AI Polkadot parachain Phala votes to fully switch to Ethereum L2

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 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).

Read more