Phi Labs Launches Archway: A Layer 1 Blockchain within the Cosmos Ecosystem
Blockchain development firm Phi Labs has released Archway, a Layer 1 blockchain integrated into the Cosmos ecosystem. The project aims to support blockchain developers by offering automatic rewards based on smart contract usage. Archway plans to distribute a portion of token emission directly to decentralized apps, with 25% allocated to app developers and the remaining 75% to validators.
Main Breakdowns:
- Archway is the only Layer 1 blockchain that natively offers developer rewards
- The mainnet includes participation from teams in DeFi, NFTs, and gaming
- Archway fills a void in the Cosmos ecosystem for a Layer blockchain that supports generalized smart contracts
- Archway recently concluded a $10 million public token sale and raised a total of $31 million
- The Cosmos ecosystem comprises 60 different Layer 1 chains with a cumulative market cap of over $10 billion
Archway’s launch is supported by venture firms CoinFund and Hashed. The network aims to provide sustainable business opportunities for developers and give them a stake in the underlying protocol. With its unique architecture and developer rewards mechanism, Archway brings innovation to the blockchain space within the Cosmos ecosystem.
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