Pharos Launches Public Test Network for Its Layer 1 Blockchain

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

Written by Ritu Lavania

Fact checked by Harsh Chauhan

Published Mar 24, 2025, 08:38 UTC

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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.

Pharos has big plans to improve its test network in the coming weeks and the new features will include an open faucet system, enhanced developer tools and resources and expanded services support. This Devnet launch also has plans for a Testnet rollout that will bring the network closer to its production-ready version. As Pharos advances toward a production-ready state, it joins a growing list of next-gen platforms shaping the future of Web3.

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Written By Ritu Lavania

Ritu Lavania is a Crypto Journalist at CryptoNewsZ with over three years of experience. She focuses on deep research and clear, honest reporting. She specializes in breaking news and regulatory updates. Ritu tracks how new laws impact the digital asset market. She also follows emerging trends like AI-driven blockchains and Web3 tech. As an active member of the crypto community, she regularly tests new dApps and wallets. Ritu’s goal is to provide fast, easy-to-read news that helps readers stay ahead in the fast-moving crypto world.

Fact Checked By Harsh Chauhan

Harsh Chauhan is a Senior News Editor at CryptoNewsZ. He has spent years reporting on the digital economy. He focused on DeFi, NFTs, AI, and digital asset developments. Harsh has a BBA in Marketing and a Blockchain Foundation certification. He does more than just share news. He uses on-chain data to explain Bitcoin ETFs and tokenized assets. Harsh is also a hands-on user. He has been staking and trading NFTs since 2021. His work helps readers understand a complex market with simple, data-backed facts.

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