- Binance to assist ORN-LUMIA alternate and rebranding.
- The crypto alternate will take away all ORN buying and selling pairs.
- The value of ORN dropped after Binance's announcement to cancel the alternate.
Binance will assist Orion Protocol (ORN) mainnet alternate and rebranding to Lumia (LUMIA). The crypto alternate outlined the alternate and rebranding program, together with knowledge and processes.
On October 15, Binance will take away all ORN buying and selling pairs and droop deposits and withdrawals. Nevertheless, the crypto alternate will begin buying and selling for LUMIA/USDT three days after ORN is eliminated.
Knowledgeable Binance customers can alternate their ORN tokens for LUMIA at a 1:1 ratio. Lumia's complete provide will enhance from 92.6 million to 238.9 million tokens. The crypto alternate will deal with all technical adjustments within the token alternate course of, so prospects holding ORN on Binance needn’t take any motion.
Orion-Lumia announcement triggers volatility
The Orion-Lumia announcement prompted volatility within the ORN market, with the ORN/USD pair experiencing important downward stress early on Monday. ORN worth fell sharply to $1.367 after rising to $1.718 throughout the day. The early morning drop was a 20% drop for the cryptocurrency, which has seen outstanding bullish momentum because the first week of September.
Additionally Learn: Orion Protocol Exploited For $3 Million Due To Re-entry Bug
ORN began an upward rally on September 4th, steadily rising and breaking by notable resistance. The value of the cryptoasset is up almost 70% after recovering from a low of $1.014 on Sept. 4 and hitting a month-to-month excessive of $1.718 on Monday, Sept. 30, in response to knowledge from TradingView.
Binance stated the transition to ORN-LUMIA is a part of its ongoing efforts to adapt to the altering cryptocurrency panorama, effectively handle technological and monetary necessities whereas minimizing potential disruption.
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