Phala Network (PHA)
Unlock Schedule
Phala Network (PHA) Token Unlock & Vesting Schedule
The chart shows gross modeled releases of every allocation: vesting unlocks, new issuance and reserve distributions, each allocation counted once. These have different meanings; a scheduled release is not evidence that tokens entered circulation or were sold. Review the coverage, sources and assumptions below.
Each color segment in the chart corresponds to a specific allocation group described in the Allocations section below. Underlying assumptions and data models used to reconstruct this schedule are explained in detail under Assumptions, while broader utility insights and token use cases are covered in Tokenomics & Utility.
Tokenomics & Utility
What PHA powers
PHA is the utility and governance token associated with Phala’s compute ecosystem. It is used to:
- Secure and prioritize access to compute via staking mechanisms and contract-cluster models.
- Pay for confidential workloads or associated services, either directly in PHA or through cluster-defined payment schemes.
- Reward compute providers (e.g., GPU workers) for delivering verifiable capacity. (github.com)
Phala’s tokenomic literature describes a two-sided market. On the demand side, developers stake to reserve computing power for their contract clusters. On the supply side, miners (now GPU-backed workers) are remunerated based on capacity, attested security level, and demand. Various modules coordinate matching, pricing, and long-term incentives. (github.com)
ERC-20 and L2 mechanics
With the 2025 migration, liquid PHA on the former parachain became claimable to Ethereum as ERC‑20 PHA, while delegated balances and certain rewards migrated as vPHA on an L2. Staking continues on Ethereum L1, and GPU mining/rewards operate on L2, with governance handled through Ethereum-native tools. The team’s notice outlines staking contracts, reward splits, a pledge mechanism for high-performance GPUs, and a Snapshot + Safe-based governance flow. (forum.phala.network)
For reference, the long-standing ERC‑20 contract for PHA on Ethereum is published and verified on Etherscan. Many integrations refer to this address, and Phala’s app surfaces it for convenience. (etherscan.io)
Delegation, vaults, and rewards
Phala documentation (from the parachain era and later updates) details delegation to pools, vault-based management, and how rewards roll over automatically. While the execution venue changed in late 2025, the project has kept the idea that users can supply capital to secure compute and earn emissions tied to real workload capacity. Updated mechanics are reflected in the migration guide and app. (docs.phala.network)
Assumptions
Phala reports a fixed one-billion-PHA supply; the original token creation is shown separately from later releases of those tokens. Published terms date investor and team vesting, Khala contributor rewards, and a more uncertain Polkadot crowdloan estimate. Phala also reports some past compute-reward totals, but much of the reward history and several incentive budgets lack verified payment dates. The chart can display the dated amounts while labeling modeled timing and leaving unresolved distributions outside the dated curve.
- KSM StakeDrop (2.1% allocation): The sources give the amount but no release dates.
- Testnet incentives (1% allocation): The sources give the amount but no release dates.
- Original Kusama and Polkadot auction reserve (6.9%): The sources give the amount but no release dates.
- Khala/Kusama crowdloan reserve (2.5%): The sources give the amount but no release dates.
- Khala crowdloan partner-supported expenditure: The sources give the amount but no release dates.
- KSM fund that created Khala: The sources give the amount but no release dates.
- Original reserve remaining for Polkadot auctions (4.4%): Releases depend on recipients claiming tokens or on grants being awarded.
- Polkadot crowdloan reward program, including treasury funding: Releases depend on recipients claiming tokens or on grants being awarded.
- Secure-worker and GPU compute rewards (original 70% pool): New issuance depends on network activity, such as staking, so it cannot be dated in advance.
- Ethereum staking rewards from remaining compute pool: New issuance depends on network activity, such as staking, so it cannot be dated in advance.
- Treasury share of compute rewards: New issuance depends on network activity, such as staking, so it cannot be dated in advance.
- Phala Ambassador Program V.5: Releases depend on recipients claiming tokens or on grants being awarded.
- 1. https://medium.com/phala-network/phala-token-economy-whitepaper-refined-with-more-details-about-tee-mining-ba586db8410a
- 2. https://github.com/Marvin-Cypher/pha-circulation
- 3. https://medium.com/phala-network/ann-khala-crowdloan-and-vendetta-testnet-rewards-distribution-done-check-them-now-b77547d9a469
- 4. https://forum.phala.network/t/topic/2127
- 5. https://medium.com/phala-network/phalas-polkadot-slot-auction-strategy-d7432e73b6c
- 6. https://phala.com/posts/phala-recap-of-2021-highlights-achievement-8a86df19f00f
- 7. https://phala.com/posts/1st-halving-period-will-happen-on-2-763-069-khala-block-height-since-gemini-upgrade-cb9bcdf81b49
- 8. https://phala.com/posts/phala-network-2024-year-in-review
- 9. https://forum.phala.network/t/phala-network-migration-execution-notice-migration-from-phala-parachain-to-ethereum-l2-network/4001
- 10. https://docs.phala.com/network/compute-providers/introduction
- 11. https://github.com/Phala-Network/growth-program
- 12. https://medium.com/phala-network/meet-the-first-of-its-kind-ksm-stakedrop-by-phala-10f0bc73432a
- 13. https://etherscan.io/token/0x6c5bA91642F10282b576d91922Ae6448C9d52f4E?a=0x714048f9c6fb666cf68a3ac3daf51372a2ea4b44
- 14. https://github.com/Phala-Network/prelaunch-token
- 15. https://raw.githubusercontent.com/Phala-Network/prelaunch-token/master/contracts/PHAToken.sol
- 16. https://medium.com/phala-network/must-read-before-gemini-upgrade-580e0ea4b56b
- 17. https://forum.phala.network/t/topic/2656
- 18. https://forum.phala.network/t/topic/3295
- 19. https://forum.phala.network/t/topic/3398
- 20. https://forum.phala.network/t/phala-app-changelog-march-12-2023/3320
- 21. https://phala.com/posts/ann-khala-crowdloan-and-vendetta-testnet-rewards-distribution-done-check-them-now-b77547d9a469
- 22. https://medium.com/phala-network/everyones-phala-token-economics-whitepaper-e64919085617
Allocations
Parts of this allocation with their own release dates are charted as their own allocations; the chart shows the rest here.
Not yet scheduled: 142,283,239.546 tokens of its parts have no release date yet. The chart shows them as TBD from today, not as unlocked.
Description
#480
Phala Network is a privacy-preserving cloud computing service on Polkadot that offers secure and scalable computing for Web3. It uses TEE-Blockchain Hybrid Architecture to enable confidential smart contracts running inside the TEE Enclaves in the CPU.
| Sector: | AI & Compute |
| Blockchain: | Polkadot |