{"id":323256,"date":"2022-03-14T11:40:38","date_gmt":"2022-03-14T15:40:38","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=323256"},"modified":"2022-03-14T11:40:38","modified_gmt":"2022-03-14T15:40:38","slug":"lucky-block-erc20-and-bep20-tokens-set-to-boost-adoption-and-price","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/lucky-block-erc20-and-bep20-tokens-set-to-boost-adoption-and-price","title":{"rendered":"Lucky Block ERC20 and BEP20 Tokens Set To Boost Adoption and Price"},"content":{"rendered":"

Today the Lucky Block team revealed<\/a> the nature of the changes to its token that it is planning to make to solve the issue of maintaining its tax system while speeding listings on centralised exchanges.<\/p>\n

Lucky Block will have two tokens linked by a bridge to maintain price parity across the two versions. The elegant solution also leaves the circulating supply of LBLOCK unaffected.<\/p>\n

For more on how to buy Lucky Block<\/a>, read our comprehensive guide.<\/em><\/p>\n

V1 LBLOCK token = DEX, play lottery, get rewards, tax on sales<\/h2>\n

The original Binance Smart Chain-based (BEP20) version of the coin remains unchanged from the viewpoint of existing holders of the token on decentralised exchanges and in self-custody wallets.<\/p>\n

The BEP20 token (V1) will be used to play the lottery, earn rewards and pay 12% tax on sales.<\/p>\n

V2 LBLOCK token = CEX day trading, no tax, no rewards<\/h2>\n

A new Ethereum-based (ERC20) LBLOCK token (V2) will be issued for those who wish to trade and hold LBLOCK on centralised exchanges. It is purely for day trading.<\/p>\n

The V2 ERC20 token will only be listed on centralised exchanges and will not  attract any taxation, be they sell or buy transactions.<\/p>\n

However, the V2 token does not receive rewards from the lottery pool and cannot be used to purchase lottery tickets.<\/p>\n

V1 is for DEX, V2 is for CEX<\/h2>\n

To summarise, if you want to play the lottery and receive rewards you must use V1.<\/p>\n

Alternatively, if you only want exposure to the price movements of LBOCK and are therefore only primarily interested in day trading then you must hold the V2 version of the token.<\/p>\n

How bridging works<\/h2>\n

In terms of how the bridge itself works to maintain the same price across both versions of the token and leave circulating supply unaffected, a locking mechanism is being employed.<\/p>\n

When the Ethereum-based V2 token is purchased, the same amount of Binance Smart Chain-based V1 tokens will be locked. And it will be the same for trades in the other direction: when V1 is purchased a corresponding amount of V2 will be locked.<\/p>\n

Also, the current contract will remain in place, so there will be no need to import a new contract address.<\/p>\n

However, a new Ethereum contract will be added. Centralised exchange LBank, which lists LBLOCK, has confirmed that it will release a detailed announcement, in coordination with Lucky Block, concerning the upgrade and migration process and how it will enable users to swap the V1 token held on LBank to the V2 version.<\/span><\/p>\n

Both the ERC20 and BEP20 contracts will run side by side, with the price maintained via the bridge.<\/p>\n

Price boost for Lucky Block<\/h2>\n

Taken together, the v2 plans represent a substantial boost for the entire ecosystem and the price of the LBLOCK token.<\/p>\n