The cross-chain trading protocol ParaSwap has been renamed Velora, with the VLR token activated and PSP deactivated

ChainCatcher news, the cross-chain trading protocol ParaSwap has officially rebranded to Velora and launched a new governance token VLR to replace the original token PSP. With the launch of VLR, the functions of PSP in governance, staking, and rewards will cease immediately. The team stated that VLR will integrate into a single asset model, adopt a no Gas fee mechanism, and directly link rewards to protocol revenue through a unified staking center on Base, aiming for a more transparent and sustainable incentive model.

PSP remains transferable and usable but will no longer receive official support. Users can migrate to VLR at a 1:1 ratio starting from September 16, with the migration window open for at least one year. Holders of PSP, sePSP 1, and sePSP 2 must complete the migration to continue participating in governance and rewards, with additional VLR rewards available for those who complete the migration by December 16. Velora claims to have processed over $125 billion in transaction volume, with a monthly trading volume exceeding $7 billion in August.