Key Points
- Binance is set to facilitate the transition of Orion tokens to Lumia from October 15 to October 18.
- The exchange will increase the Orion token supply from 92,631,255 ORN to 238,888,888 LUMIA.
Binance, a global crypto exchange, is gearing up to assist users in transitioning their Orion tokens to Lumia. The process will commence on October 15 and conclude on October 18.
Support for Orion Protocol’s Rebranding
On September 30, Binance revealed its support for Orion Protocol’s rebranding to Lumia, their liquid layer 2 blockchain. This will be facilitated through a network upgrade.
As part of the process, the exchange will eliminate all Orion-Bitcoin(BTC) and Orion-Tether(USDT) trading pairs on October 15, 2024, at 06:00 UTC. Moreover, all pending ORN spot trading orders will be cancelled, and deposits and withdrawals of ORN tokens will be suspended on the same day.
Trading and Margin Services Changes
Binance will resume trading for LUMIA/USDT pairs on October 18, 2024, at 12:00 UTC. Deposits of LUMIA will also be permitted on the same day at 08:00 UTC. In contrast, Binance Margin services for ORN will be terminated on October 9, 2024, at 09:00 UTC.
Following the event’s completion, the exchange will cease to support deposits and withdrawals of ORN tokens, only LUMIA. Hence, users are urged to update or cancel their trading bot services before this date.
In anticipation of the transition, Binance will augment their Orion token supply from 92,631,255 ORN to 238,888,888 LUMIA. All ORN tokens will be swapped to LUMIA at a 1:1 ratio, as per the announcement.
During the transition process, users will be unable to modify their positions. As such, they are advised to close their positions in margin wallets or transfer assets to spot wallets. The exchange has clearly stated that it will not be liable for any losses incurred during the delisting process.
This transition and rebranding will also affect other Binance services, including Simple Earn, Binance Loans, Binance Convert and Auto-Invest.
Lumia: A New Era for Orion Protocol
On February 26, 2024, Orion Protocol introduced Lumia, the first hyper-liquid re-stake rollup layer 2 blockchain. Lumia is intended to serve as 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. Major crypto exchanges are expected to host a token swap event to assist users in trading their ORN for LUMIA.