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Phala Network (PHA)
What is Phala Network?
Phala Network (PHA) is a privacy-preserving cloud computing service launched in 2020 by a team of developers focused on enhancing data security and privacy in the blockchain ecosystem. The project aims to provide a secure environment for decentralized applications (dApps) by enabling confidential computation, which allows sensitive data to be processed without exposing it to the underlying infrastructure. Phala Network operates on a unique architecture that combines the Substrate framework with a secure enclave technology, specifically Intel's SGX (Software Guard Extensions). This enables the execution of smart contracts in a secure and private manner, ensuring that data remains confidential while still being verifiable on the blockchain. The native token, PHA, serves multiple purposes within the ecosystem, including transaction fees, staking for network security, and governance participation. Phala Network stands out for its focus on privacy and secure computation, positioning itself as a significant player in the growing demand for privacy-centric solutions in the blockchain space. Its innovative approach to combining cloud computing with blockchain technology addresses critical concerns regarding data privacy and security in decentralized applications.
When and how did Phala Network start?
Phala Network originated in 2020 when the founding team, which includes key figures from the blockchain and technology sectors, released its whitepaper outlining the project's vision and technical framework. The project launched its testnet in December 2020, allowing developers and users to engage with its privacy-preserving cloud computing capabilities. Following this, the mainnet was officially launched in April 2021, marking its transition to a fully operational network. Early development focused on creating a secure and decentralized environment for data processing, leveraging trusted execution environments (TEEs) to ensure data privacy. The initial distribution of Phala Network's native token, PHA, occurred through a combination of a fair launch and private funding rounds, which helped establish a foundational user base and incentivized participation in the ecosystem. These milestones laid the groundwork for Phala Network's ongoing development and expansion within the blockchain space.
What’s coming up for Phala Network?
According to official updates, Phala Network is preparing for the launch of its next major upgrade, Phala V2, which is planned for Q1 2024. This upgrade aims to enhance the network's scalability and performance, allowing for more efficient processing of confidential computations. Additionally, Phala Network is focusing on expanding its ecosystem through new partnerships and integrations, with several collaborations expected to be announced in the coming months. These initiatives are designed to improve user experience and broaden the utility of the Phala Network platform. Progress on these milestones will be tracked through their official channels and roadmap updates.
What makes Phala Network stand out?
Phala Network distinguishes itself through its unique focus on privacy-preserving cloud computing, leveraging a combination of blockchain technology and trusted execution environments (TEEs). This architecture enables secure data processing while maintaining user confidentiality, setting it apart in the growing field of decentralized applications. Phala employs a Layer 2 solution built on the Polkadot ecosystem, which enhances interoperability and scalability, allowing seamless integration with other blockchains. The network features a robust governance model that empowers stakeholders to participate in decision-making processes, fostering community engagement and adaptability. Additionally, Phala Network supports a diverse range of developer tools and SDKs, facilitating the creation of privacy-centric applications. Its partnerships with various projects within the Polkadot ecosystem further enhance its capabilities, positioning Phala as a significant player in the realm of decentralized privacy solutions. Overall, Phala Network's commitment to privacy, combined with its innovative technology and collaborative ecosystem, underscores its distinct role in the blockchain landscape.
What can you do with Phala Network?
The PHA token is utilized within the Phala Network primarily for transaction fees, enabling users to access and utilize decentralized applications (dApps) built on the platform. Holders can stake their PHA tokens to help secure the network, contributing to its overall stability and functionality. Additionally, stakers may have the opportunity to participate in governance decisions, influencing the future direction of the network. Developers leverage Phala Network to create privacy-preserving dApps, utilizing its unique infrastructure that combines blockchain technology with trusted execution environments (TEEs). This allows for the development of applications that require confidentiality and secure data processing. The ecosystem supports various wallets and tools that facilitate the management of PHA tokens, as well as integrations with other platforms to enhance usability and functionality. Overall, Phala Network provides a versatile environment for users, holders, and developers focused on privacy and decentralized solutions.
Is Phala Network still active or relevant?
Phala Network remains active through its ongoing development and community engagement. As of October 2023, the project has released several updates, including enhancements to its privacy-preserving cloud computing services. The latest version, which focuses on improving scalability and security, was announced in September 2023. Phala Network continues to engage its community through active governance proposals, with recent votes on protocol upgrades and feature implementations. The project has also established partnerships with various blockchain projects, enhancing its ecosystem presence and utility. Additionally, Phala Network is listed on multiple exchanges, maintaining a consistent trading volume that reflects its market presence. These indicators support its continued relevance within the decentralized cloud computing sector, showcasing its commitment to innovation and community involvement.
