Crypto exchange Binance has announced plans to support Orion Protocol's transition to the new Layer 2 blockchain network, Lumia. The network upgrade is scheduled for October 2024.
Transition Details
On September 30, 2024, Binance stated that after the transition is completed, all deposits and withdrawals of the Orion (ORN) token will cease, and support will shift to the new LUMIA token. Orion-Bitcoin (BTC) and Orion-Tether (USDT) trading pairs will be removed on October 15, 2024, at 06:00 UTC. All pending ORN spot trading orders will be canceled. Marginal trading services for ORN will be suspended earlier on October 9, 2024, at 09:00 UTC.
Trading Changes
Trading for LUMIA/USDT pairs will resume on October 18, 2024, at 12:00 UTC, and LUMIA deposits will open earlier that day at 08:00 UTC. Users are advised to update or cancel their trading bots before these changes occur. The supply of Orion tokens will expand from 92.6 million ORN to 238.8 million LUMIA during the transition, with the exchange occurring at a 1:1 ratio. Binance emphasized that users will not be able to adjust their positions during the transition period.
User Impact
Binance stated that it will not be liable for any losses incurred during the delisting process. The transition and rebranding will affect various Binance services, including Simple Earn, Binance Loans, Binance Convert, and Auto-Invest. Orion Protocol first launched Lumia on February 26, 2024, representing a highly-liquid Layer 2 blockchain. According to Orion, Lumia aims to serve as a liquidity infrastructure protocol interconnecting Layer 1 and Layer 2 blockchains with boundless liquidity from centralized and decentralized exchanges.
In April 2024, Orion Protocol announced the official transition from ORN to LUMIA and a token swap event hosted by major crypto exchanges. The platform also recently introduced a pre-market spot trading service to enhance trading opportunities for its users, allowing them to take early positions on selected tokens before their official listing.
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