Velora announces PSP token discontinuation, VLR will be launched to take over governance

PANews reported on September 16 that according to The Block, the cross-chain transaction protocol Velora (formerly ParaSwap) officially launched a new token VLR, and PSP will lose its governance, pledge and reward functions from now on. Users can migrate PSP, sePSP1, sePSP2 to VLR at a 1:1 ratio of no Gas to VLR from September 16. The migration window will be open for at least one year. Migrating before December 16 will receive additional VLR rewards. VLR adopts a unified pledge and a reward mechanism linked to agreement revenue, marking the comprehensive upgrade of Velora's governance and brand. Velora's cumulative trading volume exceeded US$125 billion, and the monthly trading volume in August reached US$7 billion.