Stakers deposit SOL into the pool and receive pdSOL, whose exchange rate against SOL rises as the underlying stake earns rewards. The pool takes a 5% epoch fee on staking rewards and the remainder accrues to pdSOL holders.

Phase Delegation is a multi-validator liquid staking pool on Solana built on the SPL Stake Pool program. Deposited SOL is spread across validators run by Solana builders, educators and contributors, and depositors hold pdSOL as the liquid receipt.

Phase Delegation is operated by Phase Labs, a Solana validator operator active since 2021. The pool has no governance token; a single Phase-controlled account holds both the manager and staker authority on the stake pool.