ParaSwap Rebrands to Velora, Unveils Delta v2.5 for Smoother Trading Experience

Velora, formerly known as ParaSwap, has launched Delta v2.5, a significant upgrade aimed at revolutionizing the decentralized trading experience. This move follows a security vulnerability in their Augustus v6 smart contract, prompting a shift to an intents-based model for enhanced security and efficiency.

• ParaSwap rebrands to Velora
• Delta v2.5 introduces Instant Cross-Chain Swaps, Super Hooks, and Advanced Limit Orders
• Upgrade follows Augustus v6 smart contract vulnerability

The journey from ParaSwap to Velora began with a critical security incident. On March 20, 2024, the Augustus v6 smart contract, designed to enhance gas efficiency and scalability, was exploited, resulting in initial losses of $24,000. Subsequent attacks escalated the total loss to $1,100,000. However, swift action by security experts and a white hat hack managed to rescue $3,400,000, with exploiters returning approximately $800,000, mitigating the final loss to about $300,000. This incident underscored the need for a more secure and user-friendly trading platform, leading to the rebranding and the launch of Delta v2.5. For more details on the vulnerability, see the post-mortem report.

Velora’s founder, Mounir Benchemled, expressed his enthusiasm about the new direction, stating:

“We are revolutionizing the landscape of decentralized trading with Instant Cross-Chain Swaps and Super Hooks, enabling seamless execution of complex strategies. Instant Cross-Chain Swaps eliminate delays and reduce costs, while Super Hooks provide the flexibility to automate and customize trading strategies with efficiency. 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.”

The rebranding to Velora on April 3 marks a strategic shift towards a more comprehensive vision for decentralized finance (DeFi). Delta v2.5, the latest upgrade to Velora’s aggregation infrastructure, introduces several key features aimed at enhancing the trading experience. For more information on the rebranding and features, check out the Velora wiki.

Delta v2.5 Features

Instant Cross-Chain Swaps: This feature allows users to quickly swap assets between different blockchains, reducing delays and costs. Imagine being able to swap your Ethereum for Bitcoin instantly, without worrying about high fees or waiting times. This is a game-changer for traders looking to capitalize on opportunities across multiple chains. Learn more about the impact of this feature on DeFi at Bitcoin World.

Super Hooks: Super Hooks enable the automation and combination of complex trading strategies, offering unprecedented flexibility. For instance, a trader could set up a strategy to automatically buy a token when its price drops below a certain threshold and sell it when it reaches a target price. This level of automation can make traditional DEXs look like they’re trading in the slow lane. User experiences with Super Hooks can be found on Reddit.

Advanced Limit Orders: These orders provide users with more control over their trades, allowing for automatic execution under specific conditions. Unlike traditional limit orders, Advanced Limit Orders can be customized to suit individual trading strategies, offering a level of precision that can be the difference between profit and loss.

The shift to an intents-based model is Velora’s response to the challenges posed by the Augustus v6 vulnerability. In this model, the platform focuses on what the user wants to achieve rather than how they achieve it. This simplifies the trading process and reduces the risk of errors and exploits. By expressing their trading intent, users can benefit from a more secure and efficient trading experience. For insights on Velora’s intents-based model, visit Mounir Benchemled’s perspective.

Velora’s commitment to improving upon traditional DEXs is evident in its focus on speed, flexibility, and security. The platform’s new features are designed to address the limitations and risks associated with decentralized trading, positioning Velora as a leader in the DeFi sector. For more on Velora’s trading improvements, see Cointelegraph. Mounir Benchemled’s vision for Velora is clear: to be the future of DeFi, offering faster, more flexible, and powerful trading solutions that empower users to navigate the DeFi space with increased speed and control.

Counterpoints and Challenges

While Velora’s new features promise significant improvements, some users may be wary of the shift to an intents-based model due to its novelty. Critics argue that the complexity of Super Hooks could lead to unintended consequences for less experienced traders. Additionally, the transition from ParaSwap to Velora might raise concerns about the platform’s stability and reliability, especially in the wake of the Augustus v6 vulnerability. For more on security vulnerabilities in DeFi, read this article.

However, Velora’s focus on MEV protection, which prevents front-running and sandwich attacks, addresses some of these concerns. By ensuring a fairer and more secure trading environment, Velora aims to mitigate the risks associated with its new approach.

In the broader crypto ecosystem, while Velora pushes the boundaries of DeFi, Bitcoin remains the cornerstone, offering stability and security. Innovations like Velora’s are essential for expanding the capabilities of decentralized finance, but they also highlight the importance of Bitcoin’s foundational role in the crypto world.

Key Takeaways and Questions

• What is the new name of ParaSwap?

  ParaSwap has rebranded to Velora.

• What is Delta v2.5?

  Delta v2.5 is a major upgrade to Velora’s aggregation infrastructure, introducing features like Instant Cross-Chain Swaps, Super Hooks, and Advanced Limit Orders.

• What are the key features of Delta v2.5?

  The key features include Instant Cross-Chain Swaps, Super Hooks, and Advanced Limit Orders.

• How does Velora aim to improve upon traditional DEXs?

  Velora aims to improve upon traditional DEXs by offering faster trade execution, more flexibility in trading strategies, and enhanced security through an intents-based model.

• What prompted the rebranding and upgrade of ParaSwap to Velora?

  The rebranding and upgrade were prompted by a security vulnerability in the Augustus v6 smart contract, which led to a shift towards an intents-based model to enhance security and efficiency.

• Who is Mounir Benchemled?

  Mounir Benchemled is the founder of Velora, who expressed enthusiasm about the new features and their impact on the DeFi landscape.

• What is the significance of Instant Cross-Chain Swaps?

  Instant Cross-Chain Swaps are significant because they allow users to quickly swap assets between different blockchains, reducing delays and costs.

• How do Super Hooks enhance trading strategies?

  Super Hooks enhance trading strategies by allowing users to automate and combine complex trading strategies, providing more flexibility and efficiency.

• What are Advanced Limit Orders?

  Advanced Limit Orders allow users to set trades to automatically execute under certain conditions, offering more flexibility than traditional limit orders.

• What is the future vision of Velora according to its founder?

  According to Mounir Benchemled, Velora’s future vision is to be the future of DeFi, offering faster, more flexible, and powerful trading solutions that empower users to navigate the DeFi space with increased speed and control.