ChainCatcher news, the on-chain identity system Phi has announced the completion of a new round of strategic financing, led by Neoclassic Capital, with participation from Decima Fund, Cyber, PAKA fund, and Incubate Fund.This is Phi's second round of financing following the $2 million seed round led by ChapterOne and Delphi Digital in 2022. The new funding will be used to build a decentralized authentication system specifically for on-chain identities.According to RootData, Phi is a social gaming metaverse focused on using "on-chain identities" created with ENS and verified wallet activities to easily visualize on-chain identities. It incentivizes users to interact with various Web3 protocols, providing positive feedback for all protocols and accelerating the overall network effects of Web3.