Binance will facilitate users swapping ORN to LUMIA this October

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

On September 30, Binance announced its support for the rebranding of Orion Protocol to its new liquid layer 2 blockchain, Lumia, through a network upgrade.

As part of the transition, Binance will delist all trading pairs for Orion-Bitcoin (BTC) and Orion-Tether (USDT) on October 15, 2024, at 06:00 UTC, and all pending ORN spot trading orders will be canceled. Additionally, deposits and withdrawals of ORN tokens will be suspended on that date.

Trading for LUMIA/USDT pairs will reopen on October 18, 2024, at 12:00 UTC, with LUMIA deposits also starting at 08:00 UTC on the same day. Furthermore, Binance will terminate margin services for ORN on October 9, 2024, at 09:00 UTC.

After the transition, Binance will only support deposits and withdrawals of LUMIA tokens, discontinuing support for ORN. Users are advised to update or cancel any trading bot services before this change. To facilitate the transition, Binance will increase the supply of Orion tokens from 92,631,255 ORN to 238,888,888 LUMIA, with a swap ratio of 1 ORN to 1 LUMIA.

Binance has indicated that users will not be able to update their positions during the transition, so it recommends closing positions in margin wallets or transferring assets to spot wallets. The exchange also stated that it will not be liable for any losses incurred during the delisting process.

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

On February 26, 2024, Orion Protocol announced Lumia as the first hyper-liquid re-stake rollup layer 2 blockchain. According to their blog post, Lumia aims to provide a robust liquidity infrastructure that connects Layer 1 and Layer 2 blockchains with unlimited liquidity from centralized and decentralized exchanges.

Orion Protocol revealed on April 4, 2024, that it would begin the transition from ORN to LUMIA, with major crypto exchanges hosting a token swap event to assist users in trading their ORN for LUMIA.