Lucky Block V1 token sees 41% supply migration via LBLOCK bridge

Approximately 41.1bn tokens worth $3.9m were bridged within four days

The Lucky Block V1 token has witnessed a substantial migration of its supply through the LBLOCK bridge.

Just four days after the bridge's opening, approximately 41.1bn tokens, valued at $3.9m, have been bridged. This significant development marks the movement of 41% of the total LBLOCK V1 supply into the bridge.

For holders of LBLOCK V1 tokens, this represents a pivotal opportunity, as the second bridging window is set to open on September 25. Acting swiftly is crucial to ensuring a 1:1 exchange rate for the more lucrative LBLOCK V2 tokens.

While the possibility of the bridge reopening after the initial two windows remains, it will largely depend on demand dynamics and the potential for a late surge by token holders seeking to meet the deadline.

LBLOCK, the native token of the thriving Lucky Block Casino and Sportsbook, has undertaken this bridge initiative to transition from the BNB Smart Chain to Ethereum's ERC-20 standard. This strategic move expands the token's trading accessibility and leverages the Ethereum chain's decentralized application capabilities.

Damian Jacobs, the community manager at Lucky Block, expressed satisfaction with the community's commitment to the project and emphasized the benefits of this transition. He stated that Lucky Block is dedicated to creating added value for LBLOCK holders as the crypto gaming sector gains momentum.

The transition to LBLOCK V2 tokens promises substantial gains, with the V2 tokens currently valued at more than four times their V1 counterparts. However, the arbitrage potential between these versions could introduce increased volatility during the bridging process and a subsequent vesting period.

To manage this volatility risk, a 60-day vesting period has been implemented for bridged assets. During this period, 16.65% of the principal bridge amount will be released every 10 days until 100% of the vested tokens are accessible. This strategy is designed to mitigate price swings, ensuring a stable transition.

The bridging process encompasses two windows, the first of which opened on September 11 and closed on September 15.

Token claiming for this window begins on September 18 and remains open indefinitely. The second bridge window commences on September 25 and concludes on September 29, with token claiming for this window starting on October 2.

It is essential for users to note that the bridging process involves connecting wallets on both the BNB Smart Chain and the Ethereum chain. 

This transition to LBLOCK V2 promises privileged access to exclusive tournaments, jackpots, and VIP rewards programs within the Lucky Block ecosystem. 

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Written by Silvia Pavlof

Silvia has explored various forms of writing, ranging from content creation for social media to crafting movie scripts. Drawing on her experience as a journalist specializing in the gambling sector, she is currently investigating the impact of cryptocurrencies and blockchain on traditional gambling and iGaming.

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