ParaSwap, a cross-chain transaction protocol, announced that it will officially change its name to Velora and launch a new governance token, VLR, to replace the original token PSP. With the launch of VLR, the functions of PSP in governance, staking and rewards will be terminated immediately. The team said that VLR will be integrated into a single asset model, adopt a gas-free fee mechanism, and directly link rewards to protocol revenue through a unified staking center on Base to achieve a more transparent and sustainable incentive model.
PSPs can still be transferred and used, but they are no longer officially supported. Users can migrate to VLRs on a 1:1 basis from September 16th, and the migration window will be 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, and complete the migration by December 16th to receive additional VLR rewards.
ParaSwap renamed to Velora and launched VLR tokens to replace the original PSP token.
2025-09-17 07:43:17
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