Irys claims to be the 'first programmable Datachain', aiming to combine low-cost, large-scale storage, verifiable compute, and AI-oriented data coordination within a single Layer-1 network, allowing smart contracts to read and perform native operations on large amounts of data with low latency. The specific details of the project are as follows:

First, the project team is headquartered in London, UK, and the founder is Josh Benaron. Josh studied at the University of Surrey in the UK, majoring in computer science, but chose to drop out to start a business. He is currently around 23-24 years old. This allows him more time to invest in practical projects rather than a traditional academic path. Josh started building this project in 2021, originally called Bundlr Network, and later renamed it to Irys.

Two, the total financing scale of Irys is approximately $20 million, including an $8.9 million seed round in 2021 led by Framework Ventures, with other investors including Lemniscap; and a $10 million Series A in August 2025 led by CoinFund, with other participants including Multicoin and a16z. These funds are used to expand infrastructure and launch the mainnet.

Three, the Irys community is active on Discord, Telegram, and X (Twitter), where users earn XP by uploading data, playing arcade games, and participating in Galxe tasks.

Four, the tokenomics of Irys is designed to be deflationary, with the token $IRYS used for paying storage, computing fees, staking, and validating nodes. For each transaction, 50% of the execution fees are burned, and more than 95% of the permanent storage fees are locked in the donation fund, reducing supply as usage increases. Fees are denominated in US dollars to ensure stability, encourage long-term holding, and network growth.

Five, the total issuance of Irys is 10 billion tokens, with about 23% (2.3 billion tokens) in circulation at TGE. Distribution: 30% ecosystem, 25.3% investors, 20% team, 8% community airdrop, and 2% miners/validators (halving every 4 years). The team and investor portions will be locked for 1 year, followed by a linear unlock over 36 months to ensure long-term commitment.

Six, it is predicted that after its listing on Binance Alpha, its token price could exceed $0.01 per token, corresponding to a fully diluted market cap of $100 million.