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

The native token of Orion DAO, ORN, ORN $1.52 24-hour volatility: 70.8% Market cap: $52.20M 24-hour volume: $14.47M has experienced a significant drop in its market value, currently trading around $1.32, down 12% in just 24 hours. This steep decline follows Gate’s Monday announcement, which unveiled plans to delist all ORN spot trading pairs under the token’s rebranding to LUMIA. Notably, ORN’s value plummeted by 21% in merely four hours following the announcement.

ORN token had previously enjoyed a market capitalization of $95 million in March, but as of now, it stands at approximately $45 million.

In a recent communication, Gate outlined the details of the transition from ORN to LUMIA. On October 15, the exchange will suspend all ORN token deposits and withdrawals. Subsequently, all existing ORN spot trading pairs, including ORN/BTC and ORN/USDT, will be delisted and all pending orders will be canceled.

Gate 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.

Furthermore, Gate Margin will cease all ORN margin trading activities, and the delisting from Cross Margin and Isolated Margin cryptocurrencies is scheduled for October 9. As part of this process, the exchange will close positions and automatically liquidate orders.

ORN Token Transition to LUMIA

Earlier this year, Orion DAO announced its plan to transition from 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 entirely allocated to the community, with 50.21% designated for node rewards and 49.79% earmarked for community incentives, including initiatives on Lumia Stream.

It’s important to note that no new LUMIA tokens will be distributed to the team. Instead, the DAO will hold all tokens in public addresses to ensure full transparency. The node rewards allocation will be granted 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 airdrops, grants, and community incentives. Lumia aims to introduce a concept of “elevated governance,” representing a refreshing approach to traditional DAO initiatives.

The proposal received overwhelming support from 90% of the community through votes. The new LUMIA token aims to provide fresh opportunities for users, with the goal of achieving wider 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 revamped platform.

Meanwhile, on Monday, Gate also announced the listing of EigenLayer (EIGEN) with the seed label 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.