Irys (IRYS)

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Overview

Irys is a layer-1 “programmable datachain” that combines low-cost onchain storage with a native EVM-compatible execution layer. In simple terms, the Irys blockchain lets developers store data and also attach rules or instructions to that data so smart contracts and AI agents can act on it. Instead of using separate systems for storage and execution, Irys does both on one network. That makes it faster to build things like AI workflows, dynamic NFTs, and game assets that need to read, write, and enforce rules on data directly onchain. (irys.xyz)

Irys focuses on four core design goals: high performance, cost efficiency, composability, and programmable data. Data can be embedded with logic, retrieved instantly, and shared across applications at a fraction of the cost of typical cloud or Web3 alternatives. Many users track IRYS price, but the long-term story centers on how data, storage, and computation come together on the Irys blockchain to unlock new products in DeFi, NFTs, and gaming. (irys.xyz)

Why Irys matters

• Unified stack: storage plus execution in one network—no external databases or oracles required for most workflows. (irys.xyz)
• Programmable data: smart contracts can read and act on data chunks during execution through the IrysVM. (docs.irys.xyz)
• Predictable costs: Irys targets stable, USD-like pricing for storage while still settling fees in the native token. (docs.irys.xyz)

History & Team

Irys began as Bundlr Network, a popular scaling layer for Arweave uploads. The team rebranded to Irys in 2023 to reflect a broader mission: a full datachain where data is stored, structured, and made programmable. The company is private, founded in 2021, and headquartered in London, United Kingdom. The founder and CEO is Josh Benaron. (uk.linkedin.com)

The project has attracted well-known crypto investors. In June 2024, Irys closed a strategic round led by Lemniscap, bringing total funding to roughly $8.9 million. In August 2025, Irys announced a $10 million Series A led by CoinFund with participation from Hypersphere, Amber Group, Tykhe Ventures, Varrock Ventures, Breed VC, Echo Group, and WAGMI Ventures—raising total funding to about $20 million. These investors back Irys’s vision to power a programmable data economy. (coincarp.com)

Technology & How It Works

Irys is built around three big ideas: a multi-ledger architecture, an EVM-compatible execution layer (IrysVM), and a hybrid consensus that ties storage to security.

Multi-ledger architecture

All uploads first enter the Submit Ledger. There, the network verifies successful ingress and replication through “ingress proofs.” Once data is validated and funded, it’s promoted to the Publish Ledger for long-term, verifiable storage. Irys can also support additional “term-based” ledgers for data that only needs to live for a fixed period. This design separates temporary staging from permanent state, improves throughput, and keeps storage and execution from competing for the same block space. (docs.irys.xyz)

IrysVM and programmable data

The IrysVM is a high-performance, EVM-compatible execution layer. Smart contracts can specify “chunk ranges” that refer to precise pieces of onchain data for computation. That means contracts can read images, metadata, or model outputs as part of execution and then enforce rules directly on that data—such as licensing terms, access controls, or automated payouts. This is the core of programmable data. (docs.irys.xyz)

Consensus: Useful Proof of Work + Staking

Irys uses a hybrid model that combines useful Proof of Work (uPoW) with staking. Miners don’t just produce blocks—they also commit to storing partitions (e.g., 16 TB slices) and must generate ongoing storage proofs. To participate, miners lock IRYS tokens as collateral. If a miner fails storage commitments, their stake can be penalized. This aligns rewards with honest, verifiable storage and keeps the data layer reliable. (docs.irys.xyz)

Developer tooling and data access

• EVM tooling works with IrysVM, and there’s a JavaScript SDK to build quickly on testnet. (docs.irys.xyz)
• A GraphQL endpoint lets apps query transaction metadata and filter by token, owner, or IDs. (docs.irys.xyz)
• Irys supports paying for uploads in many tokens (ETH, SOL, MATIC, AVAX, and more) via its uploader/bundler tooling, which helps teams bridge from today’s chains into the Irys data layer. (docs.irys.xyz)

The testnet explorer shows the network structure, recent blocks and transactions, and developer-facing metrics as the L1 continues toward mainnet. (explorer.irys.xyz)

Tokenomics & Utility

Irys tokenomics are designed around one principle: make data programmable and affordable while keeping the network secure. While the IRYS price will float in markets, the protocol targets stable, USD-like storage pricing by tracking the USD/native exchange rate at block production to keep storage costs predictable in fiat terms. Compute fees for execution are demand-based and adjust similar to EVM networks. (docs.irys.xyz)

Here is how the IRYS token is used:

• Gas and compute: pay for IrysVM execution and for referencing programmable data during contract runs. (docs.irys.xyz)
• Storage fees: fund permanent or term-based storage on the Irys ledgers with stable pricing aims. (docs.irys.xyz)
• Staking collateral for miners: miners must lock IRYS to operate and can be penalized if they fail storage duties. (docs.irys.xyz)

As of the latest public docs, Irys has not published a detailed supply-and-emissions schedule on its official documentation. The emphasis is on utility—execution gas, storage payments, and staking—rather than on inflation mechanics. Teams building token models or analyzing Irys tokenomics often focus on how network usage (storage volume, programmable data reads, and miner participation) could translate into demand for IRYS over time. (docs.irys.xyz)

Ecosystem & Use Cases

Irys is built to power real products across “Irys DeFi, NFTs, gaming,” social, and AI.

