Introduction
Staking Phala Network can be a great option for those who want to hold PHA but earn yield in a safe way while contributing to the network. The steps can be a little daunting, especially the first time you do them. That’s why we’ve put this guide together for you.
Step-by-step
1. Obtain Phala Network (PHA) tokens
In order to stake Phala Network, you need to have it. To obtain Phala Network, you'll need to purchase it. You can choose from these popular exchanges.
See all 9 pricesPlatform Coin Price Bitpanda Phala Network (PHA) $0.1044 Uphold Phala Network (PHA) $0.1106 Kraken Phala Network (PHA) $0.1033 OKX Phala Network (PHA) $0.1037 Binance Phala Network (PHA) $0.1043 BingX Phala Network (PHA) $0.1038 2. Choose a Phala Network wallet
Once you have PHA, you’ll need to choose a Phala Network wallet to store your tokens. Here are some good options.
3. Delegate your PHA
We recommend using a staking pool when staking PHA. It’s simpler and faster to get up-and-running. A staking pool is a group of validators who combine their PHA, which gives them a higher chance of validating transactions and earning rewards. You can do this through your wallet’s interface.
4. Start validating
You’ll need to wait for your deposit to be confirmed by your wallet. Once it’s confirmed, you’ll automatically validate transactions on the Phala Network network. You’ll be rewarded with PHA for these validations.
What to be aware of
There are transaction and staking pool fees you need to consider. There can also be a waiting period before you start earning rewards. The staking pool will need to generate blocks, and this can take some time.
Latest movements
Phala Network (PHA) is currently priced at $0.1038 with a 24-hour trading volume of $7.09M. In the last 24 hours, Phala Network has experienced a decrease of -0.1%. The market cap of Phala Network stands at 78.84M, with $748.40M PHA in circulation. For those looking to buy or trade Phala Network, reputable platforms like Bitpanda, OKX and BingX offer avenues to do so securely and efficiently.
- Market cap
- $78.84M
- 24h Volume
- $7.09M
- Circulating supply
- $748.40M