Who is Phala Network designed for?
Phala Network is designed for developers and enterprises, enabling them to build privacy-preserving applications and services. It provides essential tools and resources, including SDKs and APIs, to facilitate the development of decentralized applications that require secure data handling and computation. By leveraging its unique architecture, Phala Network allows developers to create applications that can process sensitive data without compromising user privacy. Secondary participants, such as validators and liquidity providers, engage with the network through staking and governance mechanisms, contributing to the overall security and functionality of the ecosystem. This multi-faceted approach ensures that both primary users and secondary participants can effectively collaborate and benefit from the privacy-focused capabilities of Phala Network, fostering innovation in the blockchain space.
How is Phala Network secured?
Phala Network employs a unique consensus mechanism known as a combination of Proof of Stake (PoS) and a decentralized trusted execution environment (TEE) model. In this framework, validators are responsible for confirming transactions and maintaining the integrity of the network. The use of TEEs allows for secure computation and data privacy, ensuring that sensitive information is processed in a secure manner. For cryptographic security, Phala Network utilizes advanced cryptographic techniques, including zero-knowledge proofs, which enable the validation of transactions without revealing the underlying data. This enhances both privacy and security within the network. Incentives for participants are aligned through staking rewards, where validators earn rewards for their contributions to the network. Additionally, the protocol incorporates slashing mechanisms that penalize malicious behavior, thereby discouraging actions that could compromise network integrity. To further bolster security, Phala Network undergoes regular audits and implements governance processes that ensure transparency and community involvement. The diversity of client implementations also adds an extra layer of resilience against potential vulnerabilities.
Has Phala Network faced any controversy or risks?
Phala Network has faced some risks primarily related to its privacy-focused technology and the broader regulatory landscape surrounding blockchain projects. In early 2021, the project encountered scrutiny due to its use of secure enclaves, which raised concerns about potential vulnerabilities and the implications of privacy on regulatory compliance. The team responded by enhancing their security protocols and engaging in community discussions to clarify their approach to privacy and compliance. Additionally, Phala Network has had to navigate the challenges associated with decentralized governance, which can lead to disputes within the community regarding project direction and resource allocation. To address these issues, the team has implemented governance mechanisms that promote transparency and community involvement in decision-making processes. Ongoing risks for Phala Network include market volatility, regulatory changes, and technical challenges inherent in maintaining a privacy-centric blockchain. The project mitigates these risks through regular audits, updates to its security infrastructure, and a commitment to transparency in its operations and governance.
Phala Network (PHA) FAQ – Key Metrics & Market Insights
Where can I buy Phala Network (PHA)?
Phala Network (PHA) is widely available on centralized cryptocurrency exchanges. The most active platform is Binance Futures, where the PHA/USDT trading pair recorded a 24-hour volume of over $1 135 693.93. Other exchanges include WhiteBIT and Lbank.
What's the current daily trading volume of Phala Network?
As of the last 24 hours, Phala Network's trading volume stands at $4,242,634.34 , showing a 26.69% increase compared to the previous day. This suggests a short-term increase in trading activity.
What's Phala Network's price range history?
All-Time High (ATH): $1.22
All-Time Low (ATL): $0.023801
Phala Network is currently trading ~97.94% below its ATH
.
What's Phala Network's current market capitalization?
Phala Network's market cap is approximately $20 965 651.00, ranking it #670 globally by market size. This figure is calculated based on its circulating supply of 828 650 601 PHA tokens.
How is Phala Network performing compared to the broader crypto market?
Over the past 7 days, Phala Network has declined by 13.67%, underperforming the overall crypto market which posted a 3.81% decline. This indicates a temporary lag in PHA's price action relative to the broader market momentum.
Trends Market Overview
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Phala Network Basics
| Hardware wallet | Yes |
|---|
| Website | phala.network |
|---|---|
| Wallet | Coins Mobile App |
| Source code | github.com |
|---|---|
| Asset type | Token |
| Contract Address |
| Explorers (1) | etherscan.io |
|---|
| Tags |
|
|---|
| Forum | forum.phala.network |
|---|
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Phala Network Exchanges
Phala Network Markets
What is Market depth?
Market depth is a metric, which is showing the real liquidity of the markets. Due to rampant wash-trading and fake activity - volume currently isn't the most reliable indicator in the crypto space.
What is it measuring?
