Overview
Irys (rebranded from Bundlr Network) is a data layer protocol that provides fast, reliable, permanent data uploads to Arweave's permaweb. While Arweave provides permanent storage, its native upload process can be slow and unpredictable. Irys solves this by bundling transactions, providing instant upload confirmations, and settling to Arweave in the background.
The protocol has become critical infrastructure for the Arweave ecosystem, handling the majority of data uploads to the permaweb. NFT platforms, data archival services, and decentralized applications use Irys to store data permanently without dealing with Arweave's native transaction complexities. Irys supports payments in multiple tokens across various chains.
Irys is expanding beyond pure Arweave bundling to become a general-purpose 'datachain' — a blockchain optimized for data storage and availability. This evolution positions Irys in the broader data availability market alongside Celestia and EigenDA, though with a permanent storage focus rather than temporary data availability.
Risk Factors
- Heavily dependent on Arweave ecosystem health and demand for permanent storage
- Evolving from bundler to datachain creates execution risk during transition
- Data availability market is competitive (Celestia, EigenDA, Avail)
- Token model is still being developed as the project transitions
Conclusion
Irys has established itself as essential infrastructure for the Arweave ecosystem with real usage and clear technical value. The 3.1 score reflects strong technology and genuine adoption against the uncertainty of its broader datachain ambitions and dependency on the permanent storage thesis.