Archway Blockchain Devs Launch Mainnet on Cosmos Platform

Phi Labs, headed by CEO Griffin Anderson, recently launched Archway, a first-level blockchain mainnet situated within the Cosmos interoperable ecosystem.

This provides a tokenomics model in which developers of decentralized applications are rewarded 25% of the asset emission, with validators receiving the remaining 75%.

Anderson commented to The Block:

“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.”

Supporters of the mainnet launch include Archgregator, Pipapo, BonusBlock, Vectis, and Astroault. Archway will serve to fill the gap by allowing generalized smart contracts to run on the blockchain.

The project has seen a total of $31 million in funding, resulting from investments from venture capital firms CoinFund and Hashed. In March, the Injective team enabled developers to deploy their applications in the Cosmos environment, while Polkadot was integrated into the ecosystem via the Inter-Blockchain Communication protocol in June.