Archway Protocol, the Value Capture Chain, is Now Live
Developers can now earn rewards by building applications on the Archway Protocol, now live.
George Town, Cayman Islands, July 03, 2023 (GLOBE NEWSWIRE) — via NewMediaWire — The Archway Foundation announces today that the Archway Protocol has officially launched, with the production of its first block. Archway is a Cosmos-native Layer 1 incentivized blockchain designed to enable developers to capture the value they create for a network. This has never been more important as the global blockchain space stands on the precipice of technological commoditization.
Archway aims to provide developers with a more equitable distribution of value and opportunities to build self-sustainable dapps, while simultaneously benefiting from the value they bring to the network. By introducing two new modules to the Cosmos SDK, the Protocol distributes a portion of gas fees and inflation, as well as a smart contract premium, to developers. Archway exists to provide developers and dapp creators the remuneration avenues they deserve. The Archway community believes that a sustainable economic model in which creators are incentivized to keep creating is absolutely fundamental to achieving mainstream adoption of blockchain technology.
Under development for a little over two years, the now-live “Value Capture Chain” has an expanding ecosystem with dapps across a wide variety of categories: NFTs, DeFi, DAOs, social, gaming, ReFi, key developer tooling, bridges, wallets, oracles, and more. Over 100 dapps and tooling solutions have committed to build and deploy on Archway. Many dapps are soon deploying on the protocol including: Referrals-as-a-Service, EvolvNFT, Mempools, VelocityX, Archgregator, pipapo, BonusBlock, Vectis, Astrovault, Contract Reward Sharing Management, Architect and others.
Jad Chenaye, of the Archway Foundation, said, “I’m thrilled for our team today, and extend my deepest gratitude to each Architect at Phi Labs that made today’s mainnet launch possible, and congratulate your achievement in bringing this project to the world – one that I genuinely believe will begin to usher in the most meaningful changes yet in blockchain. We’re excited for the world to experience the joy of building with us, and see for themselves the significantly more equitable and economically sustainable environment we’ve created.”
The Archway Foundation announced an airdrop in early June, which will be claimable soon after mainnet launch. This airdrop is intended for the Cosmos community, Axelar bridge users, and Terra Classic contract deployers.
Regarding the airdrop, Chenaye continued, “Our goal with this airdrop was to assemble a core community of builders for the Archway Protocol. Through Cosmos, we hope to build a base layer within the Interchain community. Through Axelar, we hope to reach those that are exploring beyond the limits of the Cosmos ecosystem. Finally, through Terra, we want to make an ode to smart contract developers that have built great products and tooling there. In the world of Archway, every developer matters, and together they shape the foundation for a thriving and inclusive ecosystem.”
Archway began with Griffin Anderson, an early contributor to the Ethereum ecosystem. As a developer, Griffin faced challenges on conventional platforms and recognized the unfair distribution of value in the Ethereum community. This led him to envision a protocol that could empower developers to benefit from the demand they help create for the underlying networks they build upon. In February 2021, Griffin established the concept of Archway with a team of like-minded individuals. They formed Phi Labs in early 2022 and began contributing to the Archway protocol. The Torii Testnet launched in April of that same year, enabling the Archway community to test the protocol’s core modules.
About Archway Foundation
The Archway Foundation is a non-profit entity that is dedicated to the creation, maintenance, and acceleration of the Archway Protocol and Ecosystem.
Archway is an incentivized L1 blockchain that allows developers to capture the value their dapps create, enabling sustainable economic models. This has never been more important as the global blockchain space stands on the precipice of technological commoditization. Archway aims to provide developers with a more equitable distribution of value and opportunities to build self-sustainable dapps, while simultaneously benefiting from the value they bring to the network. By introducing two new modules to the Cosmos SDK, the Protocol distributes a portion of gas fees and inflation, as well as a smart contract premium, to developers. Archway is coming out of stealth to provide developers and dapp creators the remuneration avenues they deserve.
Jon Lindsay Phillips
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