State of Phala Network Q2 2024

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Key Insights

Performance Analysis

AI Agent Contracts

Phala grew the number of AI Agent Contracts deployed to its network by 2,000%. This number should also grow alongside Phala’s recent Q2 partnerships and early Q3 partnerships, which include Allora

Monthly active users measures the number of unique accounts interacting with Phala contracts on a monthly basis. Some users may use more than one account, which is not accounted for in the data. Phala’s monthly active users saw steady growth until peaking in March 2024, when it logged 774 unique users. Phala MAUs never dipped below 500 in Q2 and saw strong yearly growth, with June 2024 MAUs up 38% YoY. Phala’s increasing agent integrations and partnerships may attract more MAUs in the future.

Worker Nodes provide compute resources to the network. They host AI Agent Contracts (offchain programs) inside the nodes’ TEEs. The TEE protects the workload for code integrity and privacy. To join the network, miners anywhere in the world can deploy Worker Node software clients inside their TEE-compatible hardware setups, getting them verified onchain.

Phala has a non-consensus staking mechanism that manages up to 1 million CPU cores from over 100,000 nodes. Stake Delegation

The PHA price ended Q2 up 43% YoY despite dropping 50% QoQ. The price increase kept Q2 2024 rewards above those in Q3 2023 (+$2 million) and Q4 2023 (+$1.6 million) in USD terms, despite PHA rewards dropping 49% throughout the year. Price appeared to lag increases in MAUs and contract executions in 2024.

Agent Wars

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