Regarding Pharos, many articles mention a key point: "betting on outcomes."

From the perspectives of scale, compliance, and deeply integrated mechanisms, Pharos's outcome bets are unprecedented, making it worthwhile to write about.
The outcome bet between Pharos and GCL New Energy (GCL) refers to the mutual investment agreement reached in January 2026, with a supplementary optimization in March, which includes strict performance-linked clauses, somewhat similar to traditional VC VAM agreements.
The core outcome betting clauses of the agreement mainly consist of two parts:
1/ Pharos's Pre-Subscription
- Pharos subscribes to up to 183 million new GCL shares at approximately HKD 1.05 per share (about 15% discount to the market price at that time), totaling about HKD 150 million (approximately USD 24.74 million).
- This is a pre-investment, meaning Pharos injects funds into GCL first and becomes a significant shareholder.
2/ GCL's Outcome Bet Delivery to Pharos
- GCL values the subscription of Pharos Tokens at USD 950 million, with an amount of about USD 24.74 million.
- Not a one-time payment but divided into 5 batches: 50% for the first batch and four subsequent batches of 12.5% each, with strict conditions for each batch:
-- First batch (50%): Pharos Tokens must be successfully listed on a Web3 exchange, with opening prices not lower than the agreed price, corresponding to a USD 950 million valuation. If the listing fails or the price drops below the listing, GCL has the right not to deliver.
-- The subsequent 4 batches (one every three months, totaling about one year of protection): During each observation period, the average FDV of Pharos Tokens must be ≥ USD 760 million, i.e., an 80% valuation threshold; otherwise, the delivery for that period and subsequent ones will not proceed.
- The entire agreement is valid for only 18 months. If any batch's conditions are not met, all subsequent deliveries are terminated.
From GCL's perspective, this outcome bet seems to be a win-win, as they can first obtain Pharos's subscription funds, and if the Token performs well later, they can acquire part of it at a low valuation; if performance is poor, they can cut losses in time.
Therefore, for Pharos, this outcome bet is undoubtedly a bold attempt. If the token's FDV does not meet the target, the other party's subscription will not be executed, and previous investments may be lost.
Based on current progress, this high-stakes gamble has preliminarily settled.
On April 28, 2026, with the official launch of Pharos's native token $PROS , this highly anticipated cross-sector outcome bet reached a critical milestone.
According to the latest announcement, PROS's market performance within the first hour after launch successfully triggered the first batch of stock swap preconditions with GCL.
- In addition to the previously disclosed USD 52 million financing, Pharos has now received a large influx of cash flow.
- The two parties have achieved deep long-term interest binding through the capital link of token swap rights, marking a large-scale integration of Web2 real-world industries and Web3 technology.
Driven by this positive development, from 6 PM on April 30, the PROS market price experienced a significant surge.
In short, through this outcome bet, Pharos has deeply linked Web3 tokenomics with the cash flow and equity of Web2 real-world industries, providing a compliant delivery model for the RWA (Real-World Asset) track.