Binance Announces Support for Orion (ORN) to Lumia (LUMIA) Mainnet Swap and Rebranding
The Orion (ORN) mainnet swap and rebranding to Lumia (LUMIA) will be supported by Binance. Moreover, Binance will delist all current ORN spot trading pairs (i.e., ORN/BTC and ORN/USDT) and cancel all outstanding ORN spot trading orders on October 15, 2024, at 03:00 (UTC). Binance will begin trading for the LUMIA/USDT trading pair at 09:00 (UTC) on October 18, 2024.
Deposits and Withdrawals
- The ORN tokens deposits and withdrawals will stop at 03:30 (UTC) on October 15, 2024. Before this time, users should allow enough time for their ORN deposits to be properly processed.
- LUMIA deposits will open on October 18, 2024, at 8:00 (UTC).
- After the event is over, Binance will make a separate announcement to let people know when LUMIA withdrawals are available.
- The ability to deposit and withdraw ORN tokens will end after the event is over.
Binance will take care of all the technical needs for participants in this event. Please be aware that after the rebranding, the total token supply will rise from 92,631,255 ORN to 238,888,888 LUMIA. For more details, users may consult the project tokenomics and announcement.
Token Swap and Rebranding
- On Binance, ORN tokens will use the LUMIA token ticker.
- At a ratio of 1 ORN = 1 LUMIA, all ORN tokens will be swapped to LUMIA.
Spot
- Binance will delist and stop trading on all spot trading pairs for ORN at 03:00 (UTC) on October 15, 2024.
- The specific trading pairings that are being eliminated are ORN/USDT and ORN/BTC.
- Following the conclusion of trading in each respective trading pair, all trade orders will be automatically withdrawn.
- Where applicable, Binance will end Trading Bots services for the aforementioned spot trading pairs on October 15, 2024, at 03:00 (UTC). Before the Trading Bots services end, users are highly encouraged to update and/or terminate their Trading Bots in order to protect themselves from any possible losses.
- The aforementioned spot trading pairs will be delisted by Binance Spot Copy Trading on October 14, 2024, at 03:00 (UTC). Any remaining assets will be transferred to the Spot Wallet after this period. In order to protect themselves against any losses, users are strongly encouraged to update or cancel their Spot Copy Trading portfolios before 2024-10-14 03:00 (UTC).
- The LUMIA/USDT trading pair will be available for trade on Binance at 09:00 (UTC) on October 18, 2024.
Margin
At 06:00 (UTC) on October 9, 2024, Binance Margin will delist ORN from Cross and Isolated Margin. The pairings of ORN/USDT isolated margin and ORN/BTC cross margin will be removed from Margin.
- On the previously indicated isolated margin pair, Binance Margin will suspend isolated margin borrowings at 06:00 (UTC) on October 3, 2024.
- Binance Margin is going to close user holdings, perform an automated settlement, and cancel any pending orders on the previously described isolated margin pair at 06:00 (UTC) on October 9, 2024. The pair will then be withdrawn from isolated margin.
Binance Margin will stop cross-margin borrowings on the listed token(s) at 06:00 (UTC) on October 3, 2024. If users own both collateral and liabilities for the aforementioned token(s) at 2024-10-09 06:00 (UTC), the collateral will be utilized to pay off the corresponding liabilities.
One of the following two things will happen if the aforementioned token(s) have any leftover collateral or liabilities:
Should users alone own the above indicated token(s) as collateral:
- The aforementioned token(s) will be moved to users Spot Wallets if the Collateral Margin Level (CML) is higher than 2, up until the CML hits 2. After that, all of the tokens in their Cross Margin accounts that are scheduled for delisting will be sold.
- The remaining tokens in users Cross Margin accounts that are scheduled for delisting will be liquidated in whole if the CML falls below 2.
Should users alone possess the above indicated token(s) as liabilities:
- A CML of two or above will not have an impact on pending orders.
