- Binance supports the Orion to Lumia swap, increasing token supply by 158% this October.
- Binance adjusts LUNC burn mechanisms and backs the recent EOS hard fork upgrade.
Binance has officially announced its support for mainnet swap and rebranding of Orion (ORN) as Lumia (LUMIA). This transition, scheduled for October 15, 2024, will involve a 1:1 conversion of all ORN tokens into LUMIA.
Binance Prepares for ORN to LUMIA Transition with Key Trading Updates
The swap represents a huge change in the token’s structure, as the overall supply will climb from 92,631,255 ORN to a whopping 238,888,888 LUMIA, indicating a 158% increase. This development is expected to draw additional attention to the Lumia ecosystem, potentially impacting its value and trade volume once the new token is completely incorporated.
As part of this transition, Binance will delist all ORN spot trading pairs, including ORN/USDT and ORN/BTC, on October 15, 2024, at 03:00 UTC. Traders who are currently holding ORN should be informed of the move, as it may alter their trading tactics. However, the new Lumia (LUMIA) trading pair will go online soon.
Binance intends to launch the LUMIA/USDT trading pair on October 18, 2024, at 09:00 (UTC), ensuring a smooth transition for traders ready to embrace this move. Furthermore, ORN will be removed from Binance’s Cross and Isolated Margin trading as early as October 9, 2024.
These moves demonstrate Binance’s efforts to provide a seamless migration for users while also keeping up with the developing cryptocurrency ecosystem.
On the other hand, Binance has announced changes to its handling of Luna Classic (LUNC) burn events. According to CNF, the platform changed its LUNC token burn mechanism this month, holding numerous burn events rather than sticking to the standard first-of-the-month timetable.
This move demonstrates Binance’s adaptability in reacting to the requirements and advancements of the LUNC community.
Interestingly, the LUNC community is currently voting on a proposal to correct the number of validators, which was incorrectly adjusted following a recent SDK upgrade. This continuing governance effort within the LUNC network displays its members’ active participation and attentiveness in ensuring the network’s integrity.
Beside that, as we previously reported, Binance has demonstrated its support for other blockchain networks, as evidenced by its recent endorsement of the EOS hard fork.
The upgrade was completed successfully on September 25, and Yves La Rose, the EOS Network Foundation’s founder and CEO, publicly thanked Binance for its support of this critical update.
