Velora launches VLR token, ending the governance and reward functions of PSP

Foresight News: According to The Block, cross-chain trading protocol Velora (formerly known as ParaSwap) has launched a new token, VLR, to replace PSP. The goal is to consolidate its model into a single asset and better align with actual protocol usage.

The team explained that PSP will remain transferable and usable, but will no longer receive official support. Starting from September 16, PSP can be migrated to VLR at a 1:1 ratio, and users can upgrade to Base with one click and no gas fees. The migration will be open for at least one year. Holders of PSP, sePSP1, and sePSP2 must migrate to obtain governance, staking, and rewards. Early migration (before December 16) will bring additional VLR rewards with no lock-up required.