Executive Summary
Irys—formerly Bundlr Network—has graduated from an Arweave scaling layer to a self-standing “Programmable Data Layer.” Its new thesis: data must evolve from inert storage into a verifiable, programmable, and revenue-generating asset. The plan hinges on a multi-ledger stack, the IrysVM, and a uPoW-plus-staking consensus that binds storage capacity to cryptographic proof.

Revenue Model in Three Layers

1. Storage Fees – tiered pricing (permanent vs. term-based) pegged to real-world hardware costs to mute token volatility.

2. Execution Fees – gas-like revenue every time a contract reads, writes, or transforms on-chain data via IrysVM.

3. Node Economics – operators stake disk space (minimum 16 TB) and continuously submit integrity proofs to share network yield.

Use-cases already span AI-training provenance, DePIN telemetry, NFT licensing, and RWA compliance audits.

Competitive Edges
• Storage + execution in one subnet, removing cross-chain friction.
• Multi-ledger architecture balances permanence with flexibility.
• Enterprise-grade price predictability and plug-and-play SDKs.

Headwinds
• Differentiating against entrenched incumbents (Arweave, Filecoin).
• Reconciling immutable storage with real-time data needs.
• Navigating GDPR “right-to-be-forgotten” and token-security concerns.

Irys: the Origin Story
Bundlr began as a simple bundler for Arweave—batching transactions for speed and lower costs. It quietly notched >1 billion on-chain events. By 2023 the team rebranded to Irys, signalling a pivot from tool to sovereign chain. Two venture rounds—Lemniscap in 2024 and CoinFund’s $10 M Series A in August 2025—cement the narrative: the market now treats Irys as the DataFi substrate rather than a side-car.

Thesis: Data as Active Capital
Static files are the GeoCities of Web3. Irys borrows from the web’s maturation: once HTML became scriptable (JavaScript → Web 2.0), value exploded. Likewise, on-chain data must become callable, composable, and monetisable. Three design pillars make this concrete:

1. Attestable Provenance – every byte carries cryptographic lineage.

2. On-chain Programmability – IrysVM (EVM-compatible) lets smart contracts treat data as first-class inputs.

3. Long-term Availability – multi-ledger design keeps critical data forever while offering cheaper, time-boxed tiers.

Product Architecture

1. Multi-Ledger Stack
   • Submit Ledger – temporary, high-throughput buffer for validation and replication.
   • Publish Ledger – permanent, Arweave-style storage.
   • Term Ledger (road-mapped) – configurable retention for enterprise workloads.

2. IrysVM
   An EVM-compatible runtime that can read, transform, and write data without leaving the network—turning storage into an active state layer.

3. Consensus & Incentives
   • uPoW: useful Proof-of-Work based on verifiable storage proofs.
   • Staking: operators lock disk capacity; slashing kicks in if proofs fail.
   • Rewards come from upload and execution fees, aligning capital expenditure with network health.

Developer UX is rounded out with SDKs, CLI, Gateway endpoints, and multi-currency checkout (ETH, USDC, SOL).

Business Model Deep-Dive
Layer 1: Storage Revenue
Permanent ledger = one-time payment, priced against hardware cost curves. Term ledger (coming) = subscription model for non-permanent data, appealing to cost-sensitive enterprises.

Layer 2: Execution Revenue
Every IrysVM call incurs gas. Because execution and storage share one domain, latency and cost become predictable—no cross-chain hops.

Layer 3: Miner Economics
Node operators must:

1. pledge raw storage (≥16 TB),

2. post continuous integrity proofs.
   Failure to prove triggers slashing; honest uptime earns a slice of both upload and execution fees.

Value Proposition to Enterprise
Predictable pricing, low-friction integration, and cryptographically guaranteed audit trails. The pitch is not “cheaper storage” but “more certain data.”

Concrete Use-Cases
• AI – verifiable training-set lineage for model compliance.
• DePIN – device telemetry with auto-expiring or permanent logs.
• NFT & IP – on-chain royalty logic that queries the artwork itself.
• RWA – attested documents that regulators can trust years later.

Competitive Landscape
Storage Heavy-weights
Arweave (permanent, one-shot) and Filecoin (rental market) dominate mind-share. Irys straddles both: permanent when you must, term-based when you can.

Data-Availability Layers
Celestia & EigenDA optimise for short-term availability to rollups; Irys optimises for long-term integrity and direct programmability.

Data-Composition Protocols
Ceramic & Tableland offer flexible schemas but outsource persistence. Irys bundles persistence and logic, cutting systemic friction.

DataFi Peers
OpenLedger, DataDance, etc. tokenise personal data for retail users. Irys targets B2B infrastructure—less viral, but stickier revenue.

Strengths & Moats
• Single-domain storage + execution.
• Ledger triad balances permanence and cost.
• Hardware-cost-pegged pricing for CFO-friendly budgets.
• Dev-friendly tooling and multi-currency rails.

Open Challenges

1. Market Differentiation – proving value beyond “yet another storage chain.”

2. Freshness vs. Permanence – real-time data feeds may still need off-chain relays.

3. Regulatory Surface Area – GDPR deletion rights vs. immutable ledgers; token design may brush against securities law.

Conclusion: A B2B Wedge in DataFi
From Bundlr to Irys, the arc mirrors Portal Labs’ thesis: raw storage is table stakes; verifiable, programmable data is the business. By anchoring itself to enterprise cost certainty rather than retail speculation, Irys sidesteps the volatility of individual data monetisation yet shoulders the burden of proof: can storage-plus-execution capture sustainable value?

The answer won’t come from road-map slides, but from shipping integrations that make CFOs sign off and auditors sleep better. Until then, Irys remains a compelling subplot—not the whole story—of Web3’s evolving data economy.

