Cross-chain trading protocol ParaSwap rebrands as Velora and launches VLR token

ChainCatcher reported that the cross-chain trading protocol ParaSwap has officially rebranded as Velora and launched a new governance token, VLR, to replace the original PSP token. With the launch of VLR, PSP’s functions in governance, staking, and rewards will be terminated immediately. The team stated that VLR will be integrated into a single-asset model, adopt a gas-free mechanism, and directly link rewards and protocol revenue through a unified staking center on Base, aiming to achieve a more transparent and sustainable incentive model.

PSP can still be transferred and used, but will no longer receive official support. Users can migrate to VLR at a 1:1 ratio starting from September 16, and the migration window will remain 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. Those who complete the migration before December 16 will receive additional VLR rewards. Velora stated that it has processed over $125 billion in total transaction volume, with a single-month transaction volume exceeding $7 billion in August.