Pharos L1 Chain Secures $100 Million Valuation Investment from Hong Kong-Listed GCL New Energy

ChainCatcher report: High-performance parallel Layer 1 public chain Pharos has announced an upgraded capital partnership with GCL New Energy, a listed company on the Hong Kong Stock Exchange. GCL New Energy has completed its investment subscription in Pharos at a preliminary valuation of nearly $1 billion. This investment closing is based on GCL New Energy’s preliminary announcement and will be formally finalized after completing all regulatory disclosure requirements mandated by the Hong Kong Stock Exchange. The compliance framework is built upon the disclosure standards of Hong Kong-listed companies. Both parties will collaborate on use cases including tokenization of renewable energy assets, decentralized energy trading, and carbon footprint tracking, driving the large-scale adoption of real-world assets (RWA). Pharos’s underlying architecture is EVM-compatible, with a testnet transaction throughput (TPS) exceeding 20,000 and sub-second transaction finality. Wish Wu, Co-founder and CEO of Pharos, stated that this partnership aims to establish a standard model for integrating Web3 technologies into traditional industries, with the nearly $1 billion valuation reflecting market recognition of its technological value.