Irys (✧ᴗ✧)

Irys is a Layer 1 programmable datachain making data permanent, verifiable, and composable across chains and AI systems through its IrysVM. The project has raised $20 million and built a strong technical foundation with fast uploads, low costs, and developer-friendly infrastructure, earning consistent praise for its innovation in data storage and active community. However, it faces serious credibility issues: a major sybil attack saw 897 interconnected wallets claim ~20% of the airdrop supply, testnet and Galxe participants reported receiving no rewards despite months of participation, and critics allege non-transparent token distribution, unfulfilled promises, and a hard fork of Arweave's codebase without clear community communication—leading many to characterize it as a cash grab or potential rug.