Binance has announced a significant update regarding the rebranding and mainnet swap of Orion (ORN) tokens to Lumia (LUMIA).
As per the announcement, Binance will remove all current ORN spot trading pairings including ORN/BTC, ORN/USDT, and cancel any pending ORN spot trading orders. On October 18, 2024, Binance will launch trading for the LUMIA/USDT pair.
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.
Additionally, services like as Convert, Auto-Invest, and Buy & Sell Crypto will delist ORN before the token transfer.
Binance urges all ORN token holders to prepare for the swap by monitoring key dates and adjusting active trading bots, margin positions, and other affected services. After rebranding, LUMIA tokens will replace ORN across Binance’s ecosystem for a seamless transition.
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