VELORA replaces its PSP TOKEN with VLR, shifting towards rewards linked to income.

PSP holders are now faced with an important upgrade path as Velora (formerly known as ParaSwap) will retire the utility of the PSP token and introduce income-linked rewards VLR. The migration from PSP to VLR is at a 1:1 ratio, with no gas fees, focused on Base, and includes limited early participant rewards. Below is a clear overview for airdrop hunters and crypto learners—along with how Gate users can responsibly track the milestones of the PSP migration.

PSP Overview: PSP migration to VLR, PSP deactivation, PSP rewards and income alignment

The utility of PSP in governance, staking, and rewards will cease immediately; PSP can still be transferred, but there is no official support. Holders can migrate PSP/sePSP1/sePSP2 → VLR at a ratio of 1:1 through a fee-free one-click operation. Flow on Base. The window will remain open for at least one year, and migrations completed before December 16, 2025, will receive additional VLR without lock-up. The VLR model unifies staking on Base and ties rewards to protocol revenue rather than inflation.

How PSP Migration to VLR Works: Understanding the PSP Upgrade Process

The PSP migration is designed to be seamless: a 1:1 conversion on Base with no gas fees and a one-click upgrade, converting PSP (as well as the staked wrappers sePSP1/sePSP2) into VLR. This path retains governance rights and eligibility for rewards under the new design. Importantly, the migration will be open for at least a year, providing ample time for PSP holders, and early conversions made before December 16 will receive additional VLR allocations.

PSP Status Today: What Changes Have Occurred in the Practicality of PSP?

Effective immediately, PSP will no longer have governance, staking, or reward functions. It can still be transferred and used on-chain, but there will be no formal support from the protocol in the future. In practice, this means that value capture and governance have been shifted to VLR, while remaining in PSP carries the risk of missing out on ongoing incentives.

PSP Price and VLR Price: Real-time Snapshot for PSP Observers

As of the writing of this article, on September 17, 2025 (UTC+7), the trading price of PSP is approximately $0.02394, with a 24-hour trading volume of around $1.10M, while the price of VLR is about $0.02320, with a 24-hour trading volume of approximately $15.0M. Prices fluctuate during token conversions; consider this data as a real-time snapshot rather than a prediction.

PSP Token Economics and VLR Model: Why PSP Incentives Shift to Revenue

Under the PSP, incentives rely more on inflation or programmatic issuance. VLR integrates into a single asset model, unifying the staking center and income-linked rewards on Base — clearly linking distribution to actual protocol revenue. For token holders, this aims to enhance the coordination between protocol usage and returns, reduce reliance on inflation, and improve sustainability. For builders, a single token simplifies integration and reduces the fragmentation of incentives accumulated by the PSP over time.

PSP and Project Miró: Conclusions on PSP Governance Redesign

The launch of VLR marks the end of the Miró project, an initiative led by DAO aimed at reforming branding, governance, and token models, which began when the protocol was still known as ParaSwap. Velora highlights its historical throughput—operating since 2019, integrating with major DeFi protocols, processing over $125 billion in cumulative trading volume, and setting a monthly record of over $7 billion in August—as the backdrop for the transition from PSP to VLR. The shift from PSP → VLR is seen as the final step in consolidating cross-chain infrastructure and clarifying long-term governance.

PSP Migration Timeline and Actions: PSP Deadline, PSP Bonus Window, PSP Risk Statement

• PSP migration starts: September 16, 2025 (1:1, no gas fee, Base).
• PSP Early Migration Reward: Migrate PSP/sePSP1/sePSP2 to VLR before December 16, 2025, to receive additional VLR without the need for locking.
• PSP window period: Open for at least 1 year (after that, migration may continue at the team's discretion, but rewards will no longer apply).

PSP Risk Reminder: If you continue to hold PSP without migrating, you will forfeit the governance/staking/rewards that have been transferred to VLR. Additionally, liquidity and integration may become increasingly concentrated in VLR rather than PSP.

PSP on Gate: How Gate Users Can Responsibly Track PSP → VLR

• PSP Watchlist and Alerts: Add PSP and VLR to the Gate watchlist to track PSP migration milestones and the price/trading volume around the December 16 bonus deadline.
• PSP DYOR workflow: Before taking action, please confirm the real-time prices, circulation indicators, and migration updates of PSP and VLR through reliable trackers and the official channels of the projects.
• PSP Learning and Activities: Follow Gate announcements to learn about any money-making content or research explanations related to PSP → VLR, so you can assess risks instead of chasing headlines.

(Note: Availability and product eligibility vary by region and account level; please check your current access in your Gate app.)

PSP Delivery: Why the Transition from PSP to VLR is Important Now

The retirement of the PSP utility tool and the launch of VLR is not just a token swap. The protocol is centralizing staking on Base, linking rewards to real income, and simplifying it into an asset to minimize incentive leakage, which is a direct response to the pain points seen during the PSP era. For PSP holders, the decision point is simple: migrate to access governance and income-related rewards; staying on PSP means choosing not to participate in the new value path. For Gate users, a prudent approach is to track the timeline, verify real-time data, and cautiously adjust positions during high volatility migration.