Binance has announced its support for Orion Protocol’s transition to the liquid Layer 2 blockchain, Lumia, through a network upgrade scheduled to be held in October.
In a press release on September 30, the crypto exchange stated that it will cease all deposits and withdrawals of the protocol’s native token, Orion (ORN) after the upgrade is completed and transition exclusively to support LUMIA, the new native token.
As part of the transition, Binance will remove all Orion-Bitcoin (BTC) and Orion-Tether (USDT) trading pairs on October 15, 2024, at 06:00 UTC. All pending ORN spot trading orders will be cancelled, and deposits and withdrawals will be suspended on that date. Meanwhile, margin services for ORN would be suspended earlier on October 9, 2024, at 09:00 UTC.
The announcement noted that Binance plans to resume trading for LUMIA/USDT pairs on October 18, 2024, at 12:00 UTC, with deposits for LUMIA opening earlier on the same day at 08:00 UTC.
The exchange advised users to update or cancel their trading bot services prior to these changes.
The supply of Orion tokens will expand from 92.6 million ORN to 238.8 million LUMIA as part of the transition. ORN tokens will be exchanged for LUMIA at a 1:1 ratio, and Binance emphasized that users will not be able to adjust their positions during the transition period.
Additionally, the exchange has explicitly stated that it will not be liable for any losses incurred during the delisting process. This transition and rebranding will also affect various Binance services, including Simple Earn, Binance Loans, Binance Convert, and Auto-Invest, Binance noted.
Orion Protocol first launched Lumia on February 26, 2024, which it tagged as the debut of a hyper-liquid re-stake rollup Layer 2 blockchain. According to their blog post, Lumia aims to serve as
“a robust liquidity infrastructure protocol interconnecting Layer 1 and Layer 2 blockchains with boundless liquidity from centralised and decentralised exchanges.”
On April 4, 2024, Orion Protocol announced the official transition from ORN to LUMIA, stating that major crypto exchanges would host a token swap event to facilitate users trading their ORN for LUMIA.
Meanwhile, Binance recently launched a pre-market spot trading service, dubbed “Binance Pre-Market,” to enhance trading opportunities for its users. Announced on September 25, this service allows users to take early positions on selected Binance Launchpool tokens before their official listing. However, withdrawals, transfers, and deposits will remain restricted until the tokens are officially listed, with the pre-market period ending at least four hours prior to the start of spot trading.
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