ParaSwap, a decentralized exchange aggregator, has undergone a rebranding to Velora, unveiling Delta v2.5, a significant upgrade aimed at enhancing trade execution.
As announced in a recent press release on April 3, ParaSwap (PSP) has transitioned to Velora. This rebranding coincides with the introduction of Delta v2.5, which transforms Velora’s existing aggregation framework into an intent-based system where multiple agents compete to optimize price execution.
Delta v2.5 includes the following features:
- Instant Cross-Chain Swaps, allowing users to swiftly exchange assets across different blockchains without delays.
- Super Hooks, a novel feature enabling users to automate and combine intricate trading strategies seamlessly.
- Advanced Limit Orders, which offer the ability to set trades that trigger automatically under specified conditions, providing enhanced flexibility compared to previous options.
With the introduction of these features in Delta v2.5, Velora aims to mitigate the shortcomings of traditional DEXs, such as sluggish execution times and inflexible processes.
Mounir Benchemled, Founder of Velora, shared his enthusiasm for the launch, stating, “We are transforming the decentralized trading landscape with Instant Cross-Chain Swaps and Super Hooks, facilitating the seamless execution of complex strategies. Instant Cross-Chain Swaps eliminate delays and lower costs, while Super Hooks allow for the efficient automation and customization of trading strategies. Velora represents the future of DeFi — faster, more adaptable, and more powerful than ever, giving users greater speed and control in the DeFi space.”
The rebranding follows the Augustus v6 vulnerability that ParaSwap encountered earlier in March. This critical bug in the smart contract, identified shortly after its release, raised significant security concerns regarding the platform. The shift to an intent-based model with Velora is intended to tackle some of the limitations and risks that contributed to this exploit.