{"id":114816,"date":"2025-04-03T15:17:49","date_gmt":"2025-04-03T15:17:49","guid":{"rendered":"https:\/\/teknomers.com\/en\/paraswap-rebrands-as-velora-after-controversial-dao-decision-on-bybit-hack-charges\/"},"modified":"2025-04-03T15:17:49","modified_gmt":"2025-04-03T15:17:49","slug":"paraswap-rebrands-as-velora-after-controversial-dao-decision-on-bybit-hack-charges","status":"publish","type":"post","link":"https:\/\/teknomers.com\/en\/paraswap-rebrands-as-velora-after-controversial-dao-decision-on-bybit-hack-charges\/","title":{"rendered":"ParaSwap Rebrands as Velora After Controversial DAO Decision on Bybit Hack Charges"},"content":{"rendered":"

What led to ParaSwap’s rebranding to Velora?<\/strong> What key features does the new Delta v2.5 introduce to enhance user experience?<\/strong> How did the recent DAO vote impact the decision to return fees related to the Bybit hack?<\/strong> In what ways does Velora aim to differentiate itself from traditional DEX aggregators?<\/strong> What is chain abstraction, and why is it significant for Velora’s new platform?<\/strong><\/p>\n

Decentralized exchange aggregator ParaSwap has rebranded to \u201cVelora,\u201d the company announced Thursday, signaling a major change in both name and platform. The move comes just two weeks after a close DAO vote on whether ParaSwap should return fees earned from swaps linked to the Lazarus Group\u2019s Bybit hack. The relaunch introduces Delta v2.5, a system that transitions Velora\u2019s aggregation engine to an \u201cintents-based\u201d model designed to enhance speed, flexibility, and cross-chain functionality.<\/p>\n

Velora Launches with Tools Designed for Advanced Traders<\/h3>\n

Velora’s new architecture allows multiple agents to compete for trade execution, aiming to offer users faster transactions, better pricing, and advanced trading features. These include instant cross-chain swaps, conditional limit orders, and programmable action chains known as Super Hooks. These upgrades aim to address the limitations of traditional DEX aggregators, which rely on single-block execution and rigid smart contract logic, the team said.<\/p>\n

ParaSwap DAO Votes to Return Fees from Bybit Hack<\/h3>\n

The rebrand comes just weeks after ParaSwap was at the center of a DAO governance battle, following its unintended role in the $1.5 billion Bybit hack earlier this year. <\/p>\n

\n

"PIP-59: The DAO has spoken and decided to return the funds to Bybit. This will go down as the closest vote in the history of Paraswap DAO. 263.7M votes in support representing 49.56% of the total votes cast. 263.6M votes are against representing 49.54% of the total votes cast." <\/p>\n<\/blockquote>\n

In Feb. 2025, hackers linked to North Korea\u2019s Lazarus Group exploited Bybit and laundered stolen funds through decentralized platforms, including ParaSwap. Although ParaSwap\u2019s smart contracts earned around $100,000 in legitimate fees during these transactions, Bybit later asked for the funds to be returned. On March 20, after a heated debate, ParaSwap\u2019s DAO voted to return the fees to Bybit, marking the narrowest vote in the platform\u2019s history. 49.56% voted in favor, while 49.54% opposed. <\/p>\n

It\u2019s still unclear whether the rebrand will fix its reputation or just draw attention to its new technology. However, it clearly signals that Velora aims to go beyond being just a DEX aggregator.<\/p>\n

Velora Sets Out to Solve the Limits of Legacy DeFi Aggregators<\/h3>\n

Founded in 2019 by Mounir Benchemled, ParaSwap grew to become one of the largest DEX aggregators in decentralized finance (DeFi), surpassing $100 billion in total trading volume and serving over 4 million unique wallet addresses. However, as DeFi infrastructure matured, the ParaSwap team acknowledged that traditional aggregation models had hit a ceiling. <\/p>\n

With Velora, the platform seeks to meet that demand by focusing on chain abstraction, a core principle that enables asset movement across blockchains in seconds\u2014without relying on slower bridging mechanisms used by competitors. \u201cVelora is the future of DeFi \u2014 faster, more flexible, and powerful than ever before, empowering users to navigate the DeFi space with increased speed and control,\u201d Benchemled said. <\/p>\n

The post ParaSwap Rebrands to Velora Following Tense DAO Vote on Bybit Hack Fees appeared first on Cryptonews.<\/p>\n

ParaSwap Rebrands to Velora Following Tense DAO Vote on Bybit Hack Fees<\/strong><\/p>\n

In the fast-paced world of cryptocurrency and blockchain technology, change is often the only constant. ParaSwap, a well-respected decentralized finance (DeFi) platform, recently made headlines with its decision to rebrand as Velora. This strategic move was catalyzed by a particularly tense vote within the Decentralized Autonomous Organization (DAO) concerning the handling of fees associated with the recent Bybit hack.<\/p>\n

