On October 15, 2024, Binance will help users transition from Orion tokens (ORN) to the newly branded Lumia.
During this period, ORN trading pairs will be removed, and deposits will be halted.
With a swap ratio of 1 ORN to 1 LUMIA, users should prepare for this change and seize new trading opportunities.
In the world of cryptocurrency, change is always on the horizon.
This October, Binance, a leading global crypto exchange, is stepping up to assist users in transitioning from Orion tokens (ORN).
They will help users move to their newly branded liquid layer 2 blockchain, Lumia.
This exciting change will take place from October 15 to 18, 2024.
On September 30, Binance made the announcement that they would support the Orion Protocol’s rebranding.
This upgrade will enhance the trading experience for users by providing a more efficient and interconnected platform.
However, with any transition, there are some important changes to note.
Key Changes In Binance
On October 15, 2024, at 06:00 UTC, Binance will remove all trading pairs involving Orion-Bitcoin (BTC) and Orion-Tether (USDT).
The system will cancel all pending ORN spot trading orders, and users will no longer be able to deposit or withdraw ORN tokens.
This may sound daunting, but Binance has a plan to ensure a smooth transition.
Trading for LUMIA/USDT pairs will reopen on October 18, 2024, at 12:00 UTC.
Deposits of LUMIA will be available from 08:00 UTC on the same day.
This means that users will have new opportunities to trade as the transition completes.
In preparation for this shift, Binance will increase the total supply of Orion tokens from 92,631,255 ORN to 238,888,888 LUMIA.
The swap ratio will be 1 ORN equal to 1 LUMIA.
Binance advises users to close positions in margin wallets or transfer their assets to spot wallets during this change.
Users cannot update their positions during the transition, so it’s important to act before the deadline.
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Binance has stated that it will not be responsible for any losses during the delisting process.
This transition will affect other Binance services, including Simple Earn, Binance Loans, Binance Convert, and Auto-Invest.
It’s a significant shift, but the Orion Protocol believes it will pave the way for a more robust liquidity infrastructure.
This infrastructure will interconnect Layer 1 and Layer 2 with boundless liquidity from centralised and decentralised exchanges.
The introduction of Lumia marks a new era for the Orion Protocol, which first unveiled its plans on February 26, 2024.
Since then, they have worked to ensure a smooth user transition, officially announcing the token swap event on April 4, 2024.
As October approaches, we encourage users to prepare for the upcoming changes and embrace the opportunities that Lumia will bring.
