Phi Labs “Archway” Joins Cosmos Ecosystem Mainnet

Phi Labs’ Archway goes live on mainnet in Cosmos ecosystem.

sevval03/07/20231 Mins read817

Phi Labs, as a blockchain development company, has released a Layer-1 blockchain solution called Archway within the Cosmos ecosystem.

Phi Labs “Archway” Joins Cosmos Ecosystem Mainnet

This project is supported by venture firms such as CoinFund and Hashed. Archway provides automated rewards derived from smart contracts to support the sustainability of blockchain developers’ work. Additionally, the network plans to directly distribute tokens from Archway to decentralized applications. 25% of this token distribution will be allocated to application developers, while the remaining 75% will be allocated to validators.

This project has gone live with the participation of teams from various industries. These teams include Archgregator, Pipapo, BonusBlock, Vectis, and Astronaut. The Archway mainnet was created through the collaboration of teams operating in different sectors such as decentralized finance (DeFi), non-fungible tokens (NFTs), and gaming.

The vision is to build a Layer-1 blockchain that can natively host generalized smart contracts. This is a feature that fills an important gap in the Cosmos ecosystem. By being part of the Cosmos ecosystem, enables the development of new and innovative applications by harnessing the benefits provided by blockchain technology.

At the core of Archway’s protocol, there are developers who build on top and have a significant stake in how validators and miners are rewarded for securing the network. This incentivizes participants and provides incentive mechanisms to ensure the security of the network.

This project has a wide range of use cases. It enables the development of decentralized financial applications in the DeFi space, allowing people to perform financial transactions without having to rely on banks or intermediaries. NFTs provide representation for unique digital assets and have had a significant impact in areas such as art, gaming, and collectibles. The network supports the trading and transfer of such non-fungible tokens, facilitating the development in this sector. It also holds potential in the gaming industry, offering game developers the opportunity to create more immersive and innovative experiences.

Sources:theblock

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sevval

Şevval has been actively writing since 2022 and is a third-year mathematics student at Ankara University. Her interest in writing is shaped particularly around innovative technologies such as Web3, artificial intelligence, and blockchain. She closely follows developments in these fields and aims to convey complex topics to readers in a clear and engaging manner. She enjoys combining her mathematical knowledge with technology to create content and strives to raise awareness about the digital world of the future.

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