ParaSwap, the cross-chain trading protocol, has officially rebranded to Velora and launched a new governance token, VLR, to replace the original PSP. With the launch of VLR, the PSP's functions in governance, staking, and rewards will cease effective immediately. The team stated that VLR will be consolidated into a single asset model with a gas-free mechanism. Rewards will be directly linked to protocol revenue through a unified staking center on Base, achieving a more transparent and sustainable incentive model.

PSPs are still transferable and usable, but are no longer officially supported. Users can migrate to VLR at a 1:1 ratio starting September 16th, with a migration window open for at least one year. PSP, sePSP 1, and sePSP 2 holders must complete the migration to continue participating in governance and rewards. Those who complete the migration by December 16th will receive additional VLR rewards. Velora claims to have processed over $125 billion in cumulative trading volume, with monthly trading volume exceeding $7 billion in August. (The Block)