Long story short, the 18% APY Vault on Pharos Network is not worth depositing into; the project shows no sincerity and is full of tricks.

Three major issues:
1/ Inflated yield claims
The 18% yield looks attractive, but in reality, this rate only applies from April 6 to April 12. After that, it will be reduced in two phases, with 18% and 16% only valid for 13 days from April 6 to April 19. The remaining period will see the rate drop to 12.9%.
The weighted average APY is approximately 13.3%.
2/ Asset risk
After entering the third phase, 30% of the funds are invested in government bonds, while 70% are allocated to the Axil High Yield Consumer Credit Vault (vrPCQ). This credit is provided to diversify consumer lending in emerging markets such as Thailand, the Philippines, Indonesia, Pakistan, and Mexico. The investment portfolio includes thousands of small personal loans.
To be more direct, it’s like giving Southeast Asian brothers peer-to-peer loans.
Regarding the Axil High Yield Consumer Credit Vault (vrPCQ), I couldn’t find other public information. Based on the description, it’s probably a private lending product created by the Pharos team.
The most interesting part is the background of the funders: lead investors include hackvc, faction, and hashed. Does this combination sound familiar?
Previously, Gaib also used this formula—focused on Southeast Asian lending markets, with teams from crypto exchanges and traditional financial institutions. But instead of enterprise loans, it’s consumer credit. Coincidence?