Velora, the cross-chain trading protocol formerly known as ParaSwap, has launched its new governance token, VLR, effectively deactivating the previous PSP token. As of September 16th, PSP will no longer support governance, staking, or rewards functions. Users can migrate their PSP, sePSP1, and sePSP2 tokens to VLR at a 1:1 ratio without incurring gas fees. The migration period will remain open for at least one year, with additional VLR rewards available for those who migrate before December 16th. The introduction of VLR marks a significant upgrade in Velora's governance structure, featuring a unified staking mechanism and a rewards system linked to protocol revenue. Velora has reported a cumulative trading volume exceeding $125 billion, with a monthly trading volume of $7 billion recorded in August.