Irys (IRYS): The First Programmable Layer-1 Datachain
Irys is the first programmable Layer-1 datachain, combining onchain data storage with a native execution layer. Founded by Josh Benaron and backed by $20 million from CoinFund, Lemniscap, Framework Ventures, and leading VCs, Irys (IRYS) will soon be available on Bitget!
What is Irys (IRYS)?
Irys is the first programmable Layer-1 datachain, integrating onchain data storage with a native execution layer to enable developers to create, store, and execute programmable data.
Legacy datachains focus on storing data economically but lack mechanisms to process this data within onchain applications. Web3 storage networks like Filecoin and Arweave are slow with unpredictable fees. Previous solutions stop at raw storage without smart contract execution.
Irys provides verifiable storage where data carries embedded logic and can be accessed natively by smart contracts.
Core Innovation: Irys transforms data from passive information into programmable onchain assets that execute instructions, interact with smart contracts, and power automation.
The platform stores data in a multi-ledger system. All incoming data is first submitted for validation, then published for long-term verifiable storage. Its EVM-compatible execution layer (IrysVM) allows smart contracts to read, write, and enforce rules on stored data directly. Data can carry embedded logic to automatically trigger payments, verify ownership, or automate AI workflows. Irys uses hybrid consensus of Proof of Work plus staking for secure, decentralized storage while keeping costs low.
Who Created Irys (IRYS)?
Irys was founded in March 2021 by Josh Benaron, who serves as CEO.
Josh Benaron (Founder & CEO):
Computer science background from University of Surrey. Engineering and consulting experience at VantagePoint and BAE Systems. Previously built Bundlr, the dominant middleware for Arweave, powering the majority of its traffic.
Key Team Members:
● Jesse Wright (Lead Engineer): Core blockchain and full-stack engineering
● Gus Lobo (Chief Marketing Officer): Branding, marketing, and ecosystem outreach
● Tiffany L. (VP of Ecosystem & Partnerships): Formerly at Avalanche, Apple, and 0G Labs
● Faris Oweis (AI Director): Ex-Head of Business Development at Eclipse
● Connor King: dApp development and cross-chain integrations
The Irys team is based in the UK with global contributors.
What VCs Back Irys (IRYS)?
Irys has raised $20 million across multiple funding rounds.
Funding Rounds:
● May 2022 (Seed Round): $5.2 million, co-led by Framework Ventures, Arweave, Hypersphere Ventures, and Permanent Ventures
● June 2024 (Strategic Round): $3.5 million, led by Lemniscap
● August 2025 (Series A Round): $10 million, led by CoinFund
● Total Raised: $20 million
Notable Investors:
● CoinFund (led Series A)
● Lemniscap (led strategic round)
● Framework Ventures
● Hypersphere Ventures
● Primitive Ventures
● Tykhe Ventures
● Varrock Ventures
● Breed VC
Major Partnerships
Arweave and Bundlr: Technical evolution of Bundlr, powering Arweave's onchain storage activity.
Berachain: Cross-chain data operations and DeFi use cases.
Linea: Integration for data programmability and cross-EVM dApp compatibility.
Injective Labs: Scalable DeFi data and onchain financial workflows.
Livepeer: Decentralized video and AI content verification.
Lit Protocol: Programmable storage layer for decentralized access control.
OUTFRONT Media: Verifiable real-world data for AI and logistics.
80+ Partners: Strategic partners from AI, advertising, logistics, and enterprise sectors.
Multichain Support: Ethereum, Solana, Avalanche, Aptos, Algorand, Base, Linea.
How Irys (IRYS) Works
Irys stores data on a blockchain and programs it to perform smart actions automatically.
Blockchain Infrastructure
Irys operates as its own Layer-1 blockchain, combining programmable data storage and EVM-compatible execution. It is an independent network supporting cross-chain payments with Ethereum, Solana, Avalanche, Aptos, Algorand, and Berachain.
Layer-1 Programmable Datachain: Layer-1 blockchain combining storage and execution environment (IrysVM).
Multi-Ledger System: Data is first held in a "Submit Ledger" for validation before transfer to a permanent "Publish Ledger."
Hybrid Consensus Model: Uses Proof of Work (PoW) combined with staking. Backed by cryptographic proofs such as ingress proofs and Merkle inclusion.
EVM-Compatible Execution: Native IrysVM execution layer enables smart contracts to interact directly with stored data. Compatible with Ethereum tooling.
Technical Architecture
Programmable Data: Developers attach logic directly to data. A file can send a payment, trigger a contract, or license its own use automatically, all onchain.
