DEVOUR

CEO @Phase_ • Member @Luminaries & @SuperteamUSA • Co-founder @RadiantsDAO • prev @apple

[DEVOUR @DEVOUR_]

Some of you have known Devour for years, but it’s time you know the person behind the name.

I went from:
- finance and real estate,
- to taking the LSAT for fun and getting a 171
- to selling a company in under 18 months,
- to building @phase_

Here’s how it started 👇

[DEVOUR @DEVOUR_]

Buying some ADA here

[Charles Hoskinson @IOHK_Charles]

I'm taking a break. TTYL

[DEVOUR @DEVOUR_]

@redacted_noah @therealchaseeb @DriftProtocol I mean this truthfully… you are an absolute chad

[DEVOUR @DEVOUR_]

@redacted_noah @cronus_art @DriftProtocol @KEMOS4BE

[𝔽𝔼ℝℤ (♞,♞) @ferz_erz00]

Phase has two liquid staking tokens, $YIELD and $pdSOL.

They come from the same team, work mechanically in the same way, and both give you liquid exposure to staked SOL.

Where they differ is in the thinking behind how your SOL gets deployed once you deposit it, and that is what makes each one worth understanding.

With both tokens, the basic experience is the same. You deposit SOL, you receive a token, and the value of that token relative to SOL grows over time as staking rewards accumulate.

You do not need to claim anything or manually restack, and the token stays in your wallet so you can use it however you want.

With $YIELD, your SOL goes to Phase Stake, Phase's own institutional validator running at 0% commission on bare metal infrastructure, SOC 2 Type II certified and MEV-optimised.

The product was built with one objective: generating the highest possible return for depositors. There is no secondary consideration built into the design.

With $pdSOL, your SOL gets distributed across 91 active validators according to a merit-based scoring system called the Index Power Score.

Those validators were selected because they are actively contributing to the ecosystem, running diverse infrastructure, operating on smaller data centres, and in many cases barely breaking even financially. The APY is lower than YIELD, and that is a deliberate outcome of how the pool was designed, not a limitation the team is working around.

The thinking behind pdSOL comes from something fairly observable about how stake moves when left alone.

It flows toward validators with the best APY, the most visibility, or the most existing stake. Larger validators attract more stake, which makes them larger still.

Smaller operators find it harder to stay competitive. The economics of the network centralise gradually without anyone deliberately pushing it that way.

Phase Delegation was built to work against that tendency. The validators receiving delegation through pdSOL are not the ones already at the top.

They are the ones building tooling, running minority clients, operating on independent infrastructure, and scoring well on a system that weights sustainability over size.

The scoring gives higher marks to validators whose simulated annual profit is closest to zero, so the operators who most need support are the ones who receive the most delegation.

Your SOL in pdSOL is being directed according to that logic, and the lower yield reflects the cost of that direction.

Phase was straightforward about the tradeoff involved. Holding pdSOL over YIELD means accepting a lower personal return because some of what your stake could earn is instead going toward validators who need the delegation to stay financially viable.

Some holders are comfortable with that because they think the long term health of Solana's validator set is worth caring about. Others want their SOL working as hard as possible on returns and have no interest in that consideration.

YIELD was built for the latter, and pdSOL for the former.

What is notable about Phase is that they put both options in front of you without trying to argue that one is obviously correct. They did not build a single product and construct a story around it covering both priorities at once.

They built two products with clearly different purposes and published exactly how each one works.

The decisions being made right now about where stake flows will determine which validators are still running in three years, how concentrated or distributed the network's infrastructure becomes, and what Solana's consensus actually looks like as more institutional capital continues to enter the picture.

YIELD and pdSOL sit on different sides of that consideration, and the team behind both has been thinking about it since 2021.

@phase_

[DEVOUR @DEVOUR_]

@gotto_ @phase_ Stake with Phase.

[DEVOUR @DEVOUR_]

@sol_fto More of this… Solana maximalist

[DEVOUR @DEVOUR_]

A fine day to tokenize assets on Solana

[DEVOUR @DEVOUR_]

@_gammafi Every single thing

[DEVOUR @DEVOUR_]

@gotto_ It’s really that easy

[DEVOUR @DEVOUR_]

@MacroMate8 Trade everything on Solana

[DEVOUR @DEVOUR_]

@doqo_sol Let’s goo! only on Solana

[Phase @phase_]

Back to Work

[DEVOUR @DEVOUR_]

@solana @incubator @solanalabs Another huge opportunity for builders

[DEVOUR @DEVOUR_]

@pmitu '1% crying in the shower'

[DEVOUR @DEVOUR_]

@solflare We're not giving up

[DEVOUR @DEVOUR_]

@Shilllin Better times ahead

[DEVOUR @DEVOUR_]

@yo_itsmatt seated for this one

[DEVOUR @DEVOUR_]

@patekphilippe__ Classic ✨️

[DEVOUR @DEVOUR_]

@NotSoEasyMoney Easy does it

[DEVOUR @DEVOUR_]

@Markmanson Quite true, you can never go wrong investing in yourself.