The Layer 1 public blockchain, Pharos has officially launched its testnet, which is live now. Pharos L1 reportedly focuses on bringing the traditional finance and decentralized technologies closer. With the testnet, it plans to address issues around scalability, compliance, and institutional adoption in the blockchain space.
Pharos L1 Blockchain is Live
Pharos Testnet is LIVE!
Explore here: https://t.co/N0mQPY2al7 pic.twitter.com/qubiED1g3J
— Pharos | Testnet Live (@pharos_network) May 16, 2025
Pharos claims that users can now process speeds of up to 30,000 transactions per second (TPS) and sub-second transaction finality, placing the network among the more ambitious contenders in an increasingly competitive Layer 1 market. According to the company, its Layer 12 also uses a GPU-inspired architecture that reduces storage needs by 80%, aiming to support a large-scale user base without compromising performance.
The project, founded by a team with deep roots in China’s crypto ecosystem, includes CEO Alex Zhang, formerly CTO at AntChain; CTO Meng Wu, who previously led Web3 security efforts at Ant Financial; and CMO Laura Shen, who has formerly headed mobile marketing for Solana Labs.
Pharos has incorporated zero-knowledge (ZK) proof-based KYC and AML features into its modular design. This move could seemingly appeal to institutions concerned with regulatory standards. As per the site, the testnet also supports EVM compatibility, and allows easier migration for developers from Ethereum and enabling lower-cost, faster transaction execution.
The chain highlighted support for decentralized AI apps and privacy-focused technologies. The use cases include tokenized real-world assets (RWA), green finance, programmable ownership, and secure payment systems. Early ecosystem partners include OKX Wallet, Zenith Swap, ELFi, and Buzzing Club, spread across sectors such as DeFi, prediction markets, and decentralized exchanges.
Announcing the testnet, the blockchain network posted on X, “We’re already seeing an amazing ecosystem take shape. OKX @wallet is joining us as a launch partner, providing native support for the Pharos Testnet. Early projects like @ZenithSwapxyz , @ELFiProtocol , @buzzingdotclub , @moveflowlabs_ , @nextmate_ai , Faroswap, @r2yield , @openfixyz , @HemeraProtocol , @blocksense_ , @SUPRA_Labs are already exploring the possibilities – from DeFi and prediction markets to AI, DEXs, RWAFi, and more.”
While the testnet launch adds momentum to Pharos’s vision, the broader challenge will be attracting developers and institutional players in a saturated market where dozens of Layer 1s compete for similar use cases. Still, the project’s enterprise orientation and modular architecture suggest a long-term strategy focused more on infrastructure than retail hype.
Pharos previously raised $8 million in a seed funding round completed in November 2024. The round was led by Lightspeed Faction and Hack VC, with additional participation from SNZ Capital, Dispersion Capital, Hash Global, and others.
Also Read: Eric Trump: Blockchain Technology More Efficient Than Current Financial Operations
