Velora rebrands from ParaSwap and launches its VLR token, offering a 1:1 PSP-to-VLR migration starting September 16, with early migration rewarded and no gas fees for at least one year.
Velora, previously known as ParaSwap, has introduced its new VLR token to replace PSP for governance, staking, and rewards. From September 16, holders of PSP, sePSP1, and sePSP2 can migrate to VLR on a 1:1 basis without gas fees, with a migration period of at least one year. Early migration before December 16 offers additional VLR rewards. The VLR token introduces unified staking linked to protocol revenue. Velora has processed over $125 billion in cumulative trades, including $7 billion in August 2024.