Recently, I saw a new face in the traditional storage track, @irys_xyz, making it onto the discussion leaderboard, and many communities have started to pay attention. This project has a significant background; it originated from Bundlr, a core tool in the Arweave ecosystem, established in the UK in 2021, and has now transformed into a high-performance chain focused on AI data storage.
Irys's vision is to become "on-chain cloud services," deeply integrating the storage layer with the execution layer, allowing model training, inference, or on-chain asset management to directly call on-chain data without relying on external middleware, which sounds very hardcore.
Irys was initiated by core members of the former Arweave team. The founder, @josh_benaron, is a serial entrepreneur who dropped out of the computer science program at the University of Surrey in the UK. He has 10 years of experience in blockchain storage and has worked within the Arweave ecosystem. The BD director, Connor King, was a portfolio manager at Social Capital and the business development director at Arca, with experience spanning from open-source communities to DeFi protocols and storage sectors.
Comparing with historical competitors in the storage sector, Story received $140 million in support for a market cap of $4 billion, and the Sui chain's Walrus has currently reached $2.8 billion. Since its establishment, Irys has received support from Framework Ventures and Lemniscap, including a16z general partners, Credibly Neutral co-founders, and ecodao co-founders.
Three major technical highlights of Irys:
1️⃣ Integrated architecture
The storage layer + execution layer are deeply integrated, allowing data to be directly called on-chain, as convenient as using AWS.
2️⃣ Dual ledger design
Submit Ledger for rapid interaction, Publish Ledger for permanent storage, ensuring low latency + immutability.
3️⃣ EVM compatibility + low cost
Supports the Solidity toolchain, providing a seamless development experience at a cost far lower than similar solutions like Walrus and Celestia.
As the first Layer-1 to integrate storage, execution, and data composability, it significantly outperforms Walrus and Celestia in performance, while the cost is only a small fraction of theirs. It is also the only one that has not yet had a TGE. With the technical infrastructure being established and the good performance of the testnet data before launch, whether @irys_xyz can truly become "on-chain AWS" will depend on the ecosystem's implementation after launch. Only if enough projects and protocols are willing to settle in Irys can the composable magic truly be unleashed.
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