Pharos

Based in Road Town, British Virgin Islands, and founded by co-founder and CEO Alex Zhang, Pharos Network, a. k. a. Pharos operates as a a developer of a Layer 1 blockchain for developers and financial technology use cases.

In November 2024, Pharos Network raised USD 8 million in seed funding co-led by new investors Faction VC and Hack VC, with participation from other new investors SNZ Capital, Reforge Capital, Dispersion Capital, Hash Global, Generative Ventures, MH Ventures, Zion Ventures, and Chorus One AG. Other unspecified investors also participated in the round. Pharos specializes in a deeply parallel Layer-1 blockchain network designed to provide compatibility with ethereum decentralized applications (dApps) for EVM developers. The company’s core product offerings include an advanced central limit order book (CLOB) decentralized exchange (DEX) capable of delivering a user experience comparable to centralized exchanges (CEX), along with real-time payment solutions and a unified liquidity framework across multiple virtual machines (VMs).

These services cater to a diverse client base, including developers and financial institutions looking to integrate on-chain solutions. Pharos also supports various use cases such as significant asset management, resource sharing, and streamlined operations for real world assets (RWAs), underpinned by zkDID attestations and a robust credit system.   The revenue model of Pharos is built on transaction fees generated from its decentralized exchange and payment services, alongside partnerships with financial institutions that utilize its blockchain for asset management and transaction processing. Users engaging with the platform may incur costs associated with executing trades on the DEX, as well as fees for utilizing the real-time payment services.

  Pharos Network plans to use its proceeds from November 2024 funding to to accelerate the development of its protocol and expand its ecosystem and community. The company also plans to expand the team to over 20 members, by hiring in cryptography, marketing and ecosystem development roles.