Phi Labs, a contributor behind the Archway protocol, is reshaping how value is created and shared across blockchain ecosystems while rewarding its community of developers
Phi Labs, a contributor behind the Archway protocol, announces a $21 million seed round led by blockchain-focused investment firms, CoinFund and Hashed. The raise also saw participation from 1Confirmation, IDEO CoLab, Blockchain Capital, Wintermute, Figment, Chorus One, stake.fish, Lemniscap, Hypersphere Ventures, and Cosmostation.
As it currently stands, developers drive immense value to the smart contract platforms they build upon, yet rarely share in the success they help create for those underlying networks. To address this problem, the Archway protocol is leveling the playing field by programmatically providing direct rewards to developers based on the value and impact of their dApp to the Archway ecosystem. In doing so, Archway is effectively reshaping how value is created and shared across blockchain ecosystems while rewarding its community of developers.
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“The Archway protocol is designed to foster an array of diverse and sustainable decentralized applications to benefit the broader Cosmos blockchain ecosystem,” said Griffin Anderson, Founder of Phi Labs. “We view developers as critical network participants, and therefore are excited to contribute to a protocol that rewards them directly for the value they contribute to the underlying network.”
Through the Archway protocol’s uniquely built inclusive rewards model, dApps are allocated network tokens proportional to the amount of usage they bring to the network. Developers of those dApps can then allocate these rewards in a manner that is most beneficial to their own ecosystems. A few possibilities include: redistributing rewards to governance token holders, supporting the core development teams, covering user gas fees, seeding liquidity pools, contributing to a community DAO, opening bounties and sponsoring events and hackathons.
“Griffin and the Phi Labs team are Web3 veterans that have pioneered and cemented the growth of the Tendermint and the CosmWasm ecosystem,” said Ryan Kim, Partner of Hashed. “We are excited to collaborate with the Phi Labs team to be a part of the launch of the go-to platform for dApps in Cosmos where builders are rewarded for the contributions they make in growing the ecosystem.”
The funds raised will be used by Phi Labs to scale up the team, contribute to the core Archway protocol, and build out key tooling to improve developer experience.
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“The Archway protocol continues the major trend of blockchain innovation by using novel token economics to win market share and incentivize developers to build on their platform,” said Billy Dishman, Principal at CoinFund. “CoinFund is thrilled to support the Phi Labs team as they deliver on their mission to usher in the next wave of dApps deploying to the Cosmos ecosystem.”
With 250+ projects built atop the Cosmos ecosystem and over $100 billion in digital assets, the Archway protocol is able to act as on-ramp to this rapidly growing ecosystem, enabling developers to deploy high-performance, cross-chain dApps and to receive rewards for the value they contribute to the network.
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