#PROS

1:Pharos x GCL-Poly: Is it the ceiling of RWA, or the top scythe of capital?
Backed by Ant Group background, valued at 700 million USD, and supported by a Hong Kong-listed company... Pharos and GCL-Poly New Energy (
2:Pharos team background:
Almost all core members are former executives and tech experts from Ant Group, with CEO Wish Wu having been the Chief Strategy Officer at ZAN.
This group excels at bringing “large-scale financial-grade architecture” into blockchain. This background makes them appealing when discussing RWA (Real-World Assets), which traditional institutions love to hear, and it’s also their core leverage to influence listed companies.
3:Vision: Ambitious “RealFi”
Their goal is to build an ultra-high-performance Layer 1, specifically to “tokenize” assets like power plants and carbon metrics from the real world.
In short: they want to create a “digital asset bank” in Web3, turning off-chain real assets into on-chain liquidity. The story sounds convincing, and their valuation has been directly pushed to 1.2 billion USD, currently at 700 million USD.
4:Bet agreement: a “zero cash” martial arts match
In this deal, both parties might not spend a single cent.
GCL-Poly issued new shares worth 190 million HKD to Pharos, and Pharos promised future tokens of equal value to GCL-Poly.
Essentially: using your paper to exchange my paper. Both swap shares and tokens, directly inflating the valuation on paper—this is a typical “resource swap, credit offset,” and even the income record might just be an accounting entry.
6:Red line in the bet: who’s under pressure?
Although no cash may change hands, the bet agreement is extremely ruthless:
After Pharos issues tokens, the market cap (FDV) must stay above 760 million USD, and the price cannot fall below the listing price.
If not, GCL-Poly has the right to “cut off” subsequent investments. This means Pharos must keep the price and market cap firmly in check on the secondary market, or this capital game will collapse on itself.
6:Truth: the logic of double-sided harvesting
Understanding this model reveals that the secondary market might be the only “harvester”:
1️⃣ Hong Kong side: GCL-Poly boosts stock price through Web3/RWA concepts, harvesting traditional investors.
2️⃣ Crypto side: Pharos relies on “listed company shareholding” as backing, attracting retail investors to buy high in the so-called “real asset tokens.”
Both swap air, but what they might really be taking is your real funds in the secondary market.
Summary:
Pharos’s technology is indeed solid, and the team is impressive, but this “zero cash bet” pushes capital leverage to the extreme.
When RWA turns into a market cap management game “just to meet the bet targets,” retail investors need to think carefully: Are you investing in the future, or helping the big players complete their bet agreements?
What do you think of this “listed company + public chain” bundled approach?