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Cryptocurrency News Articles
Binance Will Help Users Transition Their Orion Tokens to Lumia Starting Oct. 15
Sep 30, 2024 at 06:05 pm
Global crypto exchange Binance will help users transition their Orion tokens to Lumia starting Oct. 15 until Oct. 18.
Binance, the leading global cryptocurrency exchange, will assist users in transitioning their Orion (ORN) tokens to Lumia (LUMIA) tokens from Oct. 15 to Oct. 18.
Binance announced the support for Orion Protocol's rebranding to their liquid layer 2 blockchain Lumia on Sep. 30. As part of the transition, the crypto exchange will remove all Orion-Bitcoin (BTC) and Orion-Tether (USDT) trading pairs on Oct. 15, 2024, at 06:00 UTC. All pending ORN spot trading orders will be canceled, and deposits and withdrawals of ORN tokens will be suspended.
Binance will then open trading for LUMIA/USDT trading pairs on Oct. 18, 2024, at 12:00 UTC, while deposits of LUMIA will open on the same day at 08:00 UTC. Binance Margin services for ORN will be terminated on Oct. 9, 2024, at 09:00 UTC.
After the event is completed, Binance will no longer support deposits and withdrawals of ORN tokens, only LUMIA. Users are encouraged to update or cancel their trading bot services before this date.
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, so it advised users to either close their positions in margin wallets or transfer assets to spot wallets. The exchange also stated 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.
Related:Orion Protocol (ORN) launches Lumia (LUMIA), the first hyper-liquid re-stake rollup layer 2 blockchain
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.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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