Binance, a major cryptocurrency exchange, has announced its support for Lumia’s upcoming token swap event. This swap is a crucial step before Lumia’s new blockchain launches.
What’s Happening?
Lumia is getting ready to launch its new blockchain, and the token swap is the final step before that happens. Binance’s support means that ORN holders (those who own the current Lumia token) will automatically receive the new LUMIA token in their Binance accounts after the swap.
How the Swap Works
The swap will happen on a one-to-one basis, meaning each ORN token will be exchanged for one LUMIA token. Binance will temporarily halt deposits and withdrawals of ORN before the swap and then enable deposits of LUMIA after the swap is complete.
Key Dates
- October 15, 2024, 8:30 PM PST: ORN deposits and withdrawals will be suspended.
- October 18, 2024, 1:00 AM PST: LUMIA deposits will be enabled.
What’s New with LUMIA?
The new LUMIA token will have a total supply of 239 million and will be used for network governance. It will also be the native gas token for the new blockchain, meaning it will be needed to pay for transactions.
Why is This Important?
Lumia aims to create a blockchain that’s specifically designed for tokenized real-world assets (RWAs) and decentralized finance (DeFi). They believe this will be a huge industry in the future, and they want to be at the forefront of it.
What’s Next?
After the token swap, Lumia will launch its new blockchain. This will allow users to access the new features and benefits of the network, including the ability to earn rewards by validating transactions.
The Bottom Line
Binance’s support for Lumia’s token swap is a big deal. It shows that the exchange believes in Lumia’s vision and that the new blockchain has the potential to be a major player in the future of finance.
