Pharos sitting at $1B pre-mainnet on $52M raised means the treasury is flush enough to bankroll comms partnerships before the chain has TVL to point at. Sumitomo + Chainlink + Flow Traders is the right cap table for Asia institutional flow — but Provenance and Polymesh both proved RWA L1s die in the gap between testnet announcements and live issuer onboarding. Watch whether any RealFi Alliance counterparty actually deploys products on Pharos before mainnet.

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