ORN Token Faces Sharp Decline as Binance Prepares to Support Its Rebranding to LUMIA

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ORN Token Faces Sharp Decline as Binance Prepares to Support Its Rebranding to LUMIA

Orion DAO’s native token ORN [NC] has faced a major decline in its market value, currently trading around $1.32, down 12% in just 24 hours. This sharp downturn follows Monday’s announcement from Binance, revealing plans to delist all ORN spot trading pairs under the token’s rebranding to LUMIA. Notably, ORN’s value slipped by 21% within a mere four hours of the announcement.

The ORN token had previously enjoyed a market cap of $95 million back in March, but as of now, it stands at about $45 million.

In a recent communication, Binance outlined the specifics of the transition from ORN to LUMIA. On October 15, the exchange will suspend all deposits and withdrawals of ORN tokens. Following this, all existing ORN spot trading pairs, including ORN/BTC and ORN/USDT, will be delisted, and any pending orders will be canceled.

Binance will introduce the new LUMIA/USDT trading pair on October 18. The exchange emphasized that all ORN tokens will be converted to LUMIA at a 1:1 ratio. Users are urged to ensure their ORN deposits are processed before the suspension date to avoid complications. After the transition, users will no longer be able to deposit or withdraw ORN tokens.

Additionally, Binance Margin will cease all ORN margin trading activities, with delistings for both Cross and Isolated Margin set for October 9. As part of this process, the exchange will close the positions and automatically settle the orders.

ORN Token’s Transition to LUMIA

Earlier this year, the Orion DAO announced its plan to transition ORN to LUMIA. The new tokenomics will shift from 92,631,255 ORN to a total of 238,888,888 LUMIA tokens. This increase of 146,257,633 tokens will be fully allocated to the community, with 50.21% designated for node rewards and 49.79% earmarked for community incentives, including initiatives on Lumia Stream.

Importantly, no new LUMIA tokens will be distributed to the team. Instead, the DAO will keep all the tokens in public addresses to ensure complete transparency. The allocation for node rewards will vest over a 20-year period, helping to manage the gradual release of tokens into the market.

The remaining 49.79% of the new LUMIA tokens will be reserved exclusively for community airdrops, grants, and incentives. Lumia aims to introduce an “elevated governance” concept, which represents a refreshing approach to traditional DAO initiatives.

The proposal received an overwhelming 90% backing from the community via votes. The new LUMIA token is intended to unlock fresh opportunities for users, aiming for broader adoption and enhanced utility within the ecosystem.

The team behind LUMIA has assured stakeholders that they play a vital role in the future success of this renewed platform.

Meanwhile, on Monday, Binance also announced the listing of EigenLayer (EIGEN) with the seed tag on October 1. EigenLayer is a popular Ethereum-based middleware protocol designed to facilitate re-staking. The move highlights the exchange’s commitment to diversifying its listing.next

ORN Token Faces Sharp Decline as Binance Prepares to Support Its Rebranding to LUMIA