Binance, a global cryptocurrency exchange, will assist users in transferring their Orion tokens to Lumia from October 15 to October 18
On September 30, Binance disclosed that it would support the rebranding of Orion Protocol to Lumia, its liquid layer two blockchains, through a network upgrade.
All pending ORN spot trading orders will be annulled, and the crypto exchange will remove all Orion-Bitcoin(BTC) and Orion-Tether(USDT) trading pairs on October 1515, 2024, at 06:00 UTC, as part of the transition process.
Furthermore, deposits and withdrawals of ORN tokens will be suspended on this day.
At noon UTC on October 188, 2024, Binance will resume trading for the LUMIA/USDT trading pair. Additionally, deposits for LUMIA will be available at 08:00 UTC on the same day.
Additionally, the Binance Margin services for ORN will be discontinued at 09:00 UTC on October 99, 2024.
Following the event’s conclusion, Binance declared that it will no longer facilitate deposits and withdrawals of ORN tokens but will exclusively support LUMIA. Consequently, it is recommended that users either update or terminate their trading automation services before this date.
Binance will increase the supply of Orion tokens from 92,631,255 ORN to 238,888,888 LUMIA in anticipation of the transition. The announcement specifies that all ORN tokens will be exchanged for LUMIA at 1:1.
Users will be unable to modify their positions during the transition process, as Binance explained. Consequently, it recommended that users terminate their positions in margin wallets or transfer assets to spot wallets.
Furthermore, the exchange explicitly declares that it will not be held accountable for any losses that may arise during the delisting procedure.
This transition and rebranding will also affect other Binance services, such as Simple Earn, Binance Loans, Binance Convert, and Auto-Invest.
Lumia, the first hyper-liquid re-stake rollup layer two blockchains, was introduced by OriProtocol on February 266, 2024.
Lumia is intended to serve as “a robust liquidity infrastructure protocol that connects Layer 1 and 2 with boundless liquidity from CEXs and DEXs,” as stated in their blog post.
On April 44, 2024, they would comformallyansition from ORN to LUMIA. The protocol stipulated that key crypto exchanges would organize a token swap event to facilitate the exchange of ORN for LUMIA.