About

Pharos is developing a Layer 1 blockchain tailored for fintech, aiming to connect traditional financial services with Web3. The network prioritizes scalability, targeting 50,000 transactions per second to enable real-time payments and real-world asset integration. A testnet is planned for Q1 2025, with mainnet launch later in the year.

History

Pharos Network was founded in early 2024 by former blockchain leaders and engineers from Ant Group and Alibaba. CEO Alex Zhang previously served as CTO of AntChain, bringing extensive enterprise experience and deep industry connections to the project.

In November 2024, Pharos Network raised $8M in a seed round co-led by Lightspeed Faction and Hack VC, with backing from SNZ Capital, Reforge, Dispersion Capital, Hash Global, Generative Ventures, Legend Star, MH Ventures, Zion, and Chorus One Ventures.

In May 2025, Pharos Network unveiled its high-performance L1 testnet targeting RWAs and institutional DeFi, showcasing hyper-parallel modular architecture (advertised 50K TPS, 2 gigagas/sec).

In June 2025, key ecosystem integrations launched, notably the Bitget Wallet, with major architectural deep dives and litepaper releases outlining Pharos’ technical vision for EVM L1, cross-chain composability, and on-chain real assets.

By September, Pharos integrated with Concero, which allowed the project to enable builders to compose applications that move effortlessly across chains and capital systems.

In October, the network adopted Chainlink CCIP as its canonical cross-chain infrastructure and Chainlink Data Streams to power tokenized RWA markets. Furthermore, the protocol advanced modular testnet support for PoS tokenomics, validator voting, and developer tooling.

In November, Pharos Network officially launched the Pharos Foundation tasked with driving long-term open finance governance, ecosystem support, transparency, and structured token rollout ahead of the mainnet and TGE in early 2026.