To expand trading options and enhance users’ trading experience, Binance Futures will launch the 75x leverage LUMIAUSDT Perpetual Contract on December 18, 2024, at 11:30 (UTC).

Details

• USDⓈ-M Perpetual Contract: LUMIAUSDT
• Launch Time: 2024-12-18 11:30 (UTC)
• Underlying Asset: Lumia (LUMIA)
• Settlement Asset: USDT
• Tick Size: 0.001
• Capped Funding Rate: +2.00% / -2.00%
• Funding Fee Settlement Frequency: Every Four Hours
• Maximum Leverage: 75x
• Trading Hours: 24/7 Multi-Assets Mode Supported

The maximum funding rate for the futures contract at launch is +2.00% / -2.00%.

The funding fee settlement frequency is every four hours.,

What Is LUMIA?

Lumia is a Layer 2 (L2) blockchain solution designed to enhance scalability, liquidity, and interoperability within the decentralized ecosystem.

By improving existing blockchain infrastructure and integrating advanced technologies, it provides a platform that enables developers and users to experience faster and more efficient transactions.

Its core focus is to address key challenges in the blockchain world, such as data availability, transaction efficiency, and cross-chain interoperability.

Lumia’s architecture is built on the Polygon Chain Development Kit (CDK), which allows the creation of custom blockchain networks tailored to specific needs.

By leveraging these modular frameworks and integrating additional functionalities such as decentralized data availability through AvailDA and cross-chain features via Polygon AggLayer, the project aims to enhance the usability and flexibility of decentralized applications (dApps) across blockchain networks.

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By providing access to centralized exchanges, Lumia aims to offer pricing to decentralized finance (DeFi) users that could compete and even surpass centralized platforms. Speaking about this integration, the co-founder of 1inch, Sergej Kunz, said “1inch aims to provide liquidity to users in the crypto market, and we’re pleased to see Lumia as a new and significant source of liquidity.”

Lumia’s liquidity solution is implemented with 1inch via a price quote request, a process where the customer requests a price quote from a provider (market maker) to buy tokens. Lumia contributes to this procedure by acting as a specialized market maker.

1inch plans to further develop its Lumia integration by expanding it with a gasless solution called 1inch Fusion. Lumia will act as a registered and approved address to fulfill 1inch Fusion orders.

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A 1inch spokesperson noted that the integration is currently fully functional on the 1inch Legacy platform and completion for 1inch Fusion is “coming soon”. 1inch Network provides liquidity from over 500 sources with over 76 million transactions and lifetime volumes exceeding $428 billion.

This network is governed by the 1inch DAO, a decentralized autonomous organization (DAO). 1inch claimed to have been the first DAO to hire a permanent legal team through a direct voting process in January 2024. Lumia was introduced by Orion DAO in February 2024 and marketed as a bridge between the vast liquidity of centralized crypto exchanges and the innovation of decentralized exchanges.

In March 2024, it was announced that former Binance executive U-Chyung Lim was hired as head of business development. The co-founder of the Orion Protocol, Kal Ali, stated that Orion DAO and its tokens will be completely transferred to Lumia. This decision was made during a DAO vote, and 90% of DAO members voted in favor of the transition. The native ORN token will be replaced with the new infrastructure token LUMIA at a 1:1 swap.

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