ParaSwap Rebrands as Velora After DAO Votes to Return Hack-Related Fees
Decentralized exchange aggregator ParaSwap has officially changed its name to Velora as part of a significant platform overhaul. The rebrand was announced Monday, April 14, 2025, shortly after a close DAO governance vote determined the platform would return fees earned from transactions connected to the Lazarus Group's $1.5 billion Bybit hack.
The transformation includes the launch of Delta v2.5, Velora's new aggregation engine. This update shifts the platform to an "intents-based" model, moving away from traditional DEX aggregator architecture that typically relies on rigid smart contract logic and single-block execution.
The upgraded system allows multiple agents to compete for trade execution, which the company says will result in faster transactions and better pricing for users. Advanced trading features now available include instant cross-chain swaps, conditional limit orders, and Super Hooks functionality.
Velora's controversy stems from its involvement in February's massive Bybit hack. The platform earned approximately $100,000 in legitimate fees when hackers, reportedly linked to North Korea's Lazarus Group, used the service to process stolen funds.
The growth of DAO-governed platforms like Velora reflects a broader trend in crypto, where decentralized organizations direct capital toward various causes. Other DAOs such as VitaDAO and Pump.science are channeling trading fees toward anti-aging research, with the latter generating $2.37 billion in volume from 45,000 token holders.
On March 20, platform governance token holders participated in a contentious vote regarding these fees. By a narrow margin of 49.56%, the DAO decided the platform should return the fees to Bybit, setting the stage for the subsequent rebrand.
The new Velora platform focuses heavily on chain abstraction technology, aiming to simplify and accelerate asset movement between different blockchains. This approach represents the company's effort to offer improved tools for advanced traders.