• Gaming and arcade: Irys runs a simple onchain arcade where players pay small IRYS fees to play classic games and earn token rewards. It’s a hands-on example of programmable data plus low-cost microtransactions. (play.irys.xyz)
• Dynamic NFTs: Irys has showcased dynamic NFTs with partners such as Berachain on testnet, using Irys’s mutable references so artwork evolves based on onchain state—cleanly demonstrating “data that does things.” (beramint.irys.xyz)
• Dev data layer for apps: Through its uploader tooling, Irys lets builders pay for storage in multiple tokens and then reference that data natively in contracts. This supports NFT metadata, game assets, and onchain social content that must be cheap to store and easy to read in contracts. (docs.irys.xyz)
• Indexing and analytics: The GraphQL API enables wallets, explorers, and analytics dashboards to query transactions, tags, and owners without standing up bespoke infrastructure. (docs.irys.xyz)

Because storage and execution are unified, builders don’t have to glue together IPFS/Arweave/Filecoin with a separate EVM chain to read data in contracts. That unlocks new designs in DeFi (e.g., models that act on datasets), NFTs (royalty logic baked into metadata), and gaming (verifiable items and scores managed onchain). (irys.xyz)

Advantages & Challenges

Advantages

• High performance and low cost: fast data ingress, quick retrieval, and stable pricing improve the developer experience and margins. (irys.xyz)
• Composability: storage and execution live together, so apps can build on each other’s data without trusted intermediaries. (irys.xyz)
• Programmable data: smart contracts can enforce licensing, access, and automation at the data layer itself. (docs.irys.xyz)
• Multi-token on-ramps: pay for uploads with ETH, SOL, MATIC, AVAX and others via official uploader tooling, easing adoption. (docs.irys.xyz)

Challenges

• New L1 bootstrapping: as with any new chain, Irys must attract miners, builders, and users while it scales to mainnet. (explorer.irys.xyz)
• Education curve: “programmable data” is a new mental model; developers need examples, templates, and best practices. (docs.irys.xyz)
• Ticker confusion: community-created ERC‑20 tokens using the “IRYS” name exist on other chains and are not part of the official L1; users should rely on official Irys channels to confirm anything they interact with. (etherscan.io)

Where to Buy & Wallets

If you’re wondering where to buy IRYS, timing matters. During testnet, IRYS is available through the official faucet for development and playtesting, and fees inside Irys’s arcade are denominated in IRYS. As mainnet listings roll out, the team will announce supported venues. Many EVM wallets—like MetaMask, Rabby, or OKX Wallet—work for connecting to Irys’s testnet and (later) mainnet because IrysVM is EVM-compatible and uses the same private keys as Ethereum. (docs.irys.xyz)

A practical getting-started flow:

• Wallet setup: use an EVM wallet and connect to the Irys testnet RPC to try apps. (docs.irys.xyz)
• Testnet tokens: claim faucet tokens when building or testing. (docs.irys.xyz)
• Uploads and payments: if you’re moving content onchain today, Irys’s uploader supports paying with many tokens (ETH, SOL, MATIC, AVAX, and more), which helps teams start now and migrate to the Irys L1 later. (docs.irys.xyz)

As centralized and decentralized exchange listings appear, the official Irys channels will share contract addresses and guides so users can acquire IRYS for transaction fees, staking, and dApp usage. Meanwhile, developers can rely on the testnet and the existing uploader stack to build. (docs.irys.xyz)

Regulatory & Compliance

Irys is a venture-backed technology company based in London, United Kingdom, focused on blockchain infrastructure and developer tooling. It is not a bank or a broker; it builds the Irys blockchain and data tooling. Regulatory treatment of tokens varies by jurisdiction, and public filings or registrations can change over time. Builders and users in the United States, the UK, and the EU generally treat the IRYS token as a utility for gas, storage fees, and staking within the network’s design. (uk.linkedin.com)

Halal/Shariah status: Is Irys halal? No—there is currently no public information or certification confirming that Irys or the IRYS token is halal. As of now, “IRYS shariah compliant” has not been asserted by any recognized Shariah advisory body. Community members who need Irys halal verification would need an external Shariah review focused on token purpose (utility for fees and staking), governance, and avoidance of interest-based activities. (uk.linkedin.com)

For clarity on Irys regulatory status in your region, always look to statements from the project and applicable local guidance. The company’s focus remains on infrastructure: a programmable datachain where the native token powers computation, storage, and miner staking. (docs.irys.xyz)

Future Outlook

Irys’s roadmap pushes toward full mainnet with three pillars:

• Scale the multi-ledger system: permanent (Publish) and term-based ledgers tuned for different storage horizons, with fast ingress on Submit. (docs.irys.xyz)
• Deepen programmability: expand IrysVM features for AI agents, dynamic content, and cross‑app data collaboration—moving from static files to active data assets. (docs.irys.xyz)
• Grow the miner set: increase storage capacity, improve global replication, and strengthen useful PoW plus staking incentives for reliable data availability. (docs.irys.xyz)

On the ecosystem side, expect more proofs-of-concept in gaming, social, and media, along with “AWS‑style” developer experiences for data-rich apps. The project’s recent funding led by CoinFund suggests continued momentum as larger partners look for a unified stack for onchain data and AI. (finsmes.com)

Summary

Irys (IRYS) is a purpose‑built datachain where storage and execution work together. The Irys blockchain lets developers program the data layer itself, so contracts and AI agents can read, enforce, and monetize data natively onchain. Under the hood, a multi‑ledger architecture separates fast submission from permanent publishing, the EVM‑compatible IrysVM makes data callable during execution, and a hybrid uPoW + staking model ties miner rewards to verifiable storage with IRYS as collateral. For people watching IRYS price, the fundamentals come from real usage—uploads, programmable reads, and staking—rather than speculative metrics. If you’re exploring Irys DeFi, NFTs, or gaming, the network’s stable storage pricing, composability, and developer tooling make it a compelling place to build. And while there’s no formal confirmation that Irys is halal or IRYS shariah compliant, the core utility is clear: IRYS powers fees, storage, and security for a new class of onchain, data‑driven applications. (irys.xyz)