Key Takeaways
Pharos launched its Pacific Ocean Mainnet and associated $PROS token on May 28, with the token’s Fully Diluted Valuation quickly surpassing $1.1 billion. The valuation meets the primary condition for a strategic token-for-stock swap with Hong Kong-listed energy company GCL New Energy (HKEX: 0451), a move bridging onchain finance with traditional industry assets.
"Institutions entering the ecosystem was once just a theory. Now it is happening, and this launch turns that momentum into something the whole ecosystem can actually use,” Pharos Foundation founder and CEO Wish Wu said in a statement.
The launch follows a high-scale testnet that processed over 4.3 billion transactions, according to a company press release. Pharos has raised $52 million to date, including a $44 million Series A round from investors including Hack VC and Faction VC. Ahead of the mainnet, the project’s pAlpha High Yield RWA Vault reached its full $50 million capacity within days, signaling strong initial demand for its real-world asset products.
The core of the Pharos strategy is to provide institutional-grade infrastructure for what it calls ‘RealFi,’ or real-world financial activity onchain. The network aims to solve the fragmented liquidity and lack of compliance controls that have hindered the growth of tokenized assets like real estate and private credit. By creating a consistent framework for these assets, Pharos enables institutions to move, lend, and trade them across different applications more efficiently. More than 50 ecosystem dApps are expected to deploy at launch, supported by a $10 million Hong Kong-based incubator program called the RealFi Alliance.
This article is for informational purposes only and does not constitute investment advice.
