Irys is a next-generation Layer-1 datachain designed to merge onchain data storage and smart contract execution into a single, unified network. While traditional smart contract chains excel at financial computation but struggle with scalable data, and traditional datachains provide storage but lack programmability, Irys bridges both worlds. The protocol introduces a fully integrated environment where data becomes programmable through the IrysVM—its native EVM-compatible execution layer.
With a focus on scalability, economic sustainability, and developer experience, Irys is engineered to support the next era of data-rich applications, enabling builders to work with both ephemeral and permanent data directly at the protocol layer.
What Is Irys?
Irys is a Layer-1 blockchain purpose-built to handle large volumes of onchain data alongside high-performance smart contract execution. The network allows developers to store, retrieve, and compute over data natively, enabling richer and more complex onchain applications than previously possible in the smart contract ecosystem.
Unlike existing chains that rely on external storage solutions or siloed architectures, Irys integrates:
- Term (temporary) storage — duration-based retention at at-cost pricing.
- Permanent storage — one-time payment for perpetual data retention.
IrysVM execution
- — enabling smart contracts to interact directly with stored data.
This makes Irys the first chain designed for developers who need both data-rich environments and programmable execution built directly into the base layer.
Key Facts
- Name: Irys
- Category: Layer-1 datachain / Smart contract platform
- Founding: 2023 by Josh Benaron
- Headquarters: United Kingdom
- Website: irys.xyz
- Funding: $10 million extended seed (2024) + $10 million Series A (2025)
- Core Innovation: Programmable Data via the IrysVM
The Technology Behind Irys
Irys is engineered to make data programmable at scale—addressing a fundamental limitation across prior blockchain architectures. The network features three core innovations:
1. Programmable Data
Powered by the IrysVM, Programmable Data is the chain’s flagship primitive. It enables smart contracts to:
- Read data stored on the network
- Transform or filter that data
- Execute embedded instructions
This allows applications to build not only on their own data, but on the data of every protocol on the network, opening entirely new categories of onchain functionality such as data-driven automation, cross-protocol analytics, AI-powered logic, and more.
2. Dual Storage Model
Irys supports both term storage and permanent storage:
- Term Storage: Temporary, cost-efficient data retention for workloads that do not require permanence.
- Permanent Storage: One-time payments for immutable, permanent record-keeping.
Both operate at at-cost pricing thanks to Irys’s multi-revenue design.
3. Multi-Revenue Economic Architecture
Unlike first-generation datachains that rely on storage fees alone, Irys operates three fee markets:
- Storage Fees
- Execution Fees
- Programmable Data Transaction Fees
This structure allows storage to be priced near actual hardware cost while preserving validator profitability. As more applications use Programmable Data, execution fees increase—creating a self-reinforcing loop where:
- Cheaper storage drives adoption
- Adoption drives more programmable data usage
- Programmable data transactions generate sustainable revenue
Horizontal Scaling and Instant Retrieval
Irys delivers effectively infinite data capacity by scaling horizontally. As network demand grows, new validators join and prove continuous maintenance of their assigned data partitions. This ensures:
- Instant data retrieval regardless of network size
- High-performance redundancy comparable to centralized infrastructures
- Decentralized storage integrity with tamper-proof guarantees
Founder Background
Irys was founded by Josh Benaron, a builder with deep experience scaling blockchain data infrastructure. At age 19, Benaron left university to create Bundlr, a Layer-2 storage protocol built on Arweave. Over three years, Bundlr scaled Arweave from 15,000 transactions per day to 15 million, accounting for more than 95% of all network transactions. Benaron also onboarded over 300 projects and raised $3 million for Bundlr before launching Irys to solve the limitations he observed firsthand.
With Irys, Benaron aims to deliver the best possible developer experience for data-intensive blockchain applications.
Why Irys Matters
Irys fills a major gap in the blockchain landscape by combining scalable data storage with smart contract execution. Its architecture enables:
- Fully onchain applications requiring heavy data workloads
- AI-powered systems that need real-time access to large datasets
- Cross-protocol analytics and automated data pipelines
- New financial primitives where data itself becomes an executable object
With its unified data-execution model, compelling economics, and horizontal scalability, Irys introduces a new paradigm for data-rich blockchain innovation.
