Phala Network (PHA) price

Phala Network (PHA) is a decentralized cloud computing network that runs code inside trusted execution environments (TEEs), which are hardware-isolated enclaves. The project is listed under Distributed Computing, Privacy, AI & Big Data and Oracles. Its goal is to let developers run programs so that neither the hardware owner nor the network can see the underlying data. That matters for applications that depend on confidentiality: sensitive data processing, AI agents, games and oracles.

Phala was originally built on Substrate and is tied to the Polkadot ecosystem; it is also tagged as part of the Ethereum ecosystem, and PHA exists as an ERC-20 token on Ethereum. Computing power comes from independent worker operators, and privacy rests on hardware isolation rather than on cryptography alone, so security depends on how robust the TEE chips themselves are. PHA is used to pay for computation, to stake by operators, and to take part in network governance. Unlike most zero-knowledge projects, Phala relies on hardware rather than mathematical proofs. That makes it easier to run arbitrary code, but the trust model is different.

Supply: the total is 1 billion PHA, with ≈868 million (about 87%) in circulation. No maximum supply is given in the data, and the supply is not marked as infinite, so future dilution is best judged from the project's documentation and token release schedule. Because most tokens are already circulating, unlock pressure is usually smaller than for recently launched projects.

What to watch: real network usage and the number of active workers, demand for confidential computing, and publicly disclosed vulnerabilities in hardware TEEs from chip vendors. Risks include competition from other decentralized compute and privacy projects, dependence on third-party hardware, and the fact that the token trades on hundreds of venues with a modest volume on each.