Global crypto exchange Binance will help users transition their Orion tokens to Lumia starting Oct. 15 until Oct. 18.
Binance announced on Sep. 30 that it will support Orion Protocol‘s rebranding to their liquid layer 2 blockchain Lumia through a network upgrade.
As part of the transition process, the crypto exchange will remove all Orion-Bitcoin(BTC) and Orion-Tether(USDT) trading pairs on Oct. 15, 2024, at 06:00 UTC, and all pending ORN spot trading orders will be canceled. Additonally, deposits and withdrawals of ORN tokens will be suspended on this day.
Binance will reopen trading for LUMIA/USDT trading pairs on Oct. 18, 2024, at 12:00 UTC, while deposits of LUMIA will be open on the same day at 08:00 UTC. Moreover, Binance Margin services for ORN will be terminated on Oct. 9, 2024, at 09:00 UTC.
After the event is completed, Binance claimed it will no longer support deposits and withdrawals of ORN tokens, only LUMIA. Therefore, users are encouraged to update or cancel their trading bot services before this date.
You might also like: Orion Protocol Launches A Series Of New Features To Improve Ease Of Use & Lower Entry Barriers
In preparation for the transition, Binance will increase their Orion token supply from 92,631,255 ORN to 238,888,888 LUMIA. According to the announcement, all ORN tokens will be swapped to LUMIA with the ratio of 1 ORN = 1 LUMIA.
Binance explained that users will not be able to update their positions during the transition process, therefore it advised users to close their positions in margin wallets or transfer assets to spot wallets.
Additionally, The exchange explicitly stating that it will not be responsible for any losses that may occur during the delisting process.
This transition and rebranding will also impact other Binance services, including Simple Earn, Binance Loans, Binance Convert and Auto-Invest.
On Feb. 26, 2024, Orion Protocol unveiled Lumia, the first ever hyper-liquid re-stake rollup layer 2 blockchain.
According to their blogpost, Lumia is meant to be “a robust liquidity infrastructure protocol interconnecting Layer 1’s and Layer 2’s with boundless liquidity from CEXs and DEXs.”
On April 4, 2024, Orion Protocol announced that they will officially start to transition from ORN to LUMIA. The protocol stated that a token swap event to help users trade their ORN to LUMIA will be hosted by major crypto exchanges.
Read more: Binance founder and former CEO Changpeng Zhao released from prison
Read the full article here