It's measuring 1% or 10% section of the order book from the midpoint price (1%/10% of the buy orders, and 1%/10% of the sell orders).


Why it is important to use only 1% or 10%?
It's important, because measurement of the whole order book is going to give false results due to extreme values, which can make false illusion of liquidity for a given market.
How to use it?
By default Market depth is showing the most liquid markets sorted by Combined Orders (which is a sum of buy and sell orders). This way it provides the most interesting information already. Left (green) side of the market depth bar is showing how many buy orders are open, and right (red) side of the bar is showing how many sell orders are open (both can be recalculated to BTC, ETH or any fiat we have available on the site).


Confidence
Due to rampant malicious practices in the crypto exchanges environment, we have introduced in 2019 and 2020 new ways of evaluating exchanges and one of them is - Confidence. Because it's a new metric - it's essential to know how it works.
Confidence is weighted based on 3 principles:
Based on the liquidity from order books (75%) - including overall liquidity and market depth/volume ratio, volumes included, if exchange is low volume (below 2M USD volume 24h)
Based on web traffic (20%) - using Alexa rank as a main indicator of site popularity
Based on regulation (5%) - researching and evaluating licensing for exchange - by respective institutions
Adding all of these subscores give overall main result - Confidence
Confidence is mainly based on liquidity, because it's the most important aspect of cryptocurrency exchanges. Without liquidity there is no trading, illiquid markets tend to collapse in the long term. Besides liquidity - there is also an additional factor in calculation of score - market depth/volume ratio. If volume is huge (especially when it’s growing much faster than liquidity), and market depth seems to not keep pace with - it's reducing overall score. Exchanges that keep market makers liquidity with expanding volume are those that keep all ratios in-tact and have overall score above 75-80% (it means that they have all liquidity ratios above minimum requirements, high web traffic participation, and are often regulated).
Other coins worth interest - similar to Phala Network
| # | Name | MarketCap | Price | Volume (24h) | Circulating Supply | 7d chart | ||
|---|---|---|---|---|---|---|---|---|
| 20 | Monero XMR | $6 142 451 155 | $332.98 | $142 436 035 | 18,446,744 | |||
| 21 | Canton Network CC | $5 737 148 207 | $0.164379 | $10 170 745 | 34,901,891,555 | |||
| 29 | Litecoin LTC | $3 882 230 580 | $51.38 | $309 078 505 | 75,558,487 | |||
| 31 | Zcash ZEC | $3 675 900 301 | $225.12 | $296 005 216 | 16,328,269 | |||
| 64 | Worldcoin WLD | $1 035 411 429 | $0.366901 | $55 215 848 | 2,822,045,062 |
| # | Name | MarketCap | Price | Volume (24h) | Circulating Supply | 7d chart | ||
|---|---|---|---|---|---|---|---|---|
| 52 | BitTensor TAO | $1 401 227 511 | $146.00 | $81 234 201 | 9,597,491 | |||
| 387 | XYO XYO | $58 992 561 | $0.004235 | $3 800 900 | 13,931,216,938 | |||
| 474 | UMA UMA | $40 995 881 | $0.475437 | $2 476 951 | 86,227,869 | |||
| 482 | Band Protocol BAND | $39 816 035 | $0.231611 | $1 808 567 | 171,909,404 | |||
| 502 | APRO AT | $36 698 710 | $0.159560 | $5 411 226 | 230,000,000 |
| # | Name | MarketCap | Price | Volume (24h) | Circulating Supply | 7d chart | ||
|---|---|---|---|---|---|---|---|---|
| 209 | OriginTrail TRAC | $161 154 964 | $0.322313 | $1 321 210 | 499,995,033 | |||
