Binance will facilitate users swapping ORN to LUMIA this October
International crypto change Binance will assist customers transition their Orion tokens to Lumia beginning Oct. 15 till Oct. 18.
Binance announced on Sep. 30 that it’ll assist Orion Protocol‘s rebranding to their liquid layer 2 blockchain Lumia by way of a community improve.
As a part of the transition course of, the crypto change will take away all Orion-Bitcoin(BTC) and Orion-Tether(USDT) buying and selling pairs on Oct. 15, 2024, at 06:00 UTC, and all pending ORN spot buying and selling orders shall be canceled. Additonally, deposits and withdrawals of ORN tokens shall be suspended on today.
Binance will reopen buying and selling for LUMIA/USDT buying and selling pairs on Oct. 18, 2024, at 12:00 UTC, whereas deposits of LUMIA shall be open on the identical day at 08:00 UTC. Furthermore, Binance Margin companies for ORN shall be terminated on Oct. 9, 2024, at 09:00 UTC.
After the occasion is accomplished, Binance claimed it’ll not assist deposits and withdrawals of ORN tokens, solely LUMIA. Due to this fact, customers are inspired to replace or cancel their buying and selling bot companies earlier than this date.
In preparation for the transition, Binance will improve their Orion token provide from 92,631,255 ORN to 238,888,888 LUMIA. Based on the announcement, all ORN tokens shall be swapped to LUMIA with the ratio of 1 ORN = 1 LUMIA.
Binance defined that customers will be unable to replace their positions throughout the transition course of, due to this fact it suggested customers to shut their positions in margin wallets or switch property to identify wallets.
Moreover, The change explicitly stating that it’ll not be accountable for any losses that will happen throughout the delisting course of.
This transition and rebranding may even affect different Binance companies, together with Easy Earn, Binance Loans, Binance Convert and Auto-Make investments.
On Feb. 26, 2024, Orion Protocol unveiled Lumia, the primary ever hyper-liquid re-stake rollup layer 2 blockchain.
Based on their blogpost, Lumia is supposed to be “a strong 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 are going to formally begin to transition from ORN to LUMIA. The protocol said {that a} token swap occasion to assist customers commerce their ORN to LUMIA shall be hosted by main crypto exchanges.
