Orion Protocol’s New Layer 2 Blockchain
On February 26th, 2024, Lumia was launched by Orion Protocol as the premier hyper-liquid re-stake rollup blockchain solution. According to the project’s blog update, Lumia intends to develop a reliable liquidity network that binds Layer 1 and Layer 2 with endless liquidity derived from centralized and decentralized exchanges.
On April 4, 2024, Orion Protocol announced the beginning of the transition from ORN to LUMIA as official. According to the protocol, major crypto exchanges were to facilitate a token swap event to help users exchange their ORN tokens for LUMIA.
Orion DAO’s native token, ORN, has declined in price by 14% in the last 24 hours. The token is currently trading at $1.29, which shows that the crypto market is rather unstable.
The price of ORN tumbled by 21% in the first four hours following the announcement of the rebranding by Binance which compounded the existing fears. As of March, ORN had a market capitalization of $95 million, and this has now declined to around $43 million.
Apart from the ORN rebranding, Binance also revealed that EigenLayer (EIGEN) would be listed on its platform on October 1. EigenLayer is an Ethereum-based middleware protocol that enables re-staking and has recently drawn attention in the crypto sector.
