Blockchain News

Pharos Launches Public Test Network for Its Layer 1 Blockchain

Written By

Ritu Lavania

Edited by

Harsh Chauhan

March 24, 2025

Pharos, a Layer 1 public blockchain focused on integrating traditional finance (TradFi), launched its public development network on March 6.

Pharos Launches Public Test Network

This test network encourages developers to build and stress-test the platform, which is touted as the first EVM-compatible Layer 1 blockchain capable of reaching speeds of 2 gigas per second.

Pharos is led by a team with significant experience in the blockchain and tech industries. Founder and CEO Alex Zhang previously served as CTO of Ant Chain, while co-founder and CTO Meng Wu was the Chief Security Officer for Ant Financial’s Web3 division. Additionally, Pharos’ CMO, Laura Shen, was formerly the head of Solana Mobile Marketing at Solana Labs.

In November 2024, Pharos raised $8 million in a seed round led by Lightspeed Faction and Hack VC, with SNZ Capital as a strategic investor. Other backers of the project include Dispersion Capital, Hash Global, Generative Ventures, MH Ventures, Zion, and Chorus One.

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Written by Ritu Lavania

Ritu Lavania is a versatile Web3 content creator with over three years of experience in the crypto space. She is part of the team at CryptoNewsZ, where she writes insightful and engaging content. She has also contributed to TheCryptoTimes and The Coin Edition, where her work has been well received by the crypto community. Skilled in research, creative writing, SEO, and cross-functional collaboration, she creates content tailored to diverse audiences. ionate about education, she dedicates time to teaching kids and expressing herself through poetry. Always eager to learn, she continuously explores new trends in blockchain and digital assets. She believes in the power of storytelling to make complex crypto topics more accessible and engaging for readers worldwide.

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