As a seasoned researcher who has witnessed numerous crypto market fluctuations, I find myself observing the current state of ORN (LUMIA) with a blend of intrigue and apprehension. The swift decline in value following Binance’s announcement of delisting and rebranding to LUMIA is a stark reminder of the volatile nature of the digital asset market.
As a researcher, I’m observing a significant drop in the value of Orion DAO’s native token, ORN. Currently, it’s trading at approximately $1.32, representing a 12% decrease over the past 24 hours. This steep fall came after Binance announced its intention to delist all ORN spot trading pairs as part of the token’s rebranding to LUMIA on Monday. Interestingly, within just four hours following this announcement, ORN’s value dropped by around 21%.
Previously, I found myself analyzing ORN tokens with a market capitalization of approximately $95 million in March. However, as of today, the market capitalization has dropped to around $45 million.
In a recent update, Binance detailed the steps for transitioning from ORN to LUMIA. On October 15th, deposits and withdrawals of ORN tokens will no longer be possible. Afterward, all ORN spot trading pairs such as ORN/BTC and ORN/USDT will be removed, and any open orders will be terminated.
On October 18th, Binance is going to introduce a new trading pair for LUMIA/USDT. The platform wants to remind everyone that all ORN tokens will automatically be swapped for an equal amount of LUMIA. To prevent any issues, it’s recommended to finish depositing ORN tokens before the cutoff date. After the change, users won’t be able to add or withdraw ORN tokens anymore.
Furthermore, Binance is planning to halt all ORN margin trading operations on October 9, affecting both Cross and Isolated Margin types. During this transition, the exchange will close existing positions and settle any pending orders automatically.
ORN Token’s Transition to LUMIA
This year, the Orion DAO unveiled its intention to transform ORN into LUMIA. The new economic structure will see a total of 238,888,888 LUMIA tokens in circulation, up from the initial 92,631,255 ORN. This expansion involves an additional 146,257,633 tokens that will be entirely allocated to the community. Among these, 50.21% is intended for node rewards and a further 49.79% is set aside for community incentives, including projects on Lumia Stream.
Essentially, no additional LUMIA tokens will be given to the team. Instead, these tokens will remain in publicly accessible wallets for maximum transparency. Furthermore, the distribution for node rewards is designed to vest over a span of 20 years, which serves to control the rate at which tokens enter the market.
Approximately half (49.79%) of the newly minted LUMIA tokens will be set aside specifically for community rewards, distributions, and motivators. Lumia is planning to introduce an innovative governance model called “enhanced governance,” which offers a modern take on decentralized autonomous organization (DAO) projects.
1) The community strongly endorsed the plan with a resounding 90% approval through voting. The LUMIA token has been designed to offer innovative possibilities for users, focusing on increased acceptance and improved functionality within our system.
The LUMIA team emphasized to their partners that they are essential for the prosperous future of this revamped platform.
On Monday, Binance also unveiled that EigenLayer (EIGEN) would be listed, tagged as a seed, starting October 1. EigenLayer is a well-known middleware protocol for Ethereum networks, focusing on re-staking functionality. This action underscores the exchange’s dedication to expanding its listing portfolio.
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2024-09-30 15:31