The Data Problem#

Today’s blockchains face a critical limitation: they can process transactions and execute smart contracts, but they cannot natively store and compute on large-scale data. This fundamental gap forces developers to rely on fragmented infrastructure—storing data on one platform, executing logic on another, and hoping everything stays synchronized. The result is a patchwork system where data remains disconnected from computation, creating barriers for AI applications, decentralized storage, and data-driven protocols that need verifiable, accessible information at scale.

The Programmable Data Promise#

Irys solves this by building the first Layer-1 blockchain where data and execution work together natively. Through its innovative programmable data architecture, smart contracts can directly read, process, and act on onchain datasets—transforming static storage into an active, composable asset class. With hybrid Proof-of-Work/Stake consensus ensuring continuous data availability and IrysVM enabling EVM-compatible execution on stored data, Irys creates a unified environment where information becomes truly programmable, unlocking new possibilities for AI agents, verifiable compute, and decentralized applications.

What is Irys?#

What does Irys do?#

🗄️ Unified Data and Execution Layer: Irys integrates high-performance data storage directly with smart contract execution in a single Layer-1 protocol. Unlike traditional blockchains that separate storage from computation, Irys enables developers to store data onchain and immediately execute application logic on that same data through IrysVM, its EVM-compatible execution environment. This vertical integration eliminates the need for external storage solutions and creates a seamless environment where data becomes a first-class citizen in smart contract operations.

⛏️ Hybrid PoW/Stake Consensus with Efficient Sampling: The protocol employs a unique consensus mechanism that combines Proof-of-Work mining with staking and slashing to ensure both data availability and network security. Miners continuously sample stored data every second using deterministic 200 MiB sequential reads, with a Verifiable Delay Function (VDF) limiting read speeds to HDD performance levels. This efficient sampling guarantees that every partition of data is verified entirely once per day, creating strong proof that miners actually store the data they claim to hold. The staking requirement ensures accountability—malicious miners can be slashed if they fail to prove data availability.

📦 Multi-Ledger Storage Architecture: Irys introduces flexible storage options through its multi-ledger system, allowing users to choose between term storage (temporary, duration-based) and permanent storage (one-time payment for perpetual retention). Data initially enters short-term ledgers and can be promoted to permanent storage once ingress proofs reach the required threshold. Ledgers are split into 16TB partitions optimized for affordable HDD storage, and miners earn rewards proportional to the data they store. This design decouples fee markets across different storage durations, creating stable, predictable pricing regardless of network congestion.

💻 IrysVM and Programmable Data: At the core of Irys’s innovation is IrysVM, an extended EVM implementation that adds new opcodes enabling smart contracts to directly access and compute on stored data. Through programmable data transactions, developers can specify chunk ranges from stored datasets and stream them into contract execution. This transforms data from passive storage into executable assets—enabling use cases like onchain AI model training, verifiable data marketplaces, licensing with embedded royalties, and compute-intensive applications where datasets become program inputs. The protocol implements dynamic congestion pricing for programmable data, with base fees adjusting based on block utilization.

🔐 Matrix Packing for Unique Replicas: To prevent miners from storing a single copy of data and pretending to maintain multiple replicas, Irys implements matrix packing—a cryptographic encoding scheme that binds each miner’s address into every 256 KiB chunk they store. This two-dimensional sequential hashing process creates unique, verifiable replicas that cannot be generated on-demand, forcing miners to actually store the data they’re being paid to maintain. The packing mechanism also enables capacity partitions, where miners can begin participating in consensus before any user data arrives, creating standby storage capacity that activates as network demand grows.

Who are behind Irys?#

Josh Benaron - Founder and CEO

Josh Benaron leads Irys as the visionary architect behind the protocol’s programmable data paradigm:

• Built Irys from the ground up over two years, transforming it from concept to mainnet launch in November 2025
• Previously founded Bundlr Network, an Arweave Layer-2 scaling solution, gaining deep expertise in decentralized storage systems and their limitations
• Secured $20M in total funding including a $10M Series A led by CoinFund, with participation from Hypersphere, Coinbase Ventures, and other top-tier investors
• Established strategic partnerships across AI, DePIN, and Web3 ecosystems, including integrations with io.net for decentralized compute and Chirper AI for agent memory
• Regular speaker at major blockchain conferences including ETH Denver, Consensus Hong Kong, and Korea Blockchain Week
• Active thought leader on Twitter/X discussing datachains, AI infrastructure, and the future of onchain data economies

