Phase Stake (YIELD)

Summary

Ketju does not approve Phase Stake (YIELD): Ketju has approved no Solana liquid-staking provider. We found no defect in YIELD. Ketju compares all Solana liquid-staking providers in one review. YIELD is a Solana stake-pool token backed by SOL delegated to a single validator that Phase runs itself at zero commission. Solana is a chain whose staking Ketju allows, so YIELD sits in that comparative review, which records its concentration in one validator.

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

YIELD is issued through a Solana stake pool, and the SOL behind it is staked to one validator that Phase operates at zero commission. The claim is the same liquid-staking exposure the comparative review covers. It is a transferable token whose value grows with validator rewards, net of fees and losses.

Size and holdings

The DefiLlama protocol API, read on 2026-09-15, classed Phase Stake under Liquid Staking and reported about $1.81M, all on Solana. DefiLlama listed it on 2026-08-27 with no recorded audit, under a parent entry shared with Phase Delegation. It is much smaller than the other Phase product.

Who controls it

Delegation to a single operator sets this token apart within the class. All rewards and all slashing or downtime risk run through one validator that Phase operates. Operator performance is therefore not spread the way a multi-validator pool spreads it. Zero commission is a fee choice the operator can change at any time. No audit is recorded, and the DefiLlama entry gives no protocol URL.

Withdrawals

A holder can withdraw from the stake pool, subject to Solana’s epoch timing, or sell into the market. At this size, we assume the market for YIELD is thin.

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 Stake record · secondary · accessed 2026-09-15
  Supports: protocol identity, YIELD token, single-validator stake pool, zero commission, current TVL, Solana perimeter, 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.