Phi Labs, a blockchain technology company, has launched Archway, a Layer 1 blockchain in the Cosmos interoperability network, on the Cosmos mainnet. Also, developers of decentralised apps on the Archway network will receive incentives automatically. Teams including Archgregator, Pipapo, BonusBlock, Vectis, and Astrovault all worked together to get the mainnet launch on course.
Archway prioritises developer rewards
Archway will become a part of the growing Cosmos ecosystem, which already includes 60 Layer 1 chains, or “zones.” The total value of the zones’ economies is over $10 billion. The Archway project is backed by venture capital firms CoinFund and Hashed, and it was created to help blockchain developers create sustainable businesses by providing them with automated compensation based on the use of smart contracts within each block.
The Archway protocol provides a gateway to Cosmos, allowing developers to launch cross-chain decentralised applications and earn rewards for their effort. The network intends to allocate some of the token emission from Archway to be sent straight to decentralised applications. The percentage split is 75% for validators and 25% for app developers.
After the success of their launch of Cosmos blockchain-interoperability protocol, Ignite (previously known as Tendermint) spun off a new company called Phi Labs. The Archway team says that its blockchain is the only one of its kind since it has native rewards for developers at Layer 1. This approach, which is embedded in the protocol, has never been implemented before.
The majority of existing smart contract platforms prioritise either scalability or decentralisation. Archway, however, is the first platform of its kind to include tokenomics into its design. Developers play a crucial role in the success of any L1 protocol by attracting end users, financial transactions, and other forms of protocol activity. Unlike other layer 1 protocols, Phi Labs has proven that it prioritises tokenomics and developer rewards rather than validators and miners.