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Velora announces the discontinuation of the PSP Token and the launch of VLR to take over governance.
PANews, September 16 news, according to The Block, the cross-chain trading protocol Velora (formerly ParaSwap) officially launched its new token VLR, and PSP will lose governance, staking, and rewards functions from now on. Users can migrate PSP, sePSP1, and sePSP2 to VLR at a 1:1 ratio without gas fees starting September 16, with the migration window open for at least one year. Those who migrate before December 16 can receive additional VLR rewards. VLR adopts a unified staking and revenue-linked rewards mechanism, marking a comprehensive upgrade of Velora's governance and brand. Velora's cumulative trading volume exceeds $125 billion, with a monthly trading volume of $7 billion in August.