# Phase Delegation

> Track Phase Delegation with daily standardized on-chain data. Compare Phase Delegation with other liquid staking projects. See charts and datasets in one place.

Source: [Phase Delegation on Token Terminal](https://tokenterminal.com/explorer/projects/phasedelegation). This page has no metric values. For current values, use the [Token Terminal API](https://tokenterminal.com/docs/api-reference/introduction) or the [MCP server](https://tokenterminal.com/docs/mcp/introduction).

- Sectors: Liquid staking

## About

### What it is

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.

### Who uses it

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.

### How it works

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.

## Metrics

Token Terminal tracks these metrics for Phase Delegation daily. Each page has a chart with the full history.

- [Core developers](https://tokenterminal.com/explorer/projects/phasedelegation/metrics/active-developers)
- [Code commits](https://tokenterminal.com/explorer/projects/phasedelegation/metrics/code-commits)

## Links

- [website](https://www.phase.cc/delegation)
- [twitter](https://x.com/phase_)
- [github](https://github.com/phaselabscrypto)