providing access to Lucky Block’s fully featured service that includes all the online casino favorites such as slots, poker, live casino, and table games, including roulette and blackjack.
LBLOCK is the must-have crypto casino asset to unlock the world of gaming – overnight, it turns token holders into VIP patrons with a front-row seat in the most exciting growth sector in crypto.
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