Decentralized exchange (DEX) aggregator ParaSwap has officially transitioned to a new identity, rebranding as Velora. This strategic shift comes alongside the introduction of a cutting-edge intents-based trading feature designed to enhance user experience and streamline trade execution.
According to a recent announcement shared with Cointelegraph, Velora’s latest Delta v.2.5 upgrade is aimed at increasing both flexibility and agility in executing trades on the exchange. Over the past month, the platform has boasted 18,000 active users and over 4.3 million smart contract interactions, as reported by TokenTerminal.
The concept of intent-based trading was initially introduced by ParaSwap in the summer of 2024, aimed at reducing the negative effects of maximum extractable value (MEV) bots on users. The trading process involves three main steps: first, orders are preprocessed to define expected trade prices; next, these orders are submitted to an auction to determine the most efficient execution strategy based on liquidity and timing; finally, the winning agent executes the trade while taking user intent into account, thereby minimizing MEV exploitation risks.
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MEV bots are automated programs that capitalize on profit opportunities within blockchain transaction ordering, employing tactics such as front-running and arbitrage. The project’s founder, Mounir Benchemled, has voiced concerns regarding the impact of MEV on transaction fairness and the overall accessibility of the DeFi ecosystem, calling it a pressing issue that requires urgent attention.
Features of Velora’s Intent-Based Trading
Velora’s implementation of intent-based trading comes with enhanced customization capabilities, providing users with full control over their execution preferences. The platform unlocks advanced features like limit orders and allows for seamless cross-chain trading while overcoming the limitations of single-block execution.
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As insights from Sergej Kunz, Co-Founder of DEX aggregator 1inch, highlight, end users should not be bogged down by the complexities typical of decentralized finance. He stated that an intent-based system relieves users of most risk and intricacy, shifting responsibilities to specialists who focus on executing sophisticated DeFi strategies. A true intent-based DEX must ensure MEV protection at the protocol level while delegating execution complexities to professional trading bots.
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