Polkadot parachain Phala is set to become an Ethereum layer 2 after the community voted in favor of a recent proposal aimed at ramping computation offerings to enterprise client.
“Proposal Passed: Phala is Migrating to Ethereum L2!” a Phala X post from Wednesday reads, adding that it marks the next chapter for the project as it pushes for “greater scalability and enterprise-grade security.”
The post adds that Phala (PHA) tokenholders will receive the new ERC-20 variant at a 1:1 ratio, the “migration” will start before Nov. 20, and that “staking, rewards, and governance” will continue seamlessly on the new layer 2 (L2).
Phala announces key changes to its community. Source: Phala
This isn’t an abrupt move by Phala, as it already has a “live and functional” Ethereum L2 that was launched in January. As the proposal explains, the project aims to fully migrate and focus solely on Ethereum to maximize potential…
