PHALA

Phala Network is a protocol that positions itself as an execution layer connecting artificial intelligence agents to blockchain infrastructure. It claims to address the problem of running AI computations in a verifiable, tamper-resistant way so that AI agents can interact with smart contracts without requiring trust in a central operator. The intended users are developers building AI-driven applications that need to integrate with blockchain systems across multiple chains.

Phala uses a hybrid architecture combining blockchain coordination with Trusted Execution Environments, which are secure hardware enclaves that process computations in isolation from the host system, producing cryptographic proofs that the computation ran correctly. AI Agent Contracts live within this system and can interact with external blockchains and other agents with low latency and, according to the project description, no gas fees for execution. The PHA token exists within the Polkadot and Ethereum ecosystems and serves roles in the network's governance and economic coordination, though detailed consensus mechanics are not available in the stored data.

The stored data does not include a fee revenue stream, so fee-based measures such as protocol earnings or fee-to-market-cap ratios are not available on this page. The project description notes that AI Agents can be launched with no gas fees, which means traditional transaction-fee revenue may not apply in the conventional sense. As of the point-in-time snapshot, 85.83 percent of the maximum supply of 1,000,000,000 PHA tokens is in circulation, leaving a dilution overhang of approximately 16.51 percent of max supply not yet issued. The fully diluted valuation stands at 1.165 times the current circulating market capitalisation, reflecting that remaining supply.