In a revolutionary move for blockchain developers, Phi Labs, a blockchain technology company, has introduced Archway, a Layer 1 blockchain, on the Cosmos interoperability network mainnet. Unique to Archway, decentralized app developers on its network will receive automatic incentives, thanks to the collective effort of teams from Archgregator, Pipapo, BonusBlock, Vectis, and Astrovault.
Joining the burgeoning Cosmos ecosystem that already hosts 60 Layer 1 chains or "zones" worth over $10 billion, Archway takes a proactive stance toward developer rewards. Backed by venture capital powerhouses CoinFund and Hashed, Archway was conceived to fuel sustainable businesses for blockchain developers. It does so by ensuring automated compensation based on smart contract usage within each block.
let's go go go 🟠@archwayHQ is now live, and ready to revolutionize how builders on #Cosmos build ⚛️
— Leap Cosmos ⚛️ (@leap_cosmos) July 3, 2023
congratulations on the launch team Archway, here's to bringing value!
we're excited to bring the best wallet experience for Archway soon 🐸 https://t.co/T8VuIkNdoc
The Archway protocol, acting as a gateway to Cosmos, empowers developers to launch cross-chain decentralized applications and garner rewards for their endeavors. The network plans to allocate a portion of the Archway token emission directly to these applications – with a split of 75% for validators and 25% for app developers.
Following the successful launch of Cosmos blockchain-interoperability protocol, Ignite (formerly known as Tendermint) spun off Phi Labs. The Archway team proudly claims that their blockchain is unique, boasting native rewards for developers at Layer 1, an innovative approach that has never been seen before.
While most existing smart contract platforms focus on either scalability or decentralization, Archway pioneers a new path, integrating tokenomics into its core design. Recognizing the pivotal role that developers play in any Layer 1 protocol's success, Phi Labs has demonstrated that it values tokenomics and developer rewards over validators and miners, setting a new standard in the industry.
