ParaSwap Rebrands to Velora Following Tense DAO Vote on Bybit Hack Fees

The decentralized exchange aggregator Paraswap has re -designed for “Velora”, the company announced on Thursday, indicating a major change in both the name and the stage.

This step comes exactly two weeks after a close DAO vote, whether Parvap should refund the fees earned from the swap. Lazarus Group’s Baibit Hack,

The Relach delta introduces V2.5, a system that converts Velora’s aggregation engine into a “intention-based” model, designed to increase speed, flexibility and cross-chain functionality.

Velora launched with devices designed for advanced traders

The new architecture of Velora allows many agents to compete for business execution, aimed to offer fast transactions, better pricing and advanced trading facilities to users. These include immediate cross-chain swap, conditional border order and programable action chains known as super hooks.

The purpose of these upgrade is to address the boundaries of traditional dex aggregators, which rely on single-block performance and rigorous smart contract logic, the team said.

Paraswap Dao Votes to refund fees from Bibit Hack

A few weeks after Parasawap, Rebrand came to the center of a DAO Governance Battle, after its unknown role $ 1.5b bybit hack earlier this year.

PIP-59: Dao has talked and decided to return money to Bibit. This will go down as a closest vote in the history of Parasavapa Dao.

263.7m votes representing 49.56% of total votes.

The 263.6m votes are against representing 49.54% of the total votes.

– Parasavapa Dao (@Paraswapdao) March 20, 2025

In February 2025, hackers associated with the Lazarus Group of North Korea, exploited stolen funds through decentralized platforms including Parasawap and looted stolen funds.

However, Paraswap’s smart contracts earned around $ 100,000 in valid fees during these transactions, Bybit asked to return the money later,

On March 20, after a hot debate, DAO of Paraswap voted to return the fees to BibitTo mark the most narrow vote in the history of the stage. 49.56% voted in favor, while 49.54% opposed.

It is still not clear whether Rebrand will fix its reputation or simply attract attention to its new technology. However, this clearly indicates that Velora’s purpose is just to go beyond being a dex aggregator.

Velora Legi deafi goes out to solve the limits of aggregators

Established in 2019 by Mounir Benchemled, Parasawap became one of the largest Dex aggregators in decentralized finance (Defi), which crosses $ 100B in total trading volumes and serve more than 4 million unique wallet addresses. However, as DEFI Infrastructure matured, the Parsavap team admitted that the traditional aggregation model hit a roof.

With Velora, the stage chain wants to meet the demand by focusing on abstraction, a main principle that enables asset movement in blockchain in seconds – without relying on the slow bridging mechanisms used by the competitors.

“Velora is the future of DEFI – more flexible and powerful, empowering users to navigate the space with increased speed and control,” the benchmade said.

Post Paraswap took Velora to Ribands to Bibit Hack Fee after Tens Dow Vote Appeared first Cryptonuse,