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AI-focused Polkadot project Phala is set to fully migrate to its Ethereum L2, betting on its ecosystem for confidential AI and GPU compute growth.
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 clients.
āProposal Passed: Phala is Migrating to Ethereum L2!ā aĀ Phala X post from Wednesday reads, adding that it marks the next chapter for the project as it pushes for āgreater scalability and enterprise-grade security.ā
The post adds that Phala (PHA) tokenholders will receive the new ERC-20 variant at a 1:1 ratio, the āmigrationā will start before Nov. 20, and that āstaking, rewards, and governanceā will continue seamlessly on the new layer 2 (L2).
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