The collaboration between Pharos in the cryptocurrency industry and Hong Kong Stock Exchange's GCL appears to be a new type of DAT through cryptocurrency stock swaps, which may become another model for future DAT cryptocurrency stock linkage. GCL, a listed company specializing in new energy photovoltaic equipment, announced a subscription value of HKD 200 million for Pharos at a valuation of USD 1 billion. However, in reality, it will be exchanged with GCL's own shares. GCL will need to issue up to 10% of Pharos' shares in five batches and pay half after Pharos TGE in exchange for the exercise of Pharos' future tokens. It is worth noting that if the FDV of Pharos TGE falls below $760 million within 3 months, the subsequent batches will be terminated, which is considered a very high valuation in a bear market. Firstly, it is a favorable deal for Pharos, as they can directly acquire a 5% stake in a listed company at TGE, ranking among the major shareholders. Secondly, in terms of business, the equipment and power assets worth 250 million US dollars mentioned in the announcement of the Hong Kong Stock Exchange can be locked onto the TVL chain. For GCL, it is also a win-win situation. Their current main business is solar power plants, and the traditional photovoltaic industry is characterized by heavy assets and thin profits. Therefore, they have been trying to transform and upgrade. In 2014, they jointly issued a photovoltaic RWA project with Ant Technologies, and in 2015, they jointly developed RWA technical standards with the China Academy of Communications. They have been testing the waters for some time before, but this time they are deeply bound to Pharos through stock exchange. If they can upgrade their narrative into an RWA computing technology company. So Pharos' choice to cooperate with GCL is not just about obtaining some shares and funds, after all, GCL has already invested deeply in blockchain among listed companies, and the dual development business is also quite compatible.