Pharos has made its debut directly on Coinbase and Karaken @ pharos_network Pharos' round of financing of 44 million US dollars corresponds to a valuation of 1 billion, but the market is still using the "traditional public chain model" to observe it. But the problem is that Pharos was never a pure L1 from the beginning. Most RWA projects are stuck on the asset side, without stable supply, and can only tell stories in the end. Pharos, on the other hand, is doing the opposite - directly linking industrial capital such as GCL New Energy, and moving photovoltaic, electricity, and carbon assets onto the chain. This is not about 'waiting for assets to be put on the chain', but about bringing your own assets on the chain. Essentially, other chains are channels, while Pharos is more like a clearing layer. Analogous to the real world, it's a bit closer to something like SWIFT or Visa - not making gas, but being stuck in the position of asset circulation and settlement. The valuation logic here is completely different. Ordinary public chain: Relying on users, traffic, and emotions Pharos： Relying on assets, transactions, and cash flow And the most crucial point is—— Most projects are about "traffic finding assets", while Pharos is about "assets bringing their own traffic". When the chain itself carries billions of dollars in energy assets, electricity trading, and carbon credits, these transactions are essential, not speculative. This means that its TVL is not hot money, but a part of the balance sheet and has stickiness. So if we just look at it based on L1, a valuation of 1 billion is reasonable. But once pricing starts using "RWA platforms" or even "financial infrastructure": It's normal for the asset size to increase from 2 billion to 5 billion If it really becomes the settlement layer for energy/carbon trading, the upper limit is no longer the logic of public chains Simply put: The market is currently valuing public chains, but Pharos is doing asset pricing power. That's also why I think, in the long run, it's more than $1 billion.