Velora launches VLR tokens to end PSP governance and rewards

According to The Block, the cross-chain transaction protocol Velora (formerly ParaSwap) has launched a new token VLR to replace PSP, aiming to integrate its model into a single asset and better align with the actual protocol usage. The team explained that the PSP is still transferable and used, but will no longer be officially supported. Starting from September 16, PSP can be moved to VLR at a 1:1 ratio, and users can upgrade to Base with one-click fuel-free, and the migration will be open for at least one year. Holders of PSP, sePSP1 and sePSP2 must undergo migration to obtain governance, stakes, and rewards. Early migration (by December 16) will bring additional VLR rewards without locking up.