🌎 Binance to Facilitate Orion to Lumia Token Transition in October

Global crypto exchange Binance will assist users in transitioning their Orion tokens to Lumia starting from October 15 to October 18.

Binance Supports Rebranding to Lumia

On September 30, Binance announced it would support Orion Protocol’s rebranding to their liquid layer 2 blockchain, Lumia, through a network upgrade. As part of this transition, the exchange will remove all Orion-Bitcoin (BTC) and Orion-Tether (USDT) trading pairs on October 15, 2024, at 06:00 UTC. All pending ORN spot trading orders will be canceled, and deposits and withdrawals of ORN tokens will be suspended on this day.

Reopening of Trading Pairs

Trading for LUMIA/USDT pairs will reopen on October 18, 2024, at 12:00 UTC, with deposits for LUMIA available from 08:00 UTC on the same day. Binance Margin services for ORN will be terminated on October 9, 2024, at 09:00 UTC. After the event, Binance will no longer support deposits and withdrawals of ORN tokens, only LUMIA. Users are encouraged to update or cancel their trading bot services before this date.

Token Supply and Swap Ratio

In preparation for the transition, Binance will increase the Orion token supply from 92,631,255 ORN to 238,888,888 LUMIA. According to the announcement, all ORN tokens will be swapped to LUMIA at a 1:1 ratio.

Impact on User Positions

Binance explained that users will not be able to update their positions during the transition process. Therefore, it advised users to close their positions in margin wallets or transfer assets to spot wallets. The exchange explicitly stated it would not be responsible for any losses that may occur during the delisting process.

Impact on Other Binance Services

This transition and rebranding will also affect other Binance services, including Simple Earn, Binance Loans, Binance Convert, and Auto-Invest.

About Lumia

On February 26, 2024, Orion Protocol unveiled Lumia, the first-ever hyper-liquid re-stake rollup layer 2 blockchain. According to their announcement, Lumia aims to be “a robust liquidity infrastructure protocol interconnecting Layer 1’s and Layer 2’s with boundless liquidity from centralized exchanges (CEXs) and decentralized exchanges (DEXs).”

On April 4, 2024, Orion Protocol officially announced the transition from ORN to LUMIA. The protocol stated that a token swap event to facilitate trading ORN for LUMIA would be hosted by major crypto exchanges.