ParaSwap, a decentralized exchange aggregator, has rebranded as Velora and introduces Delta v2.5, a major upgrade designed to streamline trade execution.
According to a press release shared with crypto.news on April 3, ParaSwap (PSP) has been rebranded as Velora. This rebrand is accompanied by the launch of Delta v2.5, which upgrades Velora’s existing aggregation infrastructure to an intent-based infrastructure where multiple agents compete for price execution.
Delta v2.5 features include:
- Instant Cross-Chain Swaps, which allow users to quickly swap assets between different blockchains without delay.
- Super Hooks, a new feature that allows users to automate and combine complex trading strategies.
- Advanced Limit Orders, which allow users to set trades to occur automatically under certain circumstances, offering more flexibility than before.
By introducing these features in Delta v2.5, Velora aims to overcome the limitations of legacy DEXs, such as slow execution times and rigid processes.
Mounir Benchemled, Founder of Velora, expressed his excitement about the launch, saying: “We are revolutionizing the decentralized trading landscape with Instant Cross-Chain Swaps and Super Hooks, enabling seamless execution of complex strategies. Instant Cross-Chain Swaps eliminate delays and reduce costs, while Super Hooks provide the flexibility to efficiently automate and customize trading strategies. Velora is the future of DeFi – faster, more flexible and more powerful than ever before, providing users with higher being able to navigate the DeFi space with speed and control.”
The rebrand follows the August v6 vulnerability that ParaSwap faced earlier in March. The critical bug in the smart contract, which was discovered shortly after launch, raised concerns about the security of the platform. The move to an intent-based model with Velora aims to address some of the limitations and risks that led to this exploit.