Archway blockchain developers deployed mainnet on the Cosmos platform


Startup Phi Labs has launched the Archway first-level blockchain mainnet in the Cosmos interoperable ecosystem.

Archway blockchain developers deployed mainnet on the Cosmos platform
Data: Twitter.

The project offers a tokenomics model aimed at developers of decentralized applications. The Value Capture Engine automatically distributes 25% of the asset emission in their favor, validators receive 75%.

According to Phi Labs CEO Griffin Anderson, network aims to support a wide range dappsincluding DeFi solutions, NFT marketplaces or crypto trading platforms.

“Creators working on top of the blockchain will have a larger stake in the underlying protocol, similar to how validators and miners are rewarded for validating the network,” Anderson commented to The Block.

The mainnet launch was supported by a number of teams including Archgregator, Pipapo, BonusBlock, Vectis and Astroault.

Anderson noted that Archway will fill the blockchain-level niche in the ecosystem, which can initially accept generic smart contracts.

Previously, the project was supported by venture capital firms CoinFund and Hashed. Phi Labs has raised a total of $31 million in funding.

Recall that in March, the Injective team launched a solution for Solana developers to deploy their applications in the Cosmos environment.

In June, the Polkadot platform was integrated with the ecosystem through the Inter-Blockchain Communication protocol.

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