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Grafa
Insights

Tokenised infrastructure pushes Pharos deeper into RWA markets

  • Pharos Network has launched PGNGI+, an on‑chain infrastructure fund product linked to Partners Group, extending its RealFi ecosystem beyond basic DeFi into tokenised infrastructure income rights.
  • Pharos currently holds about US$127.75 million in active RWA value and US$6.79 million in DeFi TVL, which is materially smaller than leading RWA platforms such as Ondo ~US$3.44b TVL, Securitize ~US$4.96b, Maple ~US$2.23b and Centrifuge ~US$1.63b.
  • The broader RWA sector is fragmenting by niche - tokenised funds and Treasuries Ondo, Centrifuge, institutional credit, and regulated issuance across many chains - with competition centred on institutional access, compliance frameworks and on‑chain liquidity.
Read more: Tokenised infrastructure pushes Pharos deeper into RWA markets
Grafa
Insights

Ethereum’s upgrade race puts rival chains under scrutiny

  • Ethereum is evaluating 66 proposals for its upcoming Hegotá upgrade, with FOCIL already chosen as the consensus-layer headliner and other ideas targeting privacy, account abstraction and censorship resistance.
  • Ethereum still dominates DeFi with about US$41.35 billion in TVL, well ahead of Solana ~US$4.82b, BNB Chain ~US$4.87b, Avalanche ~US$0.43b and Cardano ~US$0.06b.
  • Each rival chain is also upgrading—Solana on speed and client diversity, BNB Chain via the Pasteur hard fork, Avalanche with Helicon execution/validator changes, and Cardano through on-chain governed hard forks - creating different trade-offs in speed, security, governance and scalability.
Read more: Ethereum’s upgrade race puts rival chains under scrutiny