Phala Network is a privacy-preserving cloud computing service, which offers computing power comparable to existing cloud services and protects the privacy of managed programs. Based on TEE-Blockchain Hybrid Architecture, developers can deploy confidential smart contracts running inside the TEE Enclaves in the CPU.
Calculate how much you can earn by staking Phala Network. Results vary based on the staking amount, term, and type selected.
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- What is Phala?
- How to stake PHALA?
- What you should know about $PHA Staking?
- How much can I earn staking PHALA?
- Is there a risk to stake PHALA?
Phala Network is a privacy-preserving cloud computing service based on Substrate. It will run as a parachain of the Polkadot ecosystem to provide computing performance comparable to existing cloud services and protects the privacy of managed programs. Phala tackles the privacy issue of legacy blockchain solutions by decoupling the computation from the chain to off-chain secure workers.
The difference to comparable projects is the-best-of-its-kind interoperability. This refers to the fact that different contracts can call each other before executing computations, and in the future each blockchain could operate with their confidential computation technology.
The protocol’s native token PHA is 1:1 swappable with ERC20-PHA and K-PHA.
Step 1 – Setting up your Phala Wallet
Download the Polkadot-js extension and install on your prefered browser.
Open the Polkadot-js extension and create a new account.
Select Network “Allow use on any chain”, enter the descriptive name and password and click “Add account with the generated seed”.
Step 2 – Finding your Phala Wallet Address
Go to to Phala dApp and authorize the access to your wallet.
After this, you can find your wallet address under your wallet name.
Step 3 – Selecting your Phala StakePool
The first page of delegation is a list of StakePools, which allows users to select and delegate. All data in the list can be sorted. Here you can see what your expected return, the fee for delegating and the size of the StakePool is.
Make sure that the Remaining column is larger than your desired Phala deposit. Otherwise you can’t deposit.
Step 4 – Delegating your $PHA
Click on the Dots on the right-hand side and after this on the popping up Delegate button. Here you enter the amount you want to delegate. Then click Confirm and wait for the signature to complete the delegation successfully.
You have successfully staked your Phala ???
Step 5 – Check Delegation
On the delegation page you can check your delegated StakePool by clicking on My Delegate.
If you hold PHA tokens, you can stake them on the Phala App. When you stake your tokens you’re delegating PHA, which can be understood as depositing and earning interest on your PHA. Therefore, this process makes you a delegator.
You delegate your tokens to a StakePool. StakePools are controlled by account owners that provide miners (workers) to the community. Miners will add their miners to their StakingPools. Your tokens provide liquidation to the miners in the respective StakePool. The mining rewards will be distributed to the delegators according to the delegation share.
There are two potential risks for delegates. First, there may be a delay in withdrawing tokens from the StakePool. The duration of the delay depends on the amount of free delegation in the StakePool. It may take up to 14 days for the tokens to be released. Second, under extreme conditions, if workers receive too many punishments, the number of tokens in the StakePool will shrink, affecting the initial delegation in the StakePool. However, the probability of such a situation is low.
Phala staking can be very profitable. Depending on which stake pool is selected, returns of over 30% APR can be achieved. Of course, you can check the current Staking Rewards at any time right here on our site.
There are two potential risks for delegates.
First, there may be a delay in withdrawing tokens from the StakePool. The duration of the delay depends on the amount of free delegation in the StakePool. It may take up to 14 days for the tokens to be released.
Second, under extreme conditions, if workers receive too many punishments, the number of tokens in the StakePool will shrink, affecting the initial delegation in the StakePool. However, the probability of such a situation is low.