ParaSwap is renamed to Velora and enables VLR tokens to replace the original token PSP

Golden Finance reported that the cross-chain trading protocol ParaSwap announced the official 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 reward will be terminated on the day. The team said that VLR will be integrated into a single asset model, adopt a Gas fee-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 can still be transferred and used, but it no longer receives official support. Users can migrate to VLR at 1:1 from September 16, and the migration window will be open for at least one year. PSP, sePSP1 and sePSP2 holders need to complete the migration to continue to participate in governance and rewards. Complete the migration by December 16 will receive additional VLR rewards.