As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen countless rebrandings and transitions, but few as intriguing as this one involving Orion Protocol’s metamorphosis into Lumia. The upcoming transition on Binance, slated for October 15-18, is a significant event that should not be overlooked by any serious crypto investor.
Starting October 15th through October 18th, the global cryptocurrency platform Binance will assist its users in transferring their Orion tokens into Lumia tokens.
As a crypto investor, I’m thrilled about the recent announcement made by Binance on September 30. They’ve shared that they will facilitate Orion Protocol’s rebranding into their second-layer Lumia blockchain via a network update. This is an exciting development in the world of cryptocurrency, and I’m looking forward to seeing how it unfolds!
During the transition phase, the cryptocurrency exchange plans to eliminate all Orion-Bitcoin (BTC) and Orion-Tether (USDT) trade options on October 15, 2024, at 6:00 UTC. Any existing ORN spot trading orders will be terminated. Moreover, deposits and withdrawals of ORN tokens will no longer be possible starting from that day.
On October 18, 2024, at 12:00 UTC, trading for LUMIA/USDT pairs will resume on Binance, and deposits of LUMIA can be made starting from 08:00 UTC the same day.
Following the conclusion of the event, Binance has announced that they will cease to facilitate deposits and withdrawals for ORN tokens, instead focusing solely on LUMIA. As a result, users are advised to either adjust or discontinue their automated trading bots prior to the specified date.
In readiness for the changeover, Binance is planning to boost the supply of Orion tokens from 92,631,255 ORN to 238,888,888 Lumia. As per the announcement, all existing Orion tokens (ORN) will be exchanged for an equal number of Lumia tokens (LUMIA).
Binance clarified that during the transition period, users won’t have the ability to adjust their positions. They recommend either closing positions in the margin wallet or moving assets to the spot wallet instead.
Moreover, The platform clearly specifies that it bears no liability for any potential losses that might arise during the process of removal from its listings.
The change and updated identity for Binance will also influence various other services such as Simple Earn, Binance Lending, Currency Exchange, and Auto-Invest.
2024, February 26th marked the reveal of Lumia, a groundbreaking, hyper-liquid staking and rollup layer 2 blockchain, pioneered by Orion Protocol for the first time.
As stated in their blog post, Lumia serves as a strong framework for connecting various blockchain layers (Layer 1’s and Layer 2’s) and sourcing extensive liquidity from both centralized and decentralized exchanges.
As a researcher, I’m excited to share that on April 4, 2024, Orion Protocol made an official announcement about transitioning from ORN to LUMIA. The protocol detailed that a token swap event will be facilitated by prominent cryptocurrency exchanges, enabling users to trade their existing ORN tokens for the new LUMIA tokens.
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2024-09-30 13:14