Nikolas Sargeant
Layer-1 blockchain Pharos Network has bolstered its eponymous incubation program with the addition of USDC as its core stablecoin. The move gives builders access to a highly liquid and widely adopted stablecoin with which to power the financial applications they deploy on Pharos.
The Native-to-Pharos Incubation Program is designed to catalyze development on the Layer-1 network, transforming it into a thriving ecosystem of applications. A number of leading investors have backed the initiative including Hack VC, Draper Dragon, Lightspeed Faction, and Centrifuge, and the arrival of USDC onchain will further incentivize development and ultimately boost adoption.
Pharos Goes Cross-Chain With USDC
The introduction of USDC on Pharos requires more than merely adding support for the stablecoin – there also needs to be a way to easily move funds to the network. This has been achieved using Cross-Chain Transfer Protocol (CCTP), which enables USDC to be seamlessly moved across blockchain networks.
The protocol is also integral to developing secure applications on Pharos that make use of USDC – whose market cap now stands at $74B – for payments and as a base currency for participating in financial markets. Stablecoins have become the backbone of the cryptoconomy, powering DeFi applications and serving as collateral for lending and borrowing.
According to Pharos Co-Founder Wish Wu, “With a rapidly expanding developer base already building on USDC, we are embedding globally used settlement infrastructure into the Pharos builder ecosystem. By leveraging USDC and CCTP, builders can natively extend into Pharos and operate across ecosystems without additional structural complexity.”
One of the most useful things about CCTP is that it relieves networks from needing to rely on third-party bridges, ensuring that USDC can be moved not just efficiently but also securely. This capability is critical with new networks especially, when it’s important to build not just applications, but also trust.
Pharos Takes Off
Pharos is a network that is in the ascendancy as it gathers momentum and the number of applications being developed on the Layer-1 expands. A $10 million fund has been created to support native applications and the arrival of USDC onchain will further sweeten the incentives for developers to get involved.
Developers interested in building on Pharos can apply to the network’s incubator program, with projects focused on RealFi likely to be favored. The most promising proposals will receive funding, technical support, and mentoring to turn their ideas into a working reality.
As a modular network, Pharos has three core components in the form of its L1-Base, L1-Core, and L1-Extension. Hardware acceleration and data availability comes courtesy of L1-Base, while L1-Core comprises a network of decentralized nodes that deliver high-throughput, leaving it to L1-Extension to handle more intensive tasks such as AI computation.
That’s a lot of fresh tech for developers to get their hands on, and now it’s all anchored by the industry’s leading stablecoin, they have everything they need to create powerful RealFi applications.
