Cross-chain trading protocol ParaSwap renamed Velora, enable VLR tokens and disable PSP

According to ChainCatcher, the cross-chain transaction protocol ParaSwap announced that it has officially changed its name 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, pledge and rewards will be terminated on the day. The team said VLR will be integrated into a single asset model, adopt a Gas-free mechanism, and directly link rewards to protocol revenue through a unified staking center on Base to achieve a more transparent and sustainable incentive model. PSP is still transferable and used, but no longer has official support. Users can migrate to VLR at 1:1 from September 16, and the migration window is open for at least one year. PSP, sePSP 1 and sePSP 2 holders are required to complete the migration to continue participating in governance and rewards, and additional VLR rewards are available for completion of the migration by December 16. Velora said it has processed a total of more than $125 billion in trading volume, with a monthly turnover of more than $7 billion in August.