Pharos Network, the Layer-1 blockchain focused on delivering institutional-grade assets, has been strengthened by the addition of $USDC. The asset has become the network’s core stablecoin and is poised to become the backbone of the app economy now taking shape on Pharos.
The integration of $USDC into blockchain networks adds credibility and – just as importantly – liquidity. Both of which will prove invaluable in Pharos’ quest to establish itself as a leading network for real finance or “RealFi.”
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 needs a diverse range of applications too, which is where the Pharos Incubation Program comes into play.
Building a better blockchain
There’s some impressive tech underpinning Pharos, whose modular design separates key components to reduce strain on the main chain. A dedicated data layer, for example, is equipped to handle AI workloads and Fully Homomorphic Encryption (FHE) use cases, while the consensus layer taps into shared security through the use of restaking.
Developers should find plenty of novel features with which to create powerful financial applications, but they’ll be just as pleased with the ability to utilize $USDC. The stablecoin provides a liquid unit of account and is ideal for integrating into apps encompassing everything from DeFi to RWAs.
Commenting on the introduction of $USDC to the Layer-1, Pharos CEO Wish Wu said: “With a rapidly expanding developer base already building on $USDC, we are embedding globally used settlement infrastructure into the Pharos builder ecosystem. By leveraging $USDC and CCTP, builders can natively extend into Pharos and operate across ecosystems without additional structural complexity.”
But what exactly is CCTP?
Cross-chain capital efficiency
Cross-Chain Transfer Protocol (CCTP) is how $USDC arrives on – and exits from – Pharos Network. The protocol is used to ensure near-instant settlement, allowing $USDC to be moved seamlessly without reliance on third-party bridges. This is valuable from a security perspective, naturally, but it’s also useful in enabling composable apps to be created that interact with multiple crypto networks while enhancing capital efficiency by allowing $USDC to be moved between networks at will.
With $USDC now available to Pharos builders, the only limits are their imagination. If they can conceive it, on Pharos they can develop and deploy it – and there might be additional incentives for doing so over and above the powerful underlying tech. That’s due to the $10M ecosystem fund designed to accelerate the development of native applications.
In addition to receiving funding to build out their ideas, successful applicants will be given support on marketing their applications and connected to investors and legal experts. Basically, all of the services that a new project could conceivably need to succeed.
These are fertile times for Pharos, which is steadily gaining traction and attracting interest from the developer community. And with $USDC now serving as its core stablecoin, the puzzle pieces are falling into place, transforming it from a network into an actively developed and actively used RealFi ecosystem.
Featured image via Shuttertsock.