Phala Network Migrates PHA Token to Ethereum and Phala L2

Phala Network is a confidential-computing project that has migrated its PHA token from the Polkadot parachain to Ethereum and Phala L2. The team behind Phala made this move in November 2025, citing the shrinking future of Intel SGX processors as the reason for leaving the Polkadot chain. The new setup pairs an optimistic rollup with zero-knowledge proofs, which Phala says gives it fast finality on Ethereum.

Despite the migration, one major price aggregator still lists PHA under its Polkadot Ecosystem category. However, Phala's own documentation clearly states that the parachain has been sunset and that PHA contracts are only available on Ethereum and Phala L2. The token closed at $0.0272 on Phemex spot at the September 12 close, up 5.84 percent on the session.

The migration moved every part of the token, including staking and governance, which now run through a second token called vPHA. According to Phala's documentation, vPHA is the receipt for depositing PHA into the staking contract on Ethereum mainnet, and it can be used for Snapshot voting and collateral on Phala L2.