Background on ParaSwap<\/h3>\n

ParaSwap, launched in 2020, has been a significant player in optimizing decentralized token swaps, allowing users to find the best prices and lower their slippage on transactions. With a focus on enhancing user experience and promoting liquidity across various decentralized exchanges (DEXs), the platform quickly garnered a loyal user base. Its community-driven model, supported by a robust DAO, empowered users to have a say in governance and future developments.<\/p>\n

However, like many other crypto projects, ParaSwap faced challenges that mirrored the broader concerns in the crypto ecosystem. The increasing volume of hacks and exploits, particularly those targeting centralized exchanges (CEXs) and DeFi protocols, raised discussions about the responsibility and accountability of protocols in managing the fallout from such events.<\/p>\n

The Bybit Hack<\/h3>\n

The situation reached a boiling point following a security breach at Bybit, one of the leading cryptocurrency exchanges. The hack raised numerous questions, particularly about the fees related to transactions triggered by the hacked funds. Stakeholders within ParaSwap\u2019s community initially expressed a wide array of opinions on how to handle the subsequent fees generated from these transactions.<\/p>\n

The DAO, an essential governing body for ParaSwap, had to make critical decisions on whether to absorb the fees linked to these transactions or to implement a structure where users would bear some of the costs. As discussions heated up, it became clear that the community was divided, with some members arguing for community solidarity and others advocating for financial prudence and transparency.<\/p>\n

Tense DAO Vote<\/h3>\n

The DAO vote held to resolve the Bybit hack fee issue was charged with emotion and differing opinions. In principle, governance through a DAO is intended to empower users and foster democratic decision-making. However, the reality often reflects the complexities of such systems\u2014where differing ideologies and vested interests collide.<\/p>\n

The results of the vote were contentious. Following much debate, a slim majority voted in favor of a proposal to pass a portion of the fees associated with the Bybit hack to users. This decision was met with backlash from those who believed the platform had a responsibility to absorb the fees to maintain user trust and promote unity within the community.<\/p>\n

In the aftermath of the vote, sentiment within the community began to ripple, revealing fractures and concerns over how such decisions would impact the future of the platform. The division prompted the leadership to reevaluate its branding and the underlying philosophical approach to governance.<\/p>\n

Rebranding to Velora<\/h3>\n

In the wake of the turmoil, ParaSwap\u2019s leadership proposed a rebrand to Velora, which aims to signal a new chapter built on solidarity, transparency, and community-centric principles. The name Velora was chosen to evoke feelings of strength and resilience, aligning with the platform’s commitment to protecting user interests while embracing a collaborative spirit.<\/p>\n

The rebranding represents more than a mere change of name and logo; it signifies a renewed focus on community engagement. Velora is poised to implement more structured governance processes to ensure that community voices are heard and considered, establishing a more inclusive environment. This initiative includes plans to form smaller working groups within the DAO that can focus on specific issues, enabling a more detailed and nuanced exploration of decision-making processes.<\/p>\n

Looking Ahead<\/h3>\n

The Velora team has articulated its commitment to learning from the mishaps of the past while fostering a sense of unity among its community members. The vision for the future includes enhancing the platform’s DeFi capabilities through innovative product offerings and strengthening the governance model. Discussions surrounding fee structures, especially those stemming from contentious events such as the Bybit hack, will continue to be addressed transparently.<\/p>\n

As Velora emerges from the shadows of its predecessor, it finds itself at a pivotal juncture in the broader DeFi landscape. The lessons learned from the DAO vote will not only shape Velora’s governance but will also contribute to shaping the philosophy of decentralized governance as a whole. By prioritizing community engagement and responsiveness, Velora is paving a path toward a more sustainable and resilient DeFi future.<\/p>\n

In conclusion, the transition from ParaSwap to Velora encapsulates a lesson learned in the crucible of crisis\u2014showcasing the intricate relationship between community-driven governance and the need for collective accountability in the ever-evolving world of blockchain and DeFi. As Velora steps forward, all eyes will be on its ability to navigate the challenges ahead while fostering a harmonious ecosystem that champions users\u2019 interests above all else.<\/p>\n

ParaSwap has rebranded itself as Velora after a contentious DAO vote regarding the distribution of fees related to the Bybit hack. The decision to rebrand comes amid ongoing discussions about the platform’s direction and community governance. The DAO’s recent vote reflected a divide among community members, highlighting differing opinions on the handling of the hack’s aftermath and its financial implications. The rebranding aims to foster a fresh identity while addressing the challenges faced during the governance vote, intending to unify the community under a new vision for the platform’s future.<\/p>\n

Tm-En-7<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

What led to ParaSwap’s rebranding to Velora? What key features does the new Delta v2.5 introduce to enhance user experience? How did the recent DAO vote impact the decision to return fees related to the Bybit hack? In what ways does Velora aim to differentiate itself from traditional DEX aggregators? What is chain abstraction, and […]<\/p>\n","protected":false},"author":1,"featured_media":108984,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23832],"tags":[],"class_list":["post-114816","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"_links":{"self":[{"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/posts\/114816","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/comments?post=114816"}],"version-history":[{"count":0,"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/posts\/114816\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/media\/108984"}],"wp:attachment":[{"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/media?parent=114816"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/categories?post=114816"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/tags?post=114816"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}