Categories: Press Release

Binance Confirms Support for Lumia Token Swap Ahead of New Chain Launch

Cayman Islands, Cayman Islands, September 30th, 2024, Chainwire

Binance has confirmed it will support Lumia’s imminent Token Swap Event (TSE) and it has now been scheduled. Binance’s decision to support the swap will enable ORN holders to access the new Lumia token (LUMIA) that will be credited to their Binance accounts automatically following the upgrade. Binance will also halt withdrawals and deposits ahead of the upgrade to ensure the process is completed seamlessly. ORN to LUMIA tokens will be swapped on a 1:1 basis.

Token Swap Approaches as Lumia Prepares to Launch

The Lumia TSE is one of the final key deliverables to be ticked off before the new chain can proceed with its launch. Binance’s decision to support the event will significantly aid coordination, providing a centralized platform that’s well equipped for overseeing the process. While there is no obligation for ORN holders to utilize Binance in order to have their balances swapped for LUMIA, it will form the preferred route for many on account of its convenience.

On October 15 at 03:30 UTC, Binance will suspend ORN deposits and withdrawals before conducting the TSE. It will then enable LUMIA deposits on October 18 at 08:00 UTC. While ORN holders don’t need to concern themselves with the details, since Binance will automate everything, it’s worth noting that the LUMIA token will have a new supply of 239M.

The new LUMIA token will be used to support network governance, while a deflationary mechanism built in should ensure that long-term incentives between HyperNode operators and network users are aligned. Aside from being used as the chain’s native gas token, LUMIA will also be required to access premium features and there is also talk of holders being airdropped tokens by other projects launching on Lumia.

RWAs and DeFi on a Dedicated Layer

Following completion of the token swap, LUMIA holders will be eagerly looking forward to the mainnet launch of Lumia Chain – and they shouldn’t have long to wait. The impending mainnet deployment follows on from a successful HyperNode sale that attracted strong community interest. Node operators who validate transactions on Lumia will be able to earn network rewards, which will form one of the multiple use cases engineered for the LUMIA token.

Having already won over a string of ecosystem partners, who have committed to supporting the current testnet and subsequent mainnet, Lumia has all the tools in place to fulfill its pledge of creating a scalable chain where tokenized RWAs and DeFi can coexist. Given that onchain real-world assets are predicted to become a trillion-dollar industry in the next decade, it’s easy to see the bull case for Lumia and its eponymous token if it can capture even a slice of this action.

The combination of deep liquidity and optimum capital efficiency, plus the availability of compliant frameworks to support security token trading, means Lumia has all the ingredients in place to become a hub of RWA activity. Before all that can occur, however, there’s a token swap to complete and then the new chain to launch.

About Lumia

Lumia is the world’s first next-gen modular L2 designed with deep liquidity, unmatched capital efficiency, and essential infrastructure for the future of DeFi and specifically Real-World Assets (RWAs). Lumia bridges the gap between physical assets and digital finance, making tokenized assets easily accessible on the blockchain – pioneering the next evolution of finance.

Learn more: lumia.org