| 553 | iExec RLC RLC | $30 625 016 | $0.423099 | $2 017 639 | 72,382,548 | |||
| 715 | Arcblock ABT | $18 146 044 | $0.184122 | $133 548 | 98,554,305 | |||
| 934 | Omni Network OMNI | $9 699 961 | $0.933452 | $46 760.58 | 10,391,492 | |||
| 1203 | Dock DOCK | $4 903 038 | $0.005594 | $2 068.39 | 876,417,166 |
| # | Name | MarketCap | Price | Volume (24h) | Circulating Supply | 7d chart | ||
|---|---|---|---|---|---|---|---|---|
| 52 | BitTensor TAO | $1 401 227 511 | $146.00 | $81 234 201 | 9,597,491 | |||
| 61 | Near Protocol NEAR | $1 122 492 315 | $0.947119 | $149 442 510 | 1,185,165,436 | |||
| 89 | Render RENDER | $644 624 128 | $1.25 | $25 457 057 | 517,690,747 | |||
| 117 | Artificial Superintelligence Alliance FET | $396 884 262 | $0.152065 | $29 232 530 | 2,609,959,126 | |||
| 119 | Story IP | $388 358 677 | $1.108772 | $31 821 438 | 350,260,296 |
| # | Name | MarketCap | Price | Volume (24h) | Circulating Supply | 7d chart | ||
|---|---|---|---|---|---|---|---|---|
| 88 | Filecoin FIL | $649 142 450 | $0.862934 | $84 683 087 | 752,250,260 | |||
| 156 | DoubleZero 2Z | $262 993 744 | $0.075760 | $8 590 051 | 3,471,417,500 | |||
| 233 | THORChain RUNE | $129 704 395 | $0.382837 | $8 532 182 | 338,797,570 | |||
| 420 | MANTRA OM | $50 792 889 | $0.042754 | $6 521 693 | 1,188,024,532 | |||
| 515 | Brevis BREV | $35 406 498 | $0.141626 | $6 119 269 | 250,000,000 |
| # | Name | MarketCap | Price | Volume (24h) | Circulating Supply | 7d chart | ||
|---|---|---|---|---|---|---|---|---|
| 52 | BitTensor TAO | $1 401 227 511 | $146.00 | $81 234 201 | 9,597,491 | |||
| 182 | THETA THETA | $197 388 665 | $0.197389 | $7 610 343 | 1,000,000,000 | |||
| 197 | Golem GLM | $181 938 887 | $0.181939 | $3 913 854 | 1,000,000,000 | |||
| 209 | OriginTrail TRAC | $161 154 964 | $0.322313 | $1 321 210 | 499,995,033 | |||
| 261 | Theta Fuel TFUEL | $101 739 519 | $0.014081 | $1 887 132 | 7,225,086,457 |
| # | Name | MarketCap | Price | Volume (24h) | Circulating Supply | 7d chart | ||
|---|---|---|---|---|---|---|---|---|
| 89 | Render RENDER | $644 624 128 | $1.25 | $25 457 057 | 517,690,747 | |||
| 127 | Virtuals Protocol VIRTUAL | $346 805 606 | $0.534703 | $41 500 654 | 648,594,347 | |||
| 149 | Floki Inu FLOKI | $275 318 660 | $0.000029 | $20 391 078 | 9,655,017,300,149 | |||
| 164 | Axie Infinity AXS | $247 789 439 | $1.47 | $88 757 062 | 168,998,763 | |||
| 181 | The Sandbox SAND | $200 090 402 | $0.081194 | $21 088 572 | 2,464,357,126 |
| # | Name | MarketCap | Price | Volume (24h) | Circulating Supply | 7d chart | ||
|---|---|---|---|---|---|---|---|---|
| 89 | Render RENDER | $644 624 128 | $1.25 | $25 457 057 | 517,690,747 | |||
| 117 | Artificial Superintelligence Alliance FET | $396 884 262 | $0.152065 | $29 232 530 | 2,609,959,126 | |||
| 167 | The Graph GRT | $245 339 910 | $0.025694 | $10 758 198 | 9,548,531,509 | |||
| 182 | THETA THETA | $197 388 665 | $0.197389 | $7 610 343 | 1,000,000,000 | |||
| 197 | Golem GLM | $181 938 887 | $0.181939 | $3 913 854 | 1,000,000,000 |
| # | Name | MarketCap | Price | Volume (24h) | Circulating Supply | 7d chart | ||
|---|---|---|---|---|---|---|---|---|
| 31 | Zcash ZEC | $3 675 900 301 | $225.12 | $296 005 216 | 16,328,269 | |||
| 61 | Near Protocol NEAR | $1 122 492 315 | $0.947119 | $149 442 510 | 1,185,165,436 | |||
| 129 | Lighter LIT | $331 447 704 | $1.33 | $20 547 635 | 250,000,000 | |||
| 158 | Immutable X IMX | $260 992 579 | $0.147594 | $9 055 894 | 1,768,317,543 | |||
| 204 | Polygon MATIC | $168 511 704 | $0.088052 | $49 548.60 | 1,913,783,718 |
