Phala Network is making a significant shift in its operational strategy by migrating from Polkadot to Ethereum Layer 2. This decision comes after a successful community vote and aims to bolster scalability and security for its enterprise clients. Based on the data provided in the document, this transition is expected to enhance the overall performance of the network.
Migration Process Details
The migration process is scheduled to commence before November 20, 2023. Phala token holders can expect to receive a new ERC20 token at a 1:1 ratio, ensuring a seamless transition for existing users. Additionally, staking, rewards, and governance mechanisms will remain uninterrupted on the new Layer 2 platform.
Strategic Move to Ethereum
This strategic move underscores Phala's commitment to leveraging Ethereum's robust ecosystem to enhance its growth potential. By focusing on Ethereum, Phala Network aims to provide improved services and capabilities to its clients, positioning itself for future success in the competitive blockchain landscape.
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