What is Irys (IRYS)?

Quick Facts

• Type: Layer 1 programmable datachain
• Native Token: IRYS — used for fees, staking, and rewards
• Consensus: Hybrid Useful Proof of Work and Stake (uPoW/S)
• Execution Layer: IrysVM — EVM-compatible virtual machine
• Storage: Multi-ledger architecture with permanent and temporary options
• Funding: $10M seed round (2024) and $10M Series A (2025)
• Origin: Evolved from the Bundlr Network data-uploading protocol

Introduction

Irys is a Layer 1 blockchain purpose-built to unify data storage and programmable execution in a single network. Often called a programmable datachain, it enables developers to store large datasets on-chain while making that data directly usable by smart contracts and AI services — without relying on external storage systems like IPFS or centralised cloud providers.

The core idea is simple: data and code should live together natively, so applications can act on stored information in real time.

History & Background

Irys grew out of Bundlr Network, a data-upload layer built on top of Arweave. The founder, Josh Benaron, spent years onboarding data-centric projects to blockchain infrastructure and identified a fundamental gap: existing chains were either great at execution or great at storage — but not both.

After raising $3M for Bundlr, Benaron founded Irys to build a dedicated datachain from scratch. The project raised $10M in a 2024 seed round and a further $10M in a 2025 Series A, then launched its mainnet in late 2025.

How Irys Works

Irys uses a multi-ledger architecture. Incoming data first lands in the Submit Ledger, where it is validated. Once confirmed, it is promoted to the Publish Ledger for permanent, verifiable storage.

The IrysVM is an EVM-compatible execution environment that lets smart contracts read, transform, and act on data stored natively within the network — a capability called Programmable Data. It also supports standard SQL-style queries via Proof of SQL, making on-chain data accessible to mainstream developers.

Consensus runs on a hybrid Useful Proof of Work and Stake (uPoW/S) model. Validators stake IRYS tokens and must continuously prove they are maintaining their assigned data partitions, tying their economic incentives directly to data reliability.

Tokenomics

The IRYS token is the economic backbone of the network. It is used to pay storage and transaction fees, to stake as a validator, and to earn rewards for securing the network. A significant portion of fees — ranging from 50% to 95% — is burned, creating a deflationary pressure tied to network usage. This design aligns token value with actual data demand on the chain.

Ecosystem & Use Cases

Irys targets several high-growth sectors:

• AI applications — AI agents and workflows can store and query large datasets directly on-chain.
• Web3 games — game worlds can persist state and assets permanently and cheaply.
• DeFi and NFTs — verifiable on-chain data underpins more transparent financial and digital-ownership applications.
• Enterprise data — at-cost storage pricing competes with both traditional cloud and other Web3 storage networks.

Team, Governance & Community

Irys was founded by Josh Benaron, who previously built and scaled Bundlr Network. The broader team includes members with backgrounds at leading technology companies. The project is backed by institutional investors across two fundraising rounds totalling $20M. Community engagement happens through Discord, X (formerly Twitter), and developer programmes tied to the network's testnet and mainnet launch.

Advantages

• Unified architecture — storage and execution in one chain eliminates reliance on external systems.
• Low cost — designed to undercut both Web2 cloud providers and competing Web3 storage networks.
• EVM compatibility — developers familiar with Ethereum tooling can build on Irys without learning new languages.
• Programmable Data — smart contracts can interact with stored data natively, unlocking new application patterns.
• Deflationary tokenomics — fee-burning ties token supply reduction to real network activity.

Risks & Challenges

• Early-stage network — mainnet launched in late 2025, so long-term reliability and adoption remain unproven.
• Competitive landscape — Arweave, Filecoin, and other storage or modular blockchain projects are established rivals.
• Validator adoption — the uPoW/S model requires a robust, decentralised validator set to function as intended.
• Data permanence guarantees — economic models for permanent storage depend on sustained token value and network participation.

Long-Term Vision

Irys aims to become the foundational data layer for the open internet — a base layer where AI models, decentralised applications, and financial systems can store, access, and act on trusted data at scale. By combining programmable execution with economically permanent storage, the project positions itself as infrastructure for the next generation of data-intensive, on-chain applications.