PSP holders now face an important upgrade path as Velora (formerly ParaSwap) retires the PSP token’s utility and introduces VLR with revenue-linked rewards. The PSP → VLR migration is 1:1, gasless, centered on Base, and includes a limited early-mover bonus. Below is a clear rundown for airdrop hunters and crypto learners—plus how Gate users can track PSP migration milestones responsibly.
PSP TL;DR: PSP migration to VLR, PSP deactivation, PSP rewards align to revenue
PSP utility in governance, staking, and rewards ends immediately; PSP remains transferable but without official support. Holders migrate PSP/sePSP1/sePSP2 → VLR at 1:1 via a gasless one-click flow on Base. The window stays open at least one year, and migrations completed by December 16, 2025 receive extra VLR with no vesting. The VLR model unifies staking on Base and links rewards to protocol revenue instead of inflation.
PSP migration to VLR: how the PSP upgrade actually works
The PSP migration is designed to be frictionless: a 1:1, gasless, one-click upgrade on Base that converts PSP (and staked wrappers sePSP1/sePSP2) into VLR. This path preserves governance rights and eligibility for rewards under the new design. Crucially, migration is open for at least a year, giving PSP holders ample time, while early conversions before December 16 earn a bonus VLR allocation.
PSP status today: what changes for PSP utility right now
Effective immediately, PSP no longer carries governance, staking, or rewards functions. It remains transferable and usable on-chain but without official support from the protocol going forward. Practically, that means value capture and governance have moved to VLR—and staying in PSP risks missing ongoing incentives.
PSP price & VLR price: real-time snapshot for PSP watchers
At the time of writing on September 17, 2025 (UTC+7), PSP trades near $0.02394 with ~$1.10M 24h volume, while VLR is around $0.02320 with ~$15.0M 24h volume. Prices are volatile around token transitions; use these figures as a live snapshot rather than a forecast.
PSP tokenomics vs. VLR model: why PSP incentives shift to revenue
Under PSP, incentives relied more on inflation or programmatic emissions. VLR consolidates to a single-asset model with a unified staking hub on Base and revenue-linked rewards—explicitly tying distributions to actual protocol revenue. For tokenholders, this is meant to tighten alignment between protocol usage and returns, reduce reliance on inflation, and improve sustainability. For builders, a single token simplifies integration and reduces incentive fragmentation that PSP accrued over time.
PSP and Project Miró: how PSP governance redesign concludes
The VLR launch concludes Project Miró, a DAO-led initiative to overhaul branding, governance, and the token model that began while the protocol was still known as ParaSwap. Velora highlights historical throughput—operating since 2019, integrating with major DeFi protocols, processing $125B+ in cumulative volume and a $7B+ monthly ATH in August—as context for the move away from PSP. The PSP → VLR pivot is positioned as the final step to consolidate cross-chain infrastructure and clarify long-term governance.
PSP migration timeline & actions: PSP deadlines, PSP bonus window, PSP risk notes
- PSP migration start: September 16, 2025 (1:1, gasless, Base).
- PSP early-mover bonus: migrate PSP/sePSP1/sePSP2 → VLR before December 16, 2025 to receive additional VLR with no vesting.
- PSP window duration: open for ≥ 1 year (after that, migrations may continue at the team’s discretion, but bonus no longer applies).
PSP risk reminder: if you keep holding PSP without migrating, you forgo governance/staking/rewards that have moved to VLR. Additionally, liquidity and integrations could increasingly center on VLR, not PSP.
PSP on Gate: how Gate users can track PSP → VLR responsibly
- PSP watchlists & alerts: Add PSP and VLR to Gate watchlists, track price/volume around the PSP migration milestones and the December 16 bonus cutoff.
- PSP DYOR workflow: Before acting, confirm PSP and VLR live prices, circulating metrics, and migration updates from reliable trackers and the project’s official channels.
- PSP learning & campaigns: Follow Gate announcements for any learn-and-earn pieces or research explainers tied to PSP → VLR so you can evaluate risk, not chase headlines.
(Note: Availability and product eligibility vary by region and account tier; check your Gate app for current access.)
PSP takeaway: why the PSP → VLR shift matters now
The retirement of PSP utility and the launch of VLR are more than a ticker swap. The protocol is centralizing staking on Base, linking rewards to real revenue, and simplifying to one asset to minimize incentive leakage—a direct response to pain points seen in PSP’s era. For PSP holders, the decision point is straightforward: migrate to access governance and revenue-linked rewards; staying in PSP means opting out of the new value path. For Gate users, the disciplined move is to track the timeline, verify live numbers, and size positions prudently during a high-volatility migration.
