ParaSwap changes its name to Velora and activates VLR tokens; PSP is deactivated immediately

ParaSwap, a cross-chain trading protocol, has officially changed its name to Velora and launched a new governance token, VLR, to replace its original PSP. With the launch of VLR, PSP's role in governance, staking, and rewards will cease immediately. The team stated that VLR will be consolidated into a single asset model with a zero-gas fee mechanism. Rewards will be directly linked to protocol revenue through a unified staking center on Base, achieving a more transparent and sustainable incentive model. PSP will remain transferable and usable, but will no longer be 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 August alone exceeding $7 billion. (The Block)