{
  "release": "coin-fundamental-evidence-20260927-2.0",
  "cutoff_utc": "2026-09-26",
  "interpretation_rule": "Issuer rules, project activity, token locking and passive-tokenholder cash flow are separate evidence classes. Null means not independently verified, not zero.",
  "symbol": "PHA",
  "status": "issuer_reported_usage_token_settlement_unverified",
  "documented_mechanism": "Phala Cloud issuer statements distinguish registered, subscribed and paid users; no matched PHA settlement series was independently verified.",
  "operating_observation": {
    "period_end_utc": "2025-12-31",
    "total_users": 10004,
    "subscribed_users": 2113,
    "paid_users": 398,
    "total_cvms": 2529,
    "running_cvms": 813,
    "running_vcpu": 1969,
    "source_type": "issuer_report_not_independently_audited"
  },
  "token_capture_observation": null,
  "missing_series": [
    "Monthly paid compute receipts",
    "PHA-denominated payments and treasury conversions",
    "Worker rewards and net circulating PHA on aligned dates"
  ],
  "sources": [
    {
      "url": "https://phala.com/posts/phala-2025-report",
      "type": "issuer_year_end_report"
    },
    {
      "url": "https://docs.phala.network/phala-cloud/getting-started/sign-up-for-cloud-account",
      "type": "issuer_cloud_onboarding"
    }
  ]
}