Binance, one of the world’s largest cryptocurrency exchanges, has announced that it will be delisting the popular altcoin Orion (ORN) and supporting the Lumia (LUMIA) exchange in the process. This development is of great interest to both ORN token holders and those investing in the crypto market. Here are all the details you need to know about this important change and what to do!

Orion (ORN)

Binance Delists ORN: What Does It Mean?

As of October 15, 2024, all ORN trading pairs (ORN/USDT and ORN/BTC) on the Binance platform will be removed. Binance will replace users’ existing ORN holdings with Lumia (LUMIA), eliminating the need for any manual transactions. All ORN tokens will be swapped with Lumia at a 1:1 ratio. $ORN

The new token, LUMIA, is being launched as part of Orion’s rebranding and mainnet transition strategy. Binance is supporting this transformation process, ensuring a smooth transition for crypto investors.

The Swap and Rebranding Process

The ORN-LUMIA swap will start on October 15, 2024. Binance will handle all technical arrangements during this process. Users will only need to keep ORN tokens in their accounts, and Binance will automatically process all transactions. In addition, the Lumia/USDT trading pair will be activated on October 18, 2024, so that transactions with the new token can begin.

With this swap, LUMIA’s total supply will increase to 238.9 million tokens from ORN’s previous supply of 92.6 million tokens.

Dates Binance Users Should Pay Attention to

During this important transformation process, users need to pay attention to some critical dates:

  • October 9, 2024: ORN margin trading will cease. ORN margin positions will be automatically closed.

  • October 15, 2024: Binance will remove ORN trading pairs from the platform. ORN tokens will be swapped for Lumia.

  • October 18, 2024: The Lumia/USDT trading pair will become active and users will be able to start trading with Lumia.

What to Do for Binance Users

The most important step for users is to keep ORN tokens in their accounts and wait for the swap to be carried out by Binance. There is no need for any manual process. Binance has taken care of all the technical requirements and users are safe throughout the process.

However, for users trading on margin or futures, it may be necessary to review and close their investments and positions. It is recommended to be careful in this regard, as Binance will delist ORN for margin trading.

Crypto Market Volatility: ORN Price Falls

Following the announcement of the ORN token delisting and LUMIA swap, the ORN price experienced major fluctuations. The price of ORN dropped by approximately 47.43% from $1.75 to $0.92 after the news was announced. Such major changes caused short-term price volatility for investors and caused immediate selling pressure in the market.

Conclusion

Binance’s delisting of Orion (ORN) and support for Lumia (LUMIA) is an important step in the crypto world. This process will be critical for Orion’s future projects and Lumia’s place in the crypto market. Users can manage their investments safely by paying attention to the specified dates.

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