PANews reported on September 16th that, according to The Block , the cross-chain trading protocol Velora (formerly ParaSwap ) has officially launched its new token, VLR . Effective immediately, PSP will lose its governance, staking, and rewards functions. Starting September 16th , users can migrate PSP , sePSP1 , and sePSP2 to VLR at a 1:1 ratio, gas -free. The migration window will be open for at least one year, and those migrating before December 16th will receive additional VLR rewards. VLR utilizes a unified staking mechanism and a rewards mechanism tied to protocol revenue, marking a comprehensive upgrade of Velora's governance and brand. Velora's cumulative trading volume has exceeded $ 125 billion, with monthly trading volume reaching $ 7 billion in August .