- Binance will support Orion Protocol’s transition to its new Lumia blockchain between October 15 and October 18, 2024.
- ORN trading pairs will be removed, and users’ tokens will be swapped to LUMIA at a 1:1 ratio during the upgrade.
Binance, a leading global cryptocurrency exchange, announced on September 30, 2023, its support for Orion Protocol’s rebranding to Lumia, a liquid Layer 2 blockchain. The transition involves a network upgrade and token swap between October 15 and October 18, 2024.
Binance to Remove ORN Trading Pairs
As part of the rebranding process, Binance will remove all Orion (ORN) trading pairs with Bitcoin (BTC) and Tether (USDT) on October 15, 2024, at 06:00 UTC. All existing ORN spot trading orders will be deleted, and deposits and withdrawals of ORN tokens will be halted that day.
Binance Margin services for ORN will terminate earlier, on October 9, 2024, at 09:00 UTC. Users are advised to close their positions in margin wallets or transfer assets to spot wallets before this date. The exchange has stated that users will not be able to update their positions during the transition and will not be responsible for any losses incurred during the delisting process.
Trading for the new LUMIA/USDT pair will commence on October 18, 2024, at 12:00 UTC. Deposits for LUMIA tokens will open the same day at 08:00 UTC. Binance will cease to accept deposits and withdrawals of ORN tokens following the transition and will accept only LUMIA.
To facilitate the transition, Binance will increase the total supply of Orion tokens from 92,631,255 ORN to 238,888,888 LUMIA. The token swap will occur at a 1:1 ratio, meaning each ORN token will be exchanged for one LUMIA token. Users are encouraged to update or cancel any trading bot services involving ORN before the transition date. The rebranding will also affect other Binance services, including Simple Earn, Binance Loans, Binance Convert, and Auto-Invest.
Orion Protocol’s New Layer 2 Blockchain
On February 26th, 2024, Lumia was launched by Orion Protocol as the premier hyper-liquid re-stake rollup blockchain solution. According to the project’s blog update, Lumia intends to develop a reliable liquidity network that binds Layer 1 and Layer 2 with endless liquidity derived from centralized and decentralized exchanges.
On April 4, 2024, Orion Protocol announced the beginning of the transition from ORN to LUMIA as official. According to the protocol, major crypto exchanges were to facilitate a token swap event to help users exchange their ORN tokens for LUMIA.
Orion DAO’s native token, ORN, has declined in price by 14% in the last 24 hours. The token is currently trading at $1.29, which shows that the crypto market is rather unstable.
The price of ORN tumbled by 21% in the first four hours following the announcement of the rebranding by Binance which compounded the existing fears. As of March, ORN had a market capitalization of $95 million, and this has now declined to around $43 million.
Apart from the ORN rebranding, Binance also revealed that EigenLayer (EIGEN) would be listed on its platform on October 1. EigenLayer is an Ethereum-based middleware protocol that enables re-staking and has recently drawn attention in the crypto sector.
