ParaSwap is the former name of Velora, a DeFi trading protocol that began as a decentralized-exchange (DEX) aggregator and later expanded into intent-based, cross-chain trading. Velora’s token is now VLR; PSP is the legacy token ticker.
Overview
ParaSwap announced its rebrand to Velora in April 2025. The project described the change as a broader move beyond quote-based DEX aggregation toward a cross-chain trading protocol that also uses intents. The ParaSwap name still appears in older articles, integrations, and contract documentation, so a reference to ParaSwap may describe the project’s earlier brand or its legacy architecture.
As an aggregator, the protocol compares routes across connected exchanges and liquidity sources. A route may use one venue or several hops, but a displayed quote is not a guarantee of the amount ultimately received: liquidity, market movement, network fees, slippage settings, and execution conditions can change the result.
Aggregation and intent-based trading
In a conventional aggregator flow, the application searches available liquidity for a swap and prepares a transaction route. In an intent-based flow, a user specifies an outcome, while solvers or other execution agents may determine how to fulfill it across available liquidity or chains. Velora’s 2025 description presented aggregation and intent-based cross-chain execution as parts of its evolving product direction. Availability and execution paths depend on the current product, assets, and supported networks.
ParaSwap’s earlier smart-contract architecture included Augustus, with a V6 aggregator upgrade announced in 2024. That is useful historical context; it should not be read as a promise that every older ParaSwap feature, contract, chain, or token incentive remains active in Velora today.
PSP, VLR, and governance changes
Velora launched VLR on September 16, 2025, and announced a migration process for PSP and its staked forms. Velora’s launch notice said legacy PSP would remain an ERC-20 token but would no longer qualify for Velora’s incentives or governance after the migration. The initial migration bonus was scheduled to end on December 16, 2025; readers should check Velora’s current instructions before taking action.
In April 2026, PIP-77 changed the governance and operating model. The Defiant reported that the proposal passed on April 10 and that it ended DAO-level fee routing and the staking program while shifting operational and infrastructure responsibilities toward Laita Labs. The proposal discussion describes tokenholder oversight as continuing for a narrower set of structural VLR decisions. As a result, older descriptions of active PSP rewards, staking income, or protocol-fee sharing are historical and should not be presented as current benefits.
Social Media Sentiment
The public Velora forum discussion of PIP-77 in March and April 2026 shows mixed views. Some participants, including a long-time staker and a delegate, objected to ending staking and fee sharing and asked what role VLR would retain; others supported simplifying governance and focusing resources on protocol operations. Laita Labs replied that those reward mechanisms had already become largely inactive and framed the change as an operational simplification. This is a bounded governance discussion, not a survey of Velora users or traders. Read the PIP-77 forum discussion.
Last updated: 2026-10
Related Terms
See Also
- What Is MEV — And Why Every Ethereum Transaction Is a Game
- What Is Tokenomics — And Why It Determines Whether a Crypto Project Survives
- How Do Crypto Bridges Work — And Why Are They Such a Hack Target?
- Swap crypto with ChangeNOW
Sources
- Velora, “Unveiling Velora — The Next Era of ParaSwap” — the project’s 2025 explanation of the rebrand and its stated move toward intent-based cross-chain trading.
- Velora, “Velora has Officially Upgraded to $VLR” — the official VLR launch notice, including the PSP migration and the status described for the legacy token.
- Velora, “Announcing ParaSwap V6 and the Dawn of Decentralized Intents” — the 2024 project announcement for the Augustus V6 aggregator upgrade and its discussion of intents.
- Velora DAO, PIP-77 forum discussion — the proposal summary and dated participant discussion about staking, fee routing, tokenholder governance, and operating changes.
- The Defiant, “Velora DAO Votes to Wind Down, Hand Operations to Laita Labs” — independent reporting on the April 2026 vote outcome and the reported changes to DAO operations and token-holder programs.