Phi Labs’ Archway goes live on mainnet in Cosmos ecosystem
TL;DR Phi Labs’ Archway project has rolled out its Layer 1 blockchain within the Cosmos ecosystem to foster business sustainability for developers by offering automatic rewards derived from each block’s smart contract usage. The mainnet has gone live with participation from teams across various sectors, including DeFi, NFTs, and gaming. The public token sale of the project raised $10 million, bringing its total funds raised to $31 million.
Blockchain development firm Phi Labs has rolled out Archway, a Layer 1 blockchain within the Cosmos ecosystem.
The project, supported by venture firms CoinFund and Hashed, was conceived to foster business sustainability for blockchain developers by offering automatic rewards derived from each block’s smart contract usage. The network plans to distribute a portion of the token emission from Archway directly to decentralized apps. It will allocate 25% to app developers and the remaining 75% to validators.
“What’s unique about our network is that it’s the only Layer 1 today that natively offers developer rewards, and this is integrated into the project’s architecture. This mechanism, built into the protocol, has never been done before,” said Archway co-founder Griffin Anderson, who was previously head of product at Ignite (formerly Tendermint).
The Archway mainnet has gone live with participation from teams across various sectors, including decentralized finance (DeFi), non-fungible tokens (NFTs), and gaming. The teams involved include Archgregator, Pipapo, BonusBlock, Vectis, and Astrovault.
“The developers building on top will have a major stake in the underlying protocol, similar to how validators and miners are rewarded for validating the network,” added Anderson.
He added that Archway will also address a notable void in the Cosmos ecosystem for a Layer blockchain that can natively accommodate generalized smart contracts.
Archway mainnet follows public token sale
Recently, Archway core team concluded a $10 million public sale through CoinList. This came a few months after a private token sale, co-led by CoinFund and Hashed, in which the project raised $21 million. This brought its total funds raised to $31 million.
Archway will join the expanding Cosmos ecosystem, which comprises 60 different Layer 1 chains, each referred to as a zone. This includes Osmosis, Cosmos Hub, Axelar, Evmos, Cronos, Kava, and many others. According to data from Map of Zones, these Cosmos Layer 1 zones have a cumulative market cap of over $10 billion.