Pharos Network, the Layer-1 blockchain focused on delivering institutional-quality assets, has been strengthened with the addition of $USDC. The asset has become the network’s main stablecoin and is poised to become the backbone of the app economy now taking shape on Pharos.
The integration of $USDC in blockchain networks adds credibility and – just as importantly – liquidity. Both will prove invaluable in Pharos’ quest to establish itself as a leading real finance, or “RealFi,” network.
Founded by former Ant Group leadership, Pharos is characterized by its high throughput of up to 30,000 TPS – but speed alone is not enough. It also has a wide range of uses, which is where the Pharos Incubation Program comes into play.
Building a better blockchain
There’s some impressive technology behind Pharos, whose modular design separates key components to reduce pressure on the main chain. For example, a dedicated data layer is equipped to handle AI workloads and Fully Homomorphic Encryption (FHE) use cases, while the consensus layer leverages shared security through the use of re-recordings.
Developers should find plenty of new capabilities to help them create powerful financial applications, but they’ll be just as happy with the ability to leverage $USDC. The stablecoin provides a liquid unit of account and is ideal for integration into apps spanning everything from DeFi to RWAs.
Commentary on the introduction of $USDC Commenting on the Layer-1, Pharos CEO Wish Wu said: “With a rapidly growing developer base already building $USDCwe are embedding the globally used settlement infrastructure into the Pharos builder ecosystem. By utilizing $USDC and CCTP, builders can expand into Pharos and operate in ecosystems without additional structural complexity.”
But what exactly is CCTP?
Capital efficiency across the chain
Cross-Chain Transfer Protocol (CCTP) is how $USDC arrives at – and leaves – Pharos Network. The protocol is used to ensure near-instant settlement $USDC can be moved seamlessly without relying on third-party bridges. This is obviously valuable from a security perspective, but it is also useful for enabling composable apps that interact with multiple crypto networks while improving capital efficiency by enabling $USDC can be moved between networks at will.
Of $USDC now available to Pharos builders, the only limit is their imagination. If they can imagine it, they can develop it and deploy it on Pharos – and there may be additional incentives to do this beyond the powerful underlying technology. That’s thanks to the $10 million ecosystem fund designed to accelerate native application development.
In addition to receiving funding to develop their ideas, successful applicants will receive support in marketing their applications and be connected to investors and legal experts. In short, all the services a new project might need to succeed.
These are fertile times for Pharos, which is steadily gaining popularity and attracting interest from the developer community. And with $USDC Now that it acts as the core of the stablecoin, the pieces of the puzzle are falling into place, transforming it from a network into an actively developed and actively used RealFi ecosystem.
Featured image via Shuttertsock.