Core Development Team

The Irys protocol was developed by a dedicated technical team specializing in distributed systems, cryptography, and blockchain infrastructure:

• Dan MacDonald and Jesse Cruz Wright co-authored the Irys whitepaper, contributing fundamental research on efficient sampling consensus and matrix packing mechanisms
• Development team built sophisticated features including VDF-based read limiting, multi-ledger partitioning, and IrysVM’s programmable data precompiles
• Team collaborated with security researchers to design slashing conditions and economic security models ensuring long-term protocol sustainability
• All core team members are subject to 1-year cliff with 3-year linear vesting, aligning long-term incentives with network success

Strategic Investors and Advisors

Irys has assembled a network of leading crypto investors and strategic advisors:

• CoinFund led the $10M Series A, bringing expertise in tokenomics and protocol design
• Hypersphere, Tykhe Ventures, Varrock VC, and other prominent funds provide ongoing strategic guidance
• Coinbase Ventures participation signals recognition of Irys’s potential in the broader crypto infrastructure landscape
• Advisors bring experience from successful blockchain projects, helping navigate technical challenges and ecosystem growth

Why This Team Inspires Confidence#

Proven Track Record Building Storage Infrastructure: Josh Benaron’s experience founding Bundlr Network demonstrates his deep understanding of decentralized storage challenges and scaling solutions. Bundlr successfully operated as an Arweave L2, processing millions of transactions and establishing credibility in the storage infrastructure space. This background directly informed Irys’s design decisions, allowing the team to avoid common pitfalls and build a more robust architecture from day one.

Significant Institutional Backing: Raising $20M in total funding, including a $10M Series A led by CoinFund, validates both the technical vision and market opportunity. CoinFund’s leadership is particularly significant—they specialize in crypto infrastructure investments and bring expertise in tokenomics and protocol design. The investor syndicate includes Hypersphere, Coinbase Ventures, and other respected funds, providing not just capital but strategic guidance and ecosystem connections that accelerate growth.

Technical Innovation with Peer-Reviewed Architecture: The Irys whitepaper presents novel solutions to longstanding datachain challenges, including efficient sampling consensus, matrix packing for replica verification, and programmable data execution primitives. The technical depth demonstrates serious research rather than incremental improvements, with innovations like VDF-based read limiting and multi-ledger partitioning addressing real economic and security concerns that plagued earlier storage protocols.

Active Ecosystem Development: Since launching mainnet in November 2025, the team has rapidly built partnerships across AI, DePIN, and Web3 sectors. Integrations with io.net for decentralized compute, Chirper AI for agent memory, and Codatta for data marketplaces show the team’s ability to execute on ecosystem growth. The 500,000+ member community across 7+ regions demonstrates strong grassroots adoption alongside institutional support.

Long-Term Alignment Through Vesting: All core team members and investors are locked on 1-year cliffs with 3-year linear vesting thereafter, ensuring no tokens unlock before the protocol has time to mature. This alignment structure prevents pump-and-dump dynamics and signals confidence that Irys will deliver sustained value over multiple years rather than seeking short-term exits.

Transparent Roadmap and Ongoing Development: The team maintains active communication through Twitter, blog posts, and community events, consistently shipping features and improvements. Plans for Programmable Data L2s, fast finality improvements, and expanded storage primitives indicate a clear technical roadmap extending beyond initial launch. Regular updates on testnet milestones, partnership announcements, and ecosystem growth demonstrate transparent execution rather than vaporware promises.

What to Know Before You Buy Irys#

1. First Mover in Programmable Data

Irys pioneered the concept of programmable data—the ability for smart contracts to directly access and compute on stored onchain datasets. While other blockchains offer storage or execution separately, Irys uniquely combines both in a single Layer-1 protocol through IrysVM. This first-mover advantage positions IRYS as the native token for an entirely new category of onchain applications, from AI model training to verifiable data marketplaces, where datasets become executable assets rather than passive storage.

