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

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Last updated: 

April 2, 2025

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Decentralized exchange aggregator ParaSwap has rebranded to “Velora,” 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’s Bybit hack.

The relaunch introduces Delta v2.5, a system that transitions Velora’s aggregation engine to an “intents-based” model designed to enhance speed, flexibility and cross-chain functionality.

Velora Launches with Tools Designed for Advanced Traders

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 limitations of traditional DEX aggregators, which rely on single-block execution and rigid smart contract logic, the team said.

ParaSwap DAO Votes to Return Fees from Bybit Hack

The rebrand comes just weeks after ParaSwap was at the center of a DAO governance battle, following its unintended role in the $1.5b Bybit hack earlier this year.

In Feb. 2025, hackers linked to North Korea’s Lazarus Group exploited Bybit and laundered stolen funds through decentralized platforms, including ParaSwap.

Although ParaSwap’s 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’s DAO voted to return the fees to Bybit, marking the narrowest vote in the platform’s history. 49.56% voted in favor, while 49.54% opposed.

It’s 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.

Velora Sets Out to Solve the Limits of Legacy DeFi Aggregators

Founded in 2019 by Mounir Benchemled, ParaSwap grew to become one of the largest DEX aggregators in decentralized finance (DeFi), surpassing $100b 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.

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—without relying on slower bridging mechanisms used by competitors.

“Velora is the future of DeFi — faster, more flexible and powerful than ever before, empowering users to navigate the DeFi space with increased speed and control,” Benchemled said.