Phala Network
PHAA decentralized privacy computing network based on TEE
Performances
RD Popularity Index
RD Growth Index
| 1h | 24h | 7d | 30d | 60d | 90d |
|---|---|---|---|---|---|
| 0.92% | 1.47% | 18.86% | 187.06% | 237.70% | 11.92% |
Comparison
Fundraising
Tokenomics
Unlock Progress
Data source: CoinGecko
Top Holders
| Address | Token | Quantity | Percentage | Value |
|---|---|---|---|---|
| Binance 8 (acec) |   PHA | 298,951,548.56 | 29.9% | $21.39M |
| 0x21d6...0ec0 | PHA | 144,318,165.17 | 14.43% | $10.33M |
| 0x4a39...ebef | PHA | 139,010,885.34 | 13.9% | $9.95M |
Open Markets
| # | Exchange | Pair | Price | +2% depth | -2% depth | Volume (24h) | volume % |
|---|---|---|---|---|---|---|---|
| 1 | HHTXCEX | PHA/USDT | $0.03511 | $207 | $487 | $1,193,313 | 5.15% |
| 2 | OOKXCEX | PHA/USDT | $0.03504 | $37,146 | $31,502 | $103,886 | 0.45% |
| 3 | PPhemexCEX | PHA/USDT | $0.03498 | $193 | $181 | $41,005 | 0.18% |
| 4 | KKuCoinCEX | PHA/USDT | $0.03478 | $2,369 | $4,697 | $22,706 | 0.10% |
| 5 | BBitgetCEX | PHA/USDT | $0.03498 | $32,261 | $41,479 | $12,504 | 0.05% |
| 6 | KKrakenCEX | PHA/USD | $0.0352 | $3,568 | $4,435 | $8,483 | 0.04% |
| 7 | KKrakenCEX | PHA/EUR | $0.03496 | $4,058 | $4,729 | $7,294 | 0.03% |
| 8 | PHA/WETH | $0.03487 | $3,714 | $3,703 | $6,963 | 0.03% | |
| 9 | PHA/WETH | $0.03495 | $363 | $362 | $300 | 0.00% |
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About Phala Network
Phala Network is a decentralized compute infrastructure focused on confidential computing. Its core business is Phala Cloud, a TEE-based (Trusted Execution Environment) platform that allows developers to deploy AI models and general workloads in a hardware-verified private environment. The main narrative is "verifiable privacy": using TEE attestation to prove that computation is executed correctly without exposing data, combining blockchain for integrity and off-chain hardware for performance.
The market pain point it addresses is the trade-off between cloud computing and privacy. Traditional cloud providers can access user data, while fully decentralized solutions are slow and costly. Phala solves this by offering near-native performance with cryptographic assurance that data stays sealed during processing. This is particularly relevant for AI inference, where sensitive inputs (e.g., medical or financial data) need protection.
In the past six months (Feb–Aug 2026), Phala has focused on expanding its Confidential AI offering. Key developments include: integration of additional GPU models (e.g., NVIDIA H200) into its TEE cloud, partnerships with AI infrastructure projects to route inference through Phala's attestation layer, and migration of its core network from a Polkadot parachain to an Ethereum Layer 2 (optimistic rollup) for lower costs and better interoperability. The team also released a new SDK for confidential agent deployments, simplifying the developer experience.
Negative events within two years: In late 2025, a bug in an early version of the TEE attestation service was disclosed, potentially allowing a malicious host to bypass remote verification under specific conditions. The issue was patched, and no funds were lost, but it raised questions about the maturity of the verification stack. Additionally, the token price has been volatile, reflecting broader market conditions rather than project-specific failures.
Founded in 2018 by Marvin Tong and Hang Yin, Phala Network raised approximately $10 million in a seed round in July 2020. Its mainnet launched in 2021, and later that year it won a Polkadot parachain slot through auction, establishing itself as a privacy computing infrastructure within the ecosystem.
In 2023, Phala strategically pivoted toward AI, positioning itself as an AI coprocessor and confidential AI cloud. This shift aligned with Intel's confidential computing roadmap moving from SGX to TDX and GPU solutions.
September 2025 marked a significant rebranding to phala.com, signaling its evolution from a Web3-native project to a global confidential AI infrastructure company. The same year, it joined NVIDIA's Inception Program, deepening its AI-focused initiatives.
A landmark transition occurred on November 19, 2025, when Phala migrated from the Polkadot parachain to an Ethereum Layer 2. This strategic move aimed to improve scalability, reduce costs, and integrate more deeply with the broader Ethereum ecosystem, while also aligning with Intel's shift toward TDX and GPU-based confidential computing.
Throughout 2025, Phala launched production-grade Confidential GPU VMs combining Intel TDX and NVIDIA Confidential Computing, introduced the Trust Center for verifiable evidence of workload integrity, and donated dstack to the Linux Foundation. The founder also proposed a fourth-generation token issuance model referencing aiPool, signaling ongoing innovation in tokenomics.
Phala Network's core team includes:
Marvin Tong – Co-founder & CEO. Previously Senior Product Manager at Tencent and Didi, with rich experience in product strategy and Web3 applications.
Hang Yin – Co-founder & CTO. Former Software Engineer at Google (worked on Gmail and Google Assistant), PhD in CS from Fudan University. Led R&D to ship Phala Cloud, scaling to 37k servers and 141k vCPUs.
Shunfan Zhou – Lead Researcher. PhD from Fudan University, lead author of USENIX Security '20 paper on Ethereum security. Responsible for Phala infrastructure design and developer community.