Phala Network Will Become Ethereum L2 Following Community Vote

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…