As a seasoned crypto investor with a knack for spotting opportunities and navigating market changes, I find myself both intrigued and cautiously optimistic about Binance’s announcement regarding Orion (ORN) tokens rebranding to Lumia (LUMIA). The four-phase transition plan seems well thought out, but the timeline of October 2024 gives me a bit of time to prepare my strategies.
Binance has revealed important news about the renaming and transition of Orion tokens to Lumia, known as ORN to LUMIA.
According to the latest announcement, Binance is planning to discontinue all existing ORN trading pairs such as ORN/BTC and ORN/USDT, and also cancel any pending ORN spot trades. However, on October 18, 2024, they will introduce a new trading pair for LUMIA against USDT.
Four Phases of the Transition
According to Binance, the transition from ORN to LUMIA will take place in four distinct phases:
- Suspension of ORN Activities: On October 15, 2024, at 03:00 (UTC), Binance will delist all ORN trading pairs (ORN/BTC and ORN/USDT) and cancel all pending orders. At 03:30 (UTC), deposits and withdrawals of ORN tokens will be suspended. Users must ensure their ORN deposits are completed before this time.
LUMIA Launch: On October 18, 2024, deposits for LUMIA will open at 08:00 (UTC), followed by the launch of trading for the LUMIA/USDT pair at 09:00 (UTC).
Token Swap Details: All ORN tokens will be swapped every 1 ORN token, and users will receive 1 LUMIA token. The total supply will increase from 92,631,255 ORN to 238,888,888 LUMIA post-swap.
Withdrawal and Other Services: A separate announcement will notify users about when withdrawals for LUMIA will be available after the event concludes. After the completion of the event, deposits and withdrawals of ORN will no longer be supported.
Additional Changes
- Margin Trading: ORN will be removed from margin trading on October 9, 2024, and users are advised to close their positions beforehand to avoid potential losses.
Loans and Simple Earn: Binance will discontinue support for ORN-related products, including loans and Simple Earn Flexible Products. Users must settle all outstanding ORN loans by October 9, 2024, and the Simple Earn program will end on October 11, 2024. Early repayment or asset redemption is recommended.
Gift Cards and Binance Pay: ORN will no longer be supported for gift cards or on Binance Pay as of October 15, 2024.
Furthermore, it has been announced that services such as Convert, Auto-Invest, and Buy & Sell Crypto will stop supporting ORN tokens prior to the token transfer process.
binance advises all ORN token owners to keep track of crucial dates and make necessary preparations for the swap, including adjusting active trading bots, margin positions, and other affected services. Following the rebranding, LUMIA tokens will take over from ORN throughout Binance’s ecosystem, ensuring a smooth transition process.
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2024-09-30 20:20