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$IRYS The Past and Present of the Project
IRYS (formerly Bundlr Network) originated from the Arweave ecosystem in 2021-2022. As a storage bundling tool, it helped users upload data to the permanent storage network at a low cost, handling over 95% of Arweave's transactions at one point.
In 2023, founder Josh Benaron announced the project’s relaunch, rebranding it as Irys and packaging it as a 'programmable data chain' Layer 1, claiming to unify permanent storage + smart contract execution, becoming the 'on-chain AWS', particularly suitable for the large-scale data demands of the AI era.
In 2025, it successfully secured tens of millions of dollars in funding, attracting top VCs like Framework and CoinFund, and launched its mainnet in November. The token $IRYS was listed on platforms like Binance, and 8% of tokens were airdropped to early users, briefly regarded as a high-quality L1 rising star by the community.
However, soon after, the project exposed serious issues. A detailed breakdown shows: High return temptations: claiming TPS over 100,000, storage costs 20 times lower than Arweave, EVM compatibility, yet lacking real large-scale application implementation, primarily relying on the 'AI + storage' concept to attract funds and participants.
The referral mechanism: Airdrop rules encourage multi-account participation and task completion on the testnet, effectively nullifying anti-Sybil mechanisms, resulting in a single entity capturing 20% of airdrop shares with over 900 wallets, far exceeding ordinary users.
No actual value support: Post-mainnet ecological development has been slow, with real user growth far below expectations, as the token primarily relies on market speculation and airdrop circulation, lacking sustained demand drivers.
The most shocking part: just a few days after the airdrop, large holders quickly sold over $4 million worth of tokens, causing the price of $IRYS to plummet by 16%-22%, leading to a collapse of community trust in an instant.
The small airdrops received by ordinary participants were diluted, while real contributors were left with nothing, and the farming bots made a profit and exited. Although the loss scale has not reached the level of hundreds of billions, it has already left tens of thousands of community users deeply trapped or at zero. The reason for the inevitable demise of such projects lies in their excessive reliance on conceptual speculation and airdrop-driven pumps. Once selling pressure arrives and real applications cannot keep up, a break in the funding chain is only a matter of time. Investment must be cautious, with rationality as the main principle, to protect one’s assets.
That is the way. Did you participate in the IRYS airdrop? How much did you receive? Share your experiences in the comments and let's stay alert! #Irys #空投风险
{future}(IRYSUSDT)
IRYS (formerly Bundlr Network) originated from the Arweave ecosystem in 2021-2022. As a storage bundling tool, it helped users upload data to the permanent storage network at a low cost, handling over 95% of Arweave's transactions at one point.
In 2023, founder Josh Benaron announced the project’s relaunch, rebranding it as Irys and packaging it as a 'programmable data chain' Layer 1, claiming to unify permanent storage + smart contract execution, becoming the 'on-chain AWS', particularly suitable for the large-scale data demands of the AI era.
In 2025, it successfully secured tens of millions of dollars in funding, attracting top VCs like Framework and CoinFund, and launched its mainnet in November. The token $IRYS was listed on platforms like Binance, and 8% of tokens were airdropped to early users, briefly regarded as a high-quality L1 rising star by the community.
However, soon after, the project exposed serious issues. A detailed breakdown shows: High return temptations: claiming TPS over 100,000, storage costs 20 times lower than Arweave, EVM compatibility, yet lacking real large-scale application implementation, primarily relying on the 'AI + storage' concept to attract funds and participants.
The referral mechanism: Airdrop rules encourage multi-account participation and task completion on the testnet, effectively nullifying anti-Sybil mechanisms, resulting in a single entity capturing 20% of airdrop shares with over 900 wallets, far exceeding ordinary users.
No actual value support: Post-mainnet ecological development has been slow, with real user growth far below expectations, as the token primarily relies on market speculation and airdrop circulation, lacking sustained demand drivers.
The most shocking part: just a few days after the airdrop, large holders quickly sold over $4 million worth of tokens, causing the price of $IRYS to plummet by 16%-22%, leading to a collapse of community trust in an instant.
The small airdrops received by ordinary participants were diluted, while real contributors were left with nothing, and the farming bots made a profit and exited. Although the loss scale has not reached the level of hundreds of billions, it has already left tens of thousands of community users deeply trapped or at zero. The reason for the inevitable demise of such projects lies in their excessive reliance on conceptual speculation and airdrop-driven pumps. Once selling pressure arrives and real applications cannot keep up, a break in the funding chain is only a matter of time. Investment must be cautious, with rationality as the main principle, to protect one’s assets.
That is the way. Did you participate in the IRYS airdrop? How much did you receive? Share your experiences in the comments and let's stay alert! #Irys #空投风险
{future}(IRYSUSDT)
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