- All pending orders on their Cross Margin accounts will be canceled if the CML falls below 2.
- The delisting token(s) liabilities will subsequently be completely repaid by the system via the sale of additional collateral tokens.
Before margin trading ends on October 9, 2024, at 6:00 (UTC), users are strongly encouraged to close their positions and/or move their assets from Margin Wallets to Spot Wallets. Please be aware that users will not be able to amend their holdings throughout the delisting process. Any such losses will not be Binances fault.
It is recommended that users of Portfolio Margin move the aforementioned token(s) from their Margin Wallets to their Spot Wallets and, if necessary, top up their margin balance before 2024-10-09 06:00 (UTC). The withdrawal of the aforementioned token or tokens from the Margin Wallet may lead to possible liquidation, hence users should keep a careful eye on the Unified Maintenance Margin Ratio (uniMMR).
Starting on 2024-10-09 06:00 (UTC), all ORN balances in the Portfolio Margin accounts Cross Margin Wallet will be automatically changed to USDT. It might need more than a day to complete the process. During this time, Binance Margin will not be responsible for any losses on new positions that result from the conversion of funds. For more details, see this FAQ.
For the relisting, a different announcement will be issued.
Loans
All existing loan positions for ORN will be closed by Binance Loans (Flexible Rates) and VIP Loan starting on 2024-10-09 03:00 (UTC) (both loanable tokens and collateral tokens will be closed). To prevent any possible losses, users are strongly encouraged to return any outstanding ORN loans before 2024-10-09 03:00 (UTC).
For more details, please see the FAQs for VIP loans and Binance Loans (Flexible Rates). The Binance Loans and VIP Loan Terms and Conditions include more information.
Simple Earn
Binance Simple Earn will stop supporting ORN Simple Earn Flexible Products on October 11, 2024, at 03:00 (UTC). There wont be any more subscriptions available.
All open ORN Flexible Products positions and any rewards that have accumulated will be automatically redeemed to users Spot Wallets starting on 2024-10-11 03:00 (UTC). Users have the option to redeem their ORN Simple Earn Flexible assets at any point in advance.
Following the occurrence, Binance Simple Earn will, in accordance with the specified swap ratio, resubscribe the converted LUMIA assets for Flexible Product for affected customers after 2024-10-18 09:00 (UTC).
Binance Pay
Binance will remove ORN from the list of accepted cryptocurrencies on Binance Pay at 03:00 (UTC) on October 15, 2024.
Gift Card
Beginning on October 15, 2024, at 03:00 (UTC), Binance will stop supporting the creation of ORN gift cards.
- Before 2024-10-15 03:00 (UTC), users may exchange any remaining ORN Gift Cards for ORN tokens; however, the redeemed tokens will automatically convert to LUMIA tokens.
- All ORN Gift Cards that remain unredeemed after 2024-10-15 03:00 (UTC) will be automatically converted to LUMIA tokens.
Convert
For ORN and all related pairings, Binance Convert will continue to provide a sell-only option from 2024-10-10 03:00 (UTC) until 2024-10-15 02:00 (UTC). At 2024-10-15 02:00 (UTC), Binance Convert will thereafter delist ORN and any related pairings.
Convert Low-Value Assets
ORN will be delisted by Convert Low-Value Assets at 2:00 (UTC) on October 14, 2024. Consumers have the option to convert the low-value assets in advance.
Binance Auto-Invest
ORN will be delisted by Binance Auto-Invest on October 9, 2024, at 03:00 (UTC). Users have the option to eliminate the plan(s) in advance. If not, the previously indicated token(s) will not succeed in their subsequent recurrent cycle.
Purchase and Sell Crypto
Buy & Sell Crypto will delist ORN and all related pairings at 03:00 (UTC) on October 10, 2024.
Note: The translated version of this English original article can include errors. If there are any differences, please refer to this original version for the most recent or correct information.
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
