The PHASE Token
PHASE is the native utility token of the Phase network.
Network fees
Transactions on Phase are denominated in PHASE, tying demand for the token directly to network usage.
Validator rewards
Validators earn PHASE through committee participation, released only upon finality.
Proxy-driven buybacks
The proxy economy feeds the token directly: 100% of proxy revenue is committed to open-market PHASE purchases, distributed daily to serving devices pro rata to the revenue they earned. Usage of the network's second product is, by construction, demand for its token.
PHASE PROXY ->Not a staking bond
Validators do not lock up PHASE to participate, and there is no minimum holding requirement to register. This is a deliberate design choice: requiring large token deposits would reproduce the capital-concentration problem Phase is built to avoid.
Supply and Emission
Total supply is fixed at 100,000,000,000 PHASE; no issuance exists outside the allocation. Half of the supply — 50,000,000,000 PHASE (50%) — is committed to validator rewards and is emitted on a linear per-block schedule over ten years.
The schedule is laid out for ten years on the assumption of one block per second; the realized block time may differ from that assumption. The per-block reward and the total budget are the fixed quantities, so a faster or slower chain reaches the end of the budget earlier or later in calendar time while the per-block amount stays the same. Fixing the reward budget as a supply share bounds dilution ex ante and makes the reward pool a governance-visible constant.
A linear schedule was selected over frontloaded and adoption-coupled alternatives for three reasons: it is cohort-fair per unit of time (a validator joining in year seven faces the same per-block reward as one joining at genesis); it is maximally legible; and it still concentrates per-validator income early in the network's life without any explicit frontloading, because the same budget is divided among the small early pool. Emission ends at a fixed height rather than on a running account of what has been minted: the shipped schedule pays 158.55 PHASE at heights 1 through 315,357,931 — the largest number of whole payments the fifty-billion budget admits, 2,069 short of the 10·365·86,400 blocks the per-block rate was derived from, because the shipped constant is exactly 158.55 rather than the 158.5489… the division gives — and nothing from height 315,357,932 on. That cutoff falls in year ten at the nominal 1 s accounting unit of System and Threat Model and sooner in calendar time at a faster realized cadence; from it on, validator income consists of transaction fees — once the fee offset below routes them to validators; the current configuration burns them in full — and the proxy economy.
Fees and Burns
Transaction fees are denominated in PHASE. In the current configuration every fee component is burnt in full — the base fee by the fee-market rule and the priority fee by the execution layer — so validator income is the block reward alone.
An additional discretionary burn (a fraction of circulating supply per year) belongs to the same governance design; it is zero today, and neither a burn-fraction parameter nor the timelocked process that would introduce one exists in the implementation.
Fee-offset emission
Emission is designed to be net of fees. In each interval, collected transaction fees fund the scheduled validator payout first; only the shortfall between the fee flow and the scheduled rate is minted from the reward budget, and fee revenue above the scheduled rate is burnt. Three consequences follow. First, the scheduled rate is a ceiling on gross minting: as usage grows, net emission falls, and at sufficiently high usage the system turns deflationary. Second, validator income is smoothed: validators receive the scheduled rate whether it is financed by fees or by minting. Third, budget tokens left unminted by fee offset are not destroyed but are meant to remain available and extend the effective reward tail past the schedule's last paying height; the shipped schedule does not implement that carry-forward — rewardAt is a pure function of height, paying a flat 158.55 PHASE below the end height and zero from it on — so the tail extension arrives only with the fee offset itself.
There is no separate fee-split parameter — the offset rule is the fee allocation.
Allocation and Vesting
| Category | Share | Tokens | TGE unlock | Cliff | Release |
|---|---|---|---|---|---|
| Validator rewards | 50% | 50.0B | — | — | Linear per-block emission, ten years at the nominal 1 s unit |
| Core team | 25% | 25.0B | 0% | 6 months | Nine equal quarterly tranches, months 6–30 |
| Foundation & treasury | 25% | 25.0B | 2% | none | Linear, 36 months |
| Total | 100% | 100.0B |
Only the Foundation’s operating float is liquid at TGE: 2% of its bucket (500,000,000 PHASE, 0.5% of total supply), which pays the network’s first governance and settlement transactions. Everything else vests. The core team allocation is locked for six months and then released in nine equal quarterly tranches — the first six months after TGE, the last thirty months after it — so insiders are fully aligned with the network’s first two and a half years. The remaining 98% of the Foundation bucket vests linearly over 36 months from TGE with no cliff, funding ecosystem programs, the bootstrap infrastructure of Networking, and grants. Circulating supply therefore starts at 0.5% of total and grows through per-block emission and vesting.
Two principles are fixed permanently:
No validator staking requirement — ever.
Registration requires no minimum PHASE holdings, and no future allocation or governance decision may introduce a bond, lockup, or holding requirement for validation. This is a standing design commitment, not a launch parameter.
Community majority.
Half of the total supply is committed to validator rewards alone; together with Foundation-funded ecosystem programs, the majority of supply flows to network participants rather than to the team.
This document is provided for informational purposes only. It does not constitute an offer or solicitation to sell or purchase any security, financial instrument, or investment product in any jurisdiction. The PHASE token, if and when issued, will be issued only pursuant to separate offering documentation and applicable regulatory requirements. Participation in the Phase network involves significant risk, including the risk of total loss.