1st Halving Period Will Happen on #2,763,069 Khala Block Height Since Gemini Upgrade
Phala (Phala&Khala) launched the Gemini Tokenomics at Khala block height #1,467,069 (04/08/2022, UTC+0). This means that the calculation of compute rewards (CR) does not distinguish between Phala or Khala Networks, sharing 70% of the reward pool.
As discussed in Gemini tokenomics, the supply of $PHA rewards will be reduced each 1,296,000 blocks (1,296,000 blocks =180 days x 7200 blocks/day). It’s the 1st halving after the Gemini update.
The 1st halving, will take place 1,296,000 blocks later at Khala block height #2,763,069. As of writing, we are on #2,668,414 (publish time), and the average block length is around 13s, the next halving will happen on Monday 21st November at about 2 pm UTC+0. The actual time is based on on-chain data. At that point rewards will reduce by 25%.
Increase the utility of $PHA
Phala’s native token, $PHA, is currently the only token in the Phala Network. It is widely used as an incentive within the compute resources suppliers, which we call workers. It will also be available for consumption in the future for the use of Phala Network computing resources.
The recent launch of PhalaWorld NFTs, marks PHA’s first application within the Phala ecosystem, NFT transactions. Phala is continuously expanding the utility of$PHA’s first application within the Phala ecosystem, NFT transactions. Phala is continuously expanding the utility of$ PHA amongst our other applications, such as Phat Contract. This is also in the pre-launch phase and adding its economic model; more and more ecosystems are accessing SubBridge, allowing $PHA to flow in different chains and adding more and more usage scenarios.
PhalaWorld, Phat Contract, SubBridge and future products will increase the utility of $PHA and create a perfect closed loop for building the Phala ecosystem, using Phala’s cloud computing resources.
Phala team is working hard to build more application scenarios and also encourage and support other teams to assist Phala to expand into more ecosystems.
- Must Read Before Gemini Upgrade: https://medium.com/phala-network/must-read-before-gemini-upgrade-580e0ea4b56b
- Phala Tokenomics: https://wiki.phala.network/en-us/learn/tokenomics/tokenomics