TL;DR: What’s Happening with Velora’s Token Migration

Velora is upgrading how everything works, its token, staking system, and the way users interact with the protocol. This upgrade is part of the DAO-led Project Miró roadmap, and represents its final shift from DEX aggregator to an intents-based crosschain trading platform.

VLR FAQ

What will the new token be used for?

Governance: The new token will be the sole governance token, no separate staked governance version (like sePSP1) will exist. You will also be able to participate in one of the most exciting intent-based protocols directly.Staking: $VLR staking will also power a new, liquidity-centric staking system with improved rewards and UX.Growth: A portion of the supply will be used for ecosystem expansion, listings, and liquidity.

What is the total supply?

The total supply is the same as the PSP token, 2 billion tokens. The token is allocated as follows:

63% for the 1:1 PSP migration
10% towards growth
5% Towards Strategic Developments
5% DAO operations and contributors (25%)
12% for grants, incentives, etc.
5% specifically for incentivizing migration to the new staking system.

Do I need to do anything to receive the new token?

Yes. You'll need to use a one-click migration tool (developed by Laita Labs) to swap your PSP and sePSP1 for the new token.

If you're staked in sePSP2, you can migrate and stake straight from the Velora Earn Page.

What happens to sePSP1 and sePSP2?

sePSP1 will be discontinued. Governance rights will return to the base token itself. sePSP1 can be migrated to the new governance system in addition to ETH or migrated to $VLR.sePSP2 will be upgraded to the new token, and you will require to use the migrator to continue participating into governance.

Can I still use PSP after the new token is released?

After the migration begins, PSP will be deprecated as the governance token. You’ll still be able to migrate it, but new activity and staking will shift to the new token.

What if I don’t migrate right away?

There will be a migration window with gas costs covered for users and additional migration rewards. After that, manual migration will still be possible, but without incentives.

Token Migration & Technical FAQ

What is this migration about?

We’re introducing a new governance and staking token as part of Project Miró, a broader upgrade to reposition Velora as an intents-centric decentralized trading platform. The migration includes support for Base, enhanced staking mechanics, and a streamlined token architecture.

Do I have to migrate my tokens?

Yes, if you want to participate in governance, staking, or use the upgraded platform. PSP will be deprecated. You will still have access to the tokens and can migrate them whenever works best for you, but the incentivised and gasless migration will only happen over the first 3 months.

What assets can I migrate?

You can migrate PSP, sePSP1, and sePSP2. The migration tool will handle all three, guiding users through token and staking conversions.

Is the migration gasless?

Yes, for a limited window, the DAO will cover gas fees using a dedicated migration budget.

Here's the full article on VLR Migration.

How do I migrate my tokens and staked positions?

A one-click migration tool, developed by Laita Labs, guides you through unstaking, token swap, and restaking with minimal friction.

Staking & Rewards FAQ

What changes in the staking system?

The new system simplifies staking by migrating any staking position into seVLR.

Staking on Base becomes the primary path, with lower gas costs and upcoming incentive layers.

Will I earn rewards on all chains?

Yes, but rewards will no longer be split. 100% of your rewards will be claimable on the chain where you have the most stake, improving UX and cost efficiency.

Can I choose which chain to receive rewards on?

Yes, by adjusting your staking distribution. If you stake more on Base, your rewards will be sent there; if you prefer Ethereum or Optimism, you can stake more on those.

Can I still stake on Ethereum or Optimism?

Yes, but Base will be prioritized for new incentives, future features, and community growth.

Community FAQ

Will Optimism and Ethereum staking still be supported equally, or will Base become the preferred chain?

Base will be prioritized for incentives and UX, but users can still stake on other chains.

Will there be any restrictions in governance participation based on chain of staking?

Any chain where VLR is deployed will be able to participate in governance.

Will the tool support both token and staked token migration?

Yes, including PSP, sePSP1, sePSP2.

What happens to existing sePSP2 stakers?

They will be able to migrate to the new staking system via the tool.

Proposals:

PIP-60: https://gov.velora.xyz/t/pip-60-expansion-of-project-miro-token-and-staking-system-to-base/2098

PIP-56: https://gov.velora.xyz/t/pip-56-implementation-of-project-miro-roadmap-and-migration/2010