Smart Contracts and IrysVM: Execution environment (IrysVM) compatible with the Ethereum Virtual Machine for existing blockchain developers to interact with stored data.
Real-Time Verification: Every piece of data gets checked and cryptographically proven before permanent storage.
High Throughput: Allows 100,000+ data transactions per second with near-instant data retrieval and unlimited data capacity at stable, low pricing.
User Process
1. Upload Data: Pay an upfront fee using popular tokens. Choose storage duration and whether it has special logic attached
2. Use Data: Apps instantly retrieve stored data and interact with its onchain logic
3. Build With Irys: Developers get SDKs (Rust, JS, Python) and can write smart contracts that reference, update, and automate data or AI workflows
You can access the platform at irys.xyz and explore documentation at docs.irys.xyz.
Irys Token (IRYS) and Economics
The IRYS token is the native utility and settlement token of the Irys programmable datachain.
Token Details
● Token Ticker: $IRYS
● Blockchain: Native asset of the Irys Layer-1 blockchain, EVM-compatible
● Total Supply: 10,000,000,000 (10 billion tokens, hard cap)
● Initial Circulating Supply: ~20% (2 billion tokens) at launch
Token Distribution
● Team & Advisors: 18.8% (locked for 1 year, then linear vesting)
● Investors: 25.3% (1-year lockup with extended vesting)
● Community (Ecosystem, Airdrop, Incentives): 38%
● Inflation: 2% annual validator/miner rewards, halving every four years
● Burn Mechanism: 50% of execution fees and 95% of term-storage fees are burned, making the token deflationary
Token Utilities
● Transaction Fees: All data uploads (temporary or permanent), smart contract calls, and programmatic executions on IrysVM require payment in IRYS
● Programmable Data Actions: Developers embed IRYS-powered instructions in data for native licensing, royalties, onchain automation, collaborative AI workflows, and enforced ownership
● Storage Payments: Pay for flexible term-based or permanent onchain data storage via IRYS; costs are pegged to USD for predictable pricing
● Staking/Mining Rewards: Validators and miners stake IRYS for consensus and network security and receive inflationary rewards. Misbehavior risks slashing
● Ecosystem Incentives: Users earn IRYS through protocol airdrops, developer grants, and network activities
Why Irys?
Programmable Data Architecture: Unlike Filecoin, Arweave, or BNB Chain, Irys makes data programmable. Logic, smart contract rules, or AI instructions can be embedded directly into data for real-time interaction, licensing, and automation onchain.
Multi-Ledger System: Data first enters a "Submit Ledger" for validation, then moves to a "Publish Ledger" for long-term storage. Term-based ledgers allow customized storage durations.
IrysVM - EVM-Compatible Execution Layer: IrysVM enables smart contracts to directly access, read, and enforce logic on programmable data in one unified system.
Hybrid Consensus (PoW + Staking): Combining PoW with staking deters spam and drives secure, decentralized long-term data storage.
Scalable Storage & Instant Retrieval: Horizontally scalable storage, fast retrieval, and predictable, stable pricing.
Verifiable AI Data Provenance: Developers track, audit, and prove the source and history of any data for fraud prevention, proving originality (fighting deepfakes), and managing IP and licensing.
Flexible Storage: Supports both permanent and flexible, term-based storage in one protocol.
Leadership: Founded by Josh Benaron (engineering at VantagePoint and BAE Systems, built Bundlr).
Backing: $20 million from CoinFund (led $10M Series A), Lemniscap (led $3.5M strategic), Framework Ventures, Hypersphere Ventures, Primitive Ventures, Tykhe Ventures, Varrock Ventures, Breed VC, Echo Group, Amber Group, WAGMI Ventures, Permanent Ventures, Arweave, OpenSea Ventures.
Partnerships: Arweave and Bundlr, Berachain, Linea, Injective Labs, Livepeer, Lit Protocol, OUTFRONT Media, 80+ strategic partners. Multichain support: Ethereum, Solana, Avalanche, Aptos, Algorand, Base, Linea.
Developer Tools: SDKs for Rust, JavaScript/TypeScript, Python. Irys CLI tool. Comprehensive documentation at docs.irys.xyz. Open-source repositories on GitHub. Mutability support, onchain folders, NFT support.
Irys (IRYS) Goes Live on Bitget
We are thrilled to announce that Irys (IRYS) will be listed in the Innovation and Public Chain zone.
Trading: Opens on November 25, 2025, 13:00 (UTC)
Trade IRYS/USDT on Bitget!
Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.
