Catenaa, Monday, April 14, 2025-Decentralized exchange aggregator ParaSwap has officially rebranded to Velora, signaling a major shift in both its name and platform capabilities. The rebrand follows a contentious DAO vote just weeks earlier, where the platform’s governance body narrowly decided to return fees earned from transactions linked to the Lazarus Group’s hack of Bybit.
The decision comes amid a transition to Velora’s new aggregation engine, Delta v2.5, which moves the platform to an “intents-based” model aimed at enhancing transaction speed, flexibility, and cross-chain functionality. This update allows multiple agents to compete for trade execution, delivering faster transactions, improved pricing, and advanced trading features like instant cross-chain swaps, conditional limit orders, and Super Hooks.
Velora’s upgrades are designed to overcome the limitations of traditional DEX aggregators, which often rely on rigid smart contract logic and single-block execution. By focusing on chain abstraction, Velora aims to make asset movement between blockchains quicker and more efficient than its competitors.
The rebrand comes on the heels of ParaSwap’s involvement in the $1.5 billion Bybit hack in February 2025. Hackers linked to North Korea’s Lazarus Group used ParaSwap to launder stolen funds, earning the platform around $100,000 in legitimate fees. A heated DAO vote on March 20 resulted in a narrow 49.56% majority supporting the return of the funds to Bybit.
Velora’s shift reflects a broader evolution in DeFi, aiming to offer more robust tools and solutions for advanced traders while seeking to move beyond the platform’s prior reputation.