| # | Name | MarketCap | Price | Volume (24h) | Circulating Supply | 7d chart | ||
|---|---|---|---|---|---|---|---|---|
| 88 | Filecoin FIL | $649 142 450 | $0.862934 | $84 683 087 | 752,250,260 | |||
| 89 | Render RENDER | $644 624 128 | $1.25 | $25 457 057 | 517,690,747 | |||
| 130 | BitTorrent BTT | $327 888 592 | $0.000000 | $7 775 155 | 987,037,885,840,675 | |||
| 167 | The Graph GRT | $245 339 910 | $0.025694 | $10 758 198 | 9,548,531,509 | |||
| 170 | IOTA IOTA | $234 361 240 | $0.064199 | $4 633 165 | 3,650,535,129 |
| # | Name | MarketCap | Price | Volume (24h) | Circulating Supply | 7d chart | ||
|---|---|---|---|---|---|---|---|---|
| 117 | Artificial Superintelligence Alliance FET | $396 884 262 | $0.152065 | $29 232 530 | 2,609,959,126 | |||
| 135 | Kite KITE | $310 371 636 | $0.172429 | $25 394 763 | 1,800,000,000 | |||
| 259 | Unibase UB | $102 802 228 | $0.041121 | $13 952 676 | 2,500,000,000 | |||
| 302 | BankrCoin BNKR | $83 567 700 | $0.000836 | $33 888 884 | 99,999,999,999 | |||
| 309 | Ribbita by Virtuals TIBBIR | $82 285 752 | $0.082286 | $925 517 | 1,000,000,000 |
| # | Name | MarketCap | Price | Volume (24h) | Circulating Supply | 7d chart | ||
|---|---|---|---|---|---|---|---|---|
| 2 | Ethereum ETH | $232 192 631 520 | $1 928.09 | $14 258 920 524 | 120,426,316 | |||
| 5 | BNB BNB | $82 425 936 000 | $592.21 | $1 030 908 124 | 139,184,442 | |||
| 7 | Solana SOL | $45 182 166 173 | $79.59 | $2 889 852 959 | 567,716,348 | |||
| 8 | TRON TRX | $23 769 858 942 | $0.275231 | $569 166 851 | 86,363,298,503 | |||
| 11 | Bitcoin Cash BCH | $10 153 509 375 | $511.11 | $289 032 115 | 19,865,787 |
| # | Name | MarketCap | Price | Volume (24h) | Circulating Supply | 7d chart | ||
|---|---|---|---|---|---|---|---|---|
| 3 | Tether USDT | $177 419 182 910 | $0.999994 | $51 611 270 982 | 177,420,277,588 | |||
| 6 | USDC USDC | $73 426 006 415 | $1.000528 | $14 211 350 334 | 73,387,268,004 | |||
| 9 | Lido Staked Ether STETH | $18 867 349 862 | $1 926.34 | $37 212 469 | 9,794,399 | |||
| 14 | Wrapped Bitcoin WBTC | $8 682 372 013 | $66 187.71 | $359 924 238 | 131,178 | |||
| 15 | Wrapped Liquid Staked Ether 2.0 WSTETH | $8 403 635 234 | $2 363.41 | $27 509 269 | 3,555,731 |
| # | Name | MarketCap | Price | Volume (24h) | Circulating Supply | 7d chart | ||
|---|---|---|---|---|---|---|---|---|
| 8 | TRON TRX | $23 769 858 942 | $0.275231 | $569 166 851 | 86,363,298,503 | |||
| 52 | BitTensor TAO | $1 401 227 511 | $146.00 | $81 234 201 | 9,597,491 | |||
| 54 | Internet Computer ICP | $1 264 152 383 | $2.31 | $41 047 589 | 548,146,359 | |||
| 88 | Filecoin FIL | $649 142 450 | $0.862934 | $84 683 087 | 752,250,260 | |||
| 130 | BitTorrent BTT | $327 888 592 | $0.000000 | $7 775 155 | 987,037,885,840,675 |
What is Market depth?
Market depth is a metric, which is showing the real liquidity of the markets. Due to rampant wash-trading and fake activity - volume currently isn't the most reliable indicator in the crypto space.
What is it measuring?
It's measuring 1% or 10% section of the order book from the midpoint price (1%/10% of the buy orders, and 1%/10% of the sell orders).


Why it is important to use only 1% or 10%?
It's important, because measurement of the whole order book is going to give false results due to extreme values, which can make false illusion of liquidity for a given market.
What is showing Historical Market Depth?
Historical Market Depth is showing the history of liquidity from the markets for a given asset. It’s a measure of combined liquidity from all integrated markets on the coinpaprika’s market depth module.
Phala Network



