Phala Network
PHAThe full report. Score, pillars, arithmetic, risk, scenario, signal and notes.
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About Phala Network
Analysis of 28 Mar 2026Phala Network is a decentralized confidential computing platform that provides privacy-preserving infrastructure for AI and blockchain applications using Trusted Execution Environments (TEE). Founded in 2018 by Marvin Tong (ex-Tencent) and Hang Yin (ex-Google, Bitcoin Gold founder), the project completed its migration from a Polkadot parachain to a dedicated Ethereum Layer 2 in November 2025, becoming the first OP Succinct rollup.
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The network supports NVIDIA H100/H200 GPUs with hardware-level TEE protection through Intel TDX, enabling confidential AI model deployment at $2.30-3.50 per GPU hour. As of March 2026, Phala Cloud hosts production workloads for over 1,000 teams, processes billions of LLM tokens, and has achieved SOC 2 Type I and HIPAA compliance certifications.
Trading at $0.035 with a $29M market cap (rank #617), PHA has a 1 billion max supply with approximately 800 million tokens circulating (80%). The project raised $10M from investors including IOSG Ventures, Candaq Fintech Group, and DWF Labs.