Phase Delegation (pdSOL)

Summary

Ketju does not approve Phase Delegation (pdSOL): Ketju has approved no Solana liquid-staking provider. We found no defect in this multi-validator Solana stake pool. Ketju compares all Solana liquid-staking providers in one review. The pdSOL token is a liquid-staking token on Solana, a chain whose staking Ketju allows. Ketju therefore covers it in that comparative review and does not give it a separate verdict.

Review triggers
• New evidence materially changes what holders own, who controls it, how holders could lose money, or how they redeem
• Ketju changes its policy for Solana liquid-staking tokens

Ketju checks this memo every night and opens a review if its venues or files show a warning or a cited document changes. The first confirmation is due 2026-12-15.

Research

How it works

A stake pool issues pdSOL, delegates the deposited SOL across several validators, and returns a transferable token. The token’s exchange rate grows with staking rewards, net of fees and any losses. That is the same claim as every other Solana liquid-staking token in the comparative review, and pdSOL fits the class without exception.

Size and holdings

The DefiLlama protocol API, read on 2026-09-15, classed Phase Delegation under Liquid Staking and reported about $107.4M, all on Solana. DefiLlama listed it on 2026-08-27 with no recorded audit, under a parent entry shared with Phase Stake. At that size it is one of the larger Solana providers Ketju tracks, so Ketju includes it in the comparison.

Who controls it

A comparison needs facts specific to each provider: validator admission and distribution, the fee schedule, who can change pool parameters or upgrade the program, and where the market depth for pdSOL sits. No audit is recorded, and the DefiLlama entry gives no protocol URL. The public evidence on who controls pdSOL is therefore thinner than for established Solana providers.

Withdrawals

A holder can withdraw from the stake pool, subject to Solana’s epoch timing, or sell pdSOL into whatever market depth exists. Under stress, the market sale is the route that matters.

Provider choice

Ketju found no defect that rules this provider out. Ketju has approved no Solana liquid staking provider, so it approves none of them, this one included. Approving this provider would take its own review against the approved structures. The advisor decides what fits each client’s purpose and constraints, and records any choice and amount.

Sources

Each claim above comes from one of these sources. Where Ketju could not verify a number, the memo states that.

• DefiLlama: Phase Delegation record · secondary · accessed 2026-09-15
  Supports: protocol identity, pdSOL, multi-validator stake pool, current TVL, Solana perimeter, Liquid Staking category, listing date, no recorded audit
• Solana documentation: Stake pools · primary · accessed 2026-09-15
  Supports: stake pool mechanics, validator delegation, epoch withdrawal mechanics

The asset and the chain

This memo covers the protocol. A position also holds an asset and settles on a chain. Whichever of the three holds the most power over the position decides who can freeze it. These tables describe control and do not judge quality.