Irys: A New Player in the World of Programmable Datachain

In the world of cryptocurrencies, where data is becoming the new "gold," the Irys project (formerly known as Bundlr Network) is rapidly gaining momentum. Launched as the first programmable datachain, specifically adapted for AI and decentralized applications, Irys promises to revolutionize data storage and processing on the blockchain. In recent days, the project has completed its transition to mainnet, attracted significant investments, and faced volatility in the price of its $IRYS token. Here's a detailed overview based on fresh market data, including funding, technical features, and current challenges.

History and Background of the Project

Irys began its journey as Bundlr Network - a Layer 2 on Arweave, which handled over 98% of transactions in that ecosystem and onboarded over 300 projects. In 2025, the team rebranded the project to Irys, transforming it into an independent Layer-1 blockchain. The core idea is to combine data storage, data availability (DA), and smart contract execution into a single system compatible with EVM. This makes data not just static but "active": it can carry licensing rules, monetization, and access directly on the chain.

Founder Josh Benaron emphasizes the focus on scalability: on testnet, Irys processed over 600 million transactions with 4 million active wallets. The project positions itself as a competitor to Arweave, offering 100k+ TPS (transactions per second) - 6,000 times faster than Filecoin and 20 times cheaper than Arweave. This makes Irys ideal for AI applications, social networks, and Web3 data economy.

Funding and Partnerships

Irys has raised a total of $20 million in investments. Recently, a Series A round of $10 million was completed, led by CoinFund, with participation from Hypersphere, Tykhe Ventures, Amber Group, and others. These funds are directed toward scaling infrastructure and launching mainnet. The project has already integrated with over 80 partners, including Starknet, and onboarded institutional players. In testnet, there has been a 10x growth in transactions and 20+ new applications.

Mainnet Launch and TGE: Rapid Progress

Irys mainnet was launched on November 24, 2025, after progress reached 99%. The Token Generation Event (TGE) for $IRYS occurred shortly after, with a total supply of 10 billion tokens. Tokenomics have been published: emphasis on distribution to the community, developers, and investors. A Genesis NFT was also released (already sold out), and registration for an airdrop opened for the top 1000 creators on Kaito and social networks, with a deadline of November 24. The whitepaper details the architecture, including IrysVM for data execution.

However, the launch was not without issues: fake contracts and tokens appeared on unauthorized chains, leading to volatility. The team issued warnings about fake tokens.

Price and Market Dynamics

After the launch, $IRYS faced a correction: the price dropped 22% in 24 hours, to around $0.018, with the risk of further decline to $0.009. This is a typical "post-launch test" for new tokens, caused by trader sell-offs. Forecasts for November 2025 are optimistic: if the project breaks $1, it could signal a bull run. A positive factor is the listing on Coinbase, which opens access to millions of users and increases liquidity.

The Future of Irys

With a focus on AI and data, Irys could become a key infrastructure player. The community is active: leaderboards in Discord, testnet with multi-token uploads, and verification via Brevis ZK. If mainnet stabilizes, the project may attract more institutions.