Discover Phala App’s Exciting New Features, Which Make Your Delegation Smarter
Phala will launch the 2.0 version of Phala App very soon. This new version includes a new UI design and support for StakePool V2 and Vault (new module), which is smarter, more user-friendly, attractive and intuitive.
Phala App 2.0
Phala App is a multifunctional aggregation product which is an app hub for developing tools of Phala ecosystem, such as SubBridge, Delegation, and Farm (previously named ‘mining’). Phala’s community also utilizes Phala App as a wallet, as it supports Polkadot.js, Talisman, and SubWallet.
Phala App 1.0 is the current version of Phala App. Its purpose was to ensure users/workers could delegate and farm easily. However, its functionality remains limited and there are inconveniences in terms of interface beautification and user experience.
Phala App 2.0 is an evolution of Phala App 1.0. This overhaul is based on user feedback and their functional needs. It includes a new UI design (including dark mode) and 2 new features — Stake Pool V2 and Vault. The dashboard will also display owned NFTs and assets, as well as a user’s balance and total delegation of PHA.
3 New functions in StakePool V2
In Phala Network, a ‘StakePool’ is a pool of stake from a group of parties backed by a group of workers. It provides a middle layer of funds flowing between workers and delegators. Delegators delegate their PHA into StakePools, which can only be utilized by pool owners for staking purposes.
In StakePool V2, delegators can easily find pool status via side bar and freely switch between Stake Pool and Vault modules. In the new and upgraded version, 3 important functions have been added to the ‘Delegate’ page and these functions are also applicable to the Vault.
Delegated PHA can be transformed into independent assets by performing NFTization. In the future, it will be possible to trade directly on the PhalaWorld NFT marketplace, avoiding the long lock-up time due to withdrawal, and improving asset liquidity.
2. Automatic compound interest
Delegation rewards will be automatically and directly included in the delegation assets in the pool, that is, automatic reinvestment.
In StakePool V2, delegators will not be able to withdraw rewards independently. This avoids issues related to frequent withdrawals and increases the rate of return. Regardless of whether the user withdraws the reward or the principal, a certain amount of assets can be directly withdrawn from the pool.
3. Auxiliary Mechanism for Delegation Asset Voting — WrappedBalances
When the Delegation assets are NFTized, due to technical reasons, they will no longer be able to participate in governance directly. To solve this problem, we created a new ledger concept: WrappedBalances.
Throughout the delegate’s behavior, the user’s PHA will be mapped to Wrapped-PHA (W-PHA) 1:1 in WrappedBalances, and the withdrawal will be automatically converted from W-PHA to PHA. WrappedBalances are only used for billing purposes in the backend. Therefore it will not impact our app interface and does not need any user operation.
New module — Vault, maximizing delegators’ returns
A vault is a common concept in the world of decentralized finance (DeFi). Vaults are pools of funds with an associated strategy that aim to maximize returns on the assets inside the vault.
The role of Phala’s ‘Vault’ is similar, it assists delegators in choosing the best StakePools to maximize returns of their assets. When version 2.0 is live, users can operate as delegators, StakePool owners and Vault owners.
The following image demonstrates the whole delegation system workflow.
*Notes: All the pictures in the article are just demos for reader reference.
Phala Network tackles the issue of trust in the computation cloud.
By organizing a decentralized network of computation nodes around the world, it offers high-performance services without relying on any cloud vendor. Phala workers run the programs in Secure Enclaves, a privacy technology already embedded into modern processors, enabling versatile and confidential execution. Together, this creates the infrastructure for a powerful, secure, and scalable trustless computing cloud.