2. Strong Institutional and Ecosystem Support

The protocol secured $20M in total funding including a $10M Series A led by CoinFund, with participation from Hypersphere, Coinbase Ventures, and other top-tier investors. Beyond capital, Irys has established strategic partnerships across AI (Chirper AI, Sentient AGI), decentralized compute (io.net), and Web3 infrastructure (Nillion, Polyhedra Network). This ecosystem network creates multiple growth vectors as partners integrate Irys’s data layer into their own protocols, driving organic demand for IRYS tokens through actual protocol usage.

3. Deflationary Tokenomics Through Usage

IRYS implements multiple burn mechanisms that remove tokens from circulation as network activity grows. For permanent storage, fees flow into a protocol endowment where they’re effectively locked indefinitely to cover miners’ future storage obligations. Additionally, 50% of all programmable data execution fees are permanently burned, with the remainder going to block producers. This creates a direct link between protocol adoption and token scarcity—as more data gets stored and more computation occurs, circulating supply contracts, potentially driving long-term value appreciation.

4. Listed on Binance Alpha for Early Access

Irys launched on Binance Alpha as the first platform to feature the token, providing early trading access before broader exchange listings. Binance Alpha is Binance’s program for promising early-stage projects, offering significant visibility and liquidity to tokens selected for the program. This listing validates Irys’s technical quality and market potential while giving early buyers access at what may prove to be discounted valuations before the project achieves wider recognition.

5. Real Utility Driving Token Demand

Unlike speculative tokens without clear use cases, IRYS serves as the native payment token for all network operations. Users must pay IRYS for data uploads, miners must stake IRYS as collateral to participate in consensus, and programmable data transactions consume IRYS for execution fees. The protocol’s USD-pegged pricing model ensures stable, predictable costs for users while token demand scales with actual storage and computation usage. As more applications build on Irys’s data layer, organic buy pressure increases from protocols needing IRYS to operate.

6. Hybrid Consensus Ensures Data Availability

The unique Proof-of-Work/Stake consensus with efficient sampling provides stronger data availability guarantees than pure PoS or traditional PoW systems. Miners must continuously prove they’re storing data every second through deterministic reads, with staking requirements enabling slashing of malicious actors. This architecture ensures that data stored on Irys remains reliably accessible rather than potentially disappearing if miners stop participating, making the protocol suitable for mission-critical applications that require long-term data persistence.

7. 20% Circulating Supply at Launch Creates Scarcity

At TGE, only 2 billion of the 10 billion total IRYS supply is circulating (20%), with remaining tokens locked behind 1-year cliffs and 3-year linear vesting schedules for team and investors. This controlled supply release prevents immediate selling pressure while allowing early price discovery on limited float. As the protocol matures and demonstrates usage growth, the gradual token unlocks align supply expansion with increasing demand from ecosystem adoption rather than flooding markets before utility materializes.

How to buy Irys?#

Irys is listed in the Binance Alpha section, making it accessible for direct purchase on Binance, one of the world’s largest cryptocurrency exchanges. Binance Alpha features promising early-stage blockchain projects, and Irys was among the first tokens listed through this program. To buy IRYS on Binance, you’ll need to create an account, complete verification, deposit funds (typically USDT or USDC), and trade for IRYS through the Alpha trading pairs.

Buy IRYS on Binance

Binance provides a trusted, regulated platform with deep liquidity and industry-leading security features. By listing in the Alpha section, Irys gains exposure to millions of potential users while maintaining the credibility that comes with Binance’s rigorous project vetting process. This early listing opportunity allows you to access IRYS before it potentially achieves broader exchange distribution.

For decentralized trading, you can also purchase IRYS through GMGN by moving your Ethereum from central exchanges like Binance to your GMGN Ethereum wallet and swapping for Irys. Since Irys is an Ethereum-based token, you’ll need ETH to cover transaction fees when using decentralized exchanges.

Buy IRYS on GMGN

GMGN offers a user-friendly interface for trading emerging tokens with real-time price tracking and instant swaps. As an Ethereum-based platform, GMGN provides direct access to IRYS liquidity while maintaining the security and transparency of decentralized trading. Whether you prefer the convenience of centralized exchanges like Binance or the permissionless nature of decentralized platforms, multiple options exist for acquiring IRYS tokens.