PSP is the token that governs the ParaSwap Protocol and ParaSwap DAO. Its main purpose is to assist with the decentralization and efficiency of the protocol.

Following its initial release on November 15th, 2021, users can now use the PSP to assist the ParaSwap protocol in different ways, such as voting on improvement proposals for the ParaSwap DAO, staking their PSP to make the protocol more efficient, and receiving gas refunds based on trading on ParaSwap.

Finally, you don’t need PSP to be able to use ParaSwap.