#MarketRebound
Phala Network (PHA) is a decentralized cloud computing platform that prioritizes data confidentiality and security. It leverages Trusted Execution Environments (TEEs) to deliver secure and scalable off-chain computation for Web3 applications. Phala's unique approach enables developers to create decentralized applications (dApps) with enhanced privacy and performance.
The native utility token of the Phala Network is PHA, which serves several key functions:
Access to Trusted Computing Resources: Users utilize PHA tokens to access Phala's TEE computation resources, facilitating the deployment of Phat Contracts that support smart contracts across various EVM blockchains.
Security Guarantee: Gatekeepers, responsible for maintaining the network's security, are required to stake a certain amount of PHA tokens. These tokens may be slashed in cases of misbehavior, ensuring accountability.
Governance: Holders of PHA tokens can participate in the Phala DAO, contributing to community governance and decision-making processes.
As of December 24, 2024, PHA is trading at approximately $0.1731 USD, reflecting a significant increase over the past 24 hours. The token has a circulating supply of around 771 million PHA, with a total supply of 1 billion tokens.
PHA is available for trading on various cryptocurrency exchanges, including Binance, OKX, and Gate.io, with the PHA/USDT pair being among the most actively traded.