This funding shocked me for a second. I was wondering how there could still be a $1 billion valuation crypto financing in the current market, and then I saw in the disclosed documents that it comes with a performance clause. Typically, crypto financing involves VCs directly transferring funds, and the project team unlocks tokens in batches later. But this investor's condition is that if Pharos issues tokens later, and the total market cap of the tokens within 3 months and subsequent 3-month periods falls below $760 million... The investor, named GCL New Energy, will not proceed with the corresponding batch of investment payments. In other words, this is more like a performance-based, phased investment. If the token price performs well, they’ll continue the partnership; if the price tanks, they’ll stop funding. However, the announcement doesn’t mention how Pharos plans to unlock the tokens for this investor later on.