# Pharos İlgili Makaleler

HTX Haber Merkezi, kripto endüstrisindeki piyasa trendleri, proje güncellemeleri, teknoloji gelişmeleri ve düzenleyici politikaları kapsayan "Pharos" hakkında en son makaleleri ve derinlemesine analizleri sunmaktadır.

Deconstructing the Capital Game of Public Chain Pharos: A $950 Million Valuation Propped Up by Photovoltaic and Other Assets, A Shell Transaction Under Layers of Betting?

The article investigates the recent $247.3 million investment by Hong Kong-listed GCL New Energy into the Layer 1 blockchain project Pharos at a $950 million valuation. It reveals the deal is not a straightforward investment but a complex, multi-stage transaction bound by stringent performance milestones. The core of the agreement is a set of mutual, conditional investments. Pharos must first purchase up to $1.5 billion HKD worth of GCL shares. However, GCL's reciprocal investment in Pharos tokens is contingent upon a series of strict, performance-based vesting conditions. The entire deal is split into five tranches, each unlocking only if the Pharos token lists on an exchange without falling below its issue price and maintains a high fully diluted valuation (FDV) over successive three-month periods. If any condition fails, the entire agreement can be terminated. The article questions the legitimacy of the $950 million valuation, which was calculated based on a purported $250 million in Total Value Locked (TVL). Notably, over half of this TVL is claimed to be from real-world assets (RWA), specifically photovoltaic and power station assets linked to GCL—a highly unconventional method for valuing a Layer 1 blockchain. Furthermore, the mainnet is not yet live, and the TVL figure is unverified by independent data platforms. The author suggests the deal is a "capital game" designed to boost GCL's stock price, which saw suspicious pre-announcement surges, and to create hype for the upcoming Pharos token launch, ultimately passing the risk onto the market and future investors.

marsbit03/15 05:49

Deconstructing the Capital Game of Public Chain Pharos: A $950 Million Valuation Propped Up by Photovoltaic and Other Assets, A Shell Transaction Under Layers of Betting?

marsbit03/15 05:49

Pharos Ecosystem Security Guide: Full-Link Risk Control for RWA Asset Integration

"Pharos Ecosystem Security Guide: Comprehensive Risk Control for RWA Asset Integration" This guide provides developers in the Pharos ecosystem with a practical framework for integrating Real-World Assets (RWAs), addressing the unique challenges of combining off-chain legal claims with on-chain functionality. Pharos’s Layer 1 infrastructure, featuring Block-STM for parallel execution and dual EVM/WASM support, offers the high-speed settlement and complex computational power required for RWA operations. The analysis identifies two primary RWA models: 1) the on-chain to off-chain model (e.g., fundraising in stablecoins for off-chain investments like U.S. Treasuries) and 2) the asset tokenization model (e.g., fractionalizing real estate for on-chain ownership). The core focus is mitigating critical risks beyond smart contracts. Key strategies include: enforcing identity compliance via smart contract-level whitelisting and DID integration; implementing oracle-based circuit breakers to halt operations during stablecoin depegging events; ensuring asset authenticity with multi-source oracles for real-time NAV updates; mandating transparency for off-chain Special Purpose Vehicles (SPVs); designing built-in redemption queues and liquidity buffers to prevent secondary market collapses; and rigorously defending against inherited EVM vulnerabilities using audited libraries and reentrancy guards. The conclusion emphasizes that RWA security is a full-stack challenge, requiring robust integration of legal, financial, and technical safeguards to ensure asset authenticity and systemic resilience on Pharos.

marsbit01/20 14:10

Pharos Ecosystem Security Guide: Full-Link Risk Control for RWA Asset Integration

marsbit01/20 14:10

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