diff --git a/open-grants/ipfs-rust/reports/phase-1.2.md b/open-grants/ipfs-rust/phase-1/reports/phase-1.2.md
similarity index 100%
rename from open-grants/ipfs-rust/reports/phase-1.2.md
rename to open-grants/ipfs-rust/phase-1/reports/phase-1.2.md
diff --git a/open-grants/ipfs-rust/phase-2/reports/phase-2.md b/open-grants/ipfs-rust/phase-2/reports/phase-2.md
new file mode 100644
index 00000000..f7e760c2
--- /dev/null
+++ b/open-grants/ipfs-rust/phase-2/reports/phase-2.md
@@ -0,0 +1,118 @@
+<h1>
+  <img src="https://ipfs.io/ipfs/QmRcFsCvTgGrB52UGpp9P2bSDmnYNTAATdRf4NBj8SKf77/rust-ipfs-logo-256w.png" width="128" /><br />
+  Rust IPFS: Phase 2 Milestone Report
+</h1>
+
+The IPFS Rust team completed Phase 2 roughly one week after the estimated time, simply due to inherent complexities in the large
+feature set created. In spite of the delay, everything proposed in original grant is now delivered.
+
+The following activities were completed:
+
+- [ipfs_unixfs](#ipfs_unixfs-crate) crate
+- [HTTP Endpoints](#http-endpoints).
+    - [`/cat`](#get)
+    - [`/get`](#cat)
+- [Miscellaneous](#miscellaneous) bug fixes and upgrades
+- [Interface Test Refactoring](#interface-test-refactoring), which was required for certain tests
+- [Conformance Testing](#conformance-testing)
+- [Test Coverage](#test-coverage)
+
+## ipfs_unixfs crate
+
+Following previous discussions on the repository issues, the grant team
+started a new crate in the main repository called `ipfs_unixfs`, which was
+designed so that it can be reused not only in `rust-ipfs` but in other
+implementations as well. At the moment the implementation supports only the
+work implemented in Phase 2 but we hope to grow its feature set in the coming months
+to support `/add`, and more.
+
+## HTTP Endpoints
+
+### /cat
+
+The grant team completed the functionality for the `/cat` endpoint. Work started
+by first implementing initial support for walking file trees in order for the
+content in ipfs-unixfs PR [#176] followed by the endpoint implementation in PR
+[#184].
+
+[#176]: https://github.com/rs-ipfs/rust-ipfs/pull/176
+[#184]: https://github.com/rs-ipfs/rust-ipfs/pull/184
+
+### /get
+
+The grant team completed the functionality for the `/get` endpoint in PR [#189].
+The pull request ended up large as a way to split the work between the
+iterations could not be found. The pull request ended up addressing a number of
+issues:
+
+* cleanup of overall `ipfs-unixfs` structure
+* traversing over UnixFs directories (plain and HAMT Sharded), symlinks and
+  files (`/cat` feature)
+* serving UnixFs content as `tar` at `/get` endpoint
+
+[#189]: https://github.com/rs-ipfs/rust-ipfs/pull/189
+
+# Miscellaneous
+
+Relevant pull requests:
+
+* [Upgrade to rust-libp2p 0.19]
+* [Cache dependencies on Windows builds]
+* [Removal of `unsafe` code through dependency upgrade]
+
+[Upgrade to rust-libp2p 0.19]: https://github.com/rs-ipfs/rust-ipfs/pull/169
+[Cache dependencies on Windows builds]: https://github.com/rs-ipfs/rust-ipfs/pull/180
+[Removal of `unsafe` code through dependency upgrade]: https://github.com/rs-ipfs/rust-ipfs/pull/191
+
+# Interface Test Refactoring
+
+Continuing the work started in previous phases, the `ipfs.add` API use was replaced
+in the tests for `/cat` and `/get`. This resulted in two PRs, one of which has
+already been merged:
+
+* https://github.com/ipfs/js-ipfs/pull/3078
+* https://github.com/ipfs/js-ipfs/pull/3093
+
+# Conformance Testing
+
+## Interface
+
+The grant team is happy to report that *121 interface tests now pass* on the
+latest build of Rust IPFS.
+
+The supported endpoints now includes:
+
+* `/pubsub/{publish,subscribe,peers,ls}`
+* `/swarm/{connect,peers,addrs,addrs/local,disconnect}`
+* `/id`
+* `/version`
+* `/stop`
+* `/block/{get,add,rm,stat}`
+* `/dag/{get,put,resolve}`
+* `/refs` and `/refs/local`
+* `/bitswap/{stat,wantlist}`
+* `/cat`
+* `/get`
+
+## Automation
+
+The grant team has been running conformance tests on CI since PR [#98] was merged
+at near the beginning of Phase 2. Following testing PR [#24] we are now able to
+maintain a patched version of the `interface-ipfs-core` package with our patches
+to version we are currently basing the work on.
+
+[#98]: https://github.com/rs-ipfs/rust-ipfs/pull/98
+[#24]: https://github.com/rs-ipfs/ipfs-rust-conformance/pull/24
+
+# Test Coverage
+
+Before Phase 2 the line coverage as reported by
+`cargo-tarpaulin` (latest version, latest rust toolchain) was 54%,
+1926/3542 lines covered. After Phase 2 the coverage report stands at 57%
+coverage, 3232/5653 lines covered. Calculating from the coverage report, over
+2000 lines were added but still the overall coverage was **increased.**
+
+The new crate, `ipfs-unixfs`, is compiled with different lint settings than
+existing code, namely warnings on missing public element documentation has been
+enabled. This has lead to the crate having at least minimal documentation and is
+supported by two examples: `get` and `cat`, which demonstrate the crates use.