ParaSwap rebrands to Velora and enables VLR tokens, PSP to be discontinued today

Cross-chain trading protocol ParaSwap has announced its official rebranding to Velora and the launch of a new governance token, VLR, to replace the original token, PSP. With the launch of VLR, $PSP's functions in governance, staking, and rewards will be terminated with immediate effect. The team stated that VLR will be integrated into a single asset model, adopting a gas-free mechanism, and directly linking rewards to protocol revenue through a unified staking center on Base 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 ratio of 1:1 starting from September 16th, with the migration window open for at least one year. $PSP, sePSP 1, and sePSP 2 holders need to complete the migration to continue participating in governance and rewards. Completing the migration before December 16th will earn additional VLR rewards. Velora claims to have processed over $1250.00 billion in transaction volume cumulatively, with a single-month transaction volume exceeding $7.00 billion in August.

This is not investment advice.

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