Executive Summary
Irys—formerly Bundlr Network—has graduated from an Arweave scaling layer to a self-standing “Programmable Data Layer.” Its new thesis: data must evolve from inert storage into a verifiable, programmable, and revenue-generating asset. The plan hinges on a multi-ledger stack, the IrysVM, and a uPoW-plus-staking consensus that binds storage capacity to cryptographic proof.

Revenue Model in Three Layers

1. Storage Fees – tiered pricing (permanent vs. term-based) pegged to real-world hardware costs to mute token volatility.

2. Execution Fees – gas-like revenue every time a contract reads, writes, or transforms on-chain data via IrysVM.

3. Node Economics – operators stake disk space (minimum 16 TB) and continuously submit integrity proofs to share network yield.

Use-cases already span AI-training provenance, DePIN telemetry, NFT licensing, and RWA compliance audits.

Competitive Edges
• Storage + execution in one subnet, removing cross-chain friction.
• Multi-ledger architecture balances permanence with flexibility.
• Enterprise-grade price predictability and plug-and-play SDKs.

Headwinds
• Differentiating against entrenched incumbents (Arweave, Filecoin).
• Reconciling immutable storage with real-time data needs.
• Navigating GDPR “right-to-be-forgotten” and token-security concerns.

Irys: the Origin Story
Bundlr began as a simple bundler for Arweave—batching transactions for speed and lower costs. It quietly notched >1 billion on-chain events. By 2023 the team rebranded to Irys, signalling a pivot from tool to sovereign chain. Two venture rounds—Lemniscap in 2024 and CoinFund’s $10 M Series A in August 2025—cement the narrative: the market now treats Irys as the DataFi substrate rather than a side-car.

Thesis: Data as Active Capital
Static files are the GeoCities of Web3. Irys borrows from the web’s maturation: once HTML became scriptable (JavaScript → Web 2.0), value exploded. Likewise, on-chain data must become callable, composable, and monetisable. Three design pillars make this concrete:

1. Attestable Provenance – every byte carries cryptographic lineage.

2. On-chain Programmability – IrysVM (EVM-compatible) lets smart contracts treat data as first-class inputs.

3. Long-term Availability – multi-ledger design keeps critical data forever while offering cheaper, time-boxed tiers.

Product Architecture

1. Multi-Ledger Stack
   • Submit Ledger – temporary, high-throughput buffer for validation and replication.
   • Publish Ledger – permanent, Arweave-style storage.
   • Term Ledger (road-mapped) – configurable retention for enterprise workloads.

2. IrysVM
   An EVM-compatible runtime that can read, transform, and write data without leaving the network—turning storage into an active state layer.

3. Consensus & Incentives
   • uPoW: useful Proof-of-Work based on verifiable storage proofs.
   • Staking: operators lock disk capacity; slashing kicks in if proofs fail.
   • Rewards come from upload and execution fees, aligning capital expenditure with network health.

Developer UX is rounded out with SDKs, CLI, Gateway endpoints, and multi-currency checkout (ETH, USDC, SOL).

Business Model Deep-Dive
Layer 1: Storage Revenue
Permanent ledger = one-time payment, priced against hardware cost curves. Term ledger (coming) = subscription model for non-permanent data, appealing to cost-sensitive enterprises.

Layer 2: Execution Revenue
Every IrysVM call incurs gas. Because execution and storage share one domain, latency and cost become predictable—no cross-chain hops.

Layer 3: Miner Economics
Node operators must:

1. pledge raw storage (≥16 TB),

2. post continuous integrity proofs.
   Failure to prove triggers slashing; honest uptime earns a slice of both upload and execution fees.

Value Proposition to Enterprise
Predictable pricing, low-friction integration, and cryptographically guaranteed audit trails. The pitch is not “cheaper storage” but “more certain data.”

Concrete Use-Cases
• AI – verifiable training-set lineage for model compliance.
• DePIN – device telemetry with auto-expiring or permanent logs.
• NFT & IP – on-chain royalty logic that queries the artwork itself.
• RWA – attested documents that regulators can trust years later.

Competitive Landscape
Storage Heavy-weights
Arweave (permanent, one-shot) and Filecoin (rental market) dominate mind-share. Irys straddles both: permanent when you must, term-based when you can.

Data-Availability Layers
Celestia & EigenDA optimise for short-term availability to rollups; Irys optimises for long-term integrity and direct programmability.

Data-Composition Protocols
Ceramic & Tableland offer flexible schemas but outsource persistence. Irys bundles persistence and logic, cutting systemic friction.

DataFi Peers
OpenLedger, DataDance, etc. tokenise personal data for retail users. Irys targets B2B infrastructure—less viral, but stickier revenue.

Strengths & Moats
• Single-domain storage + execution.
• Ledger triad balances permanence and cost.
• Hardware-cost-pegged pricing for CFO-friendly budgets.
• Dev-friendly tooling and multi-currency rails.

Open Challenges

1. Market Differentiation – proving value beyond “yet another storage chain.”

2. Freshness vs. Permanence – real-time data feeds may still need off-chain relays.

3. Regulatory Surface Area – GDPR deletion rights vs. immutable ledgers; token design may brush against securities law.

Conclusion: A B2B Wedge in DataFi
From Bundlr to Irys, the arc mirrors Portal Labs’ thesis: raw storage is table stakes; verifiable, programmable data is the business. By anchoring itself to enterprise cost certainty rather than retail speculation, Irys sidesteps the volatility of individual data monetisation yet shoulders the burden of proof: can storage-plus-execution capture sustainable value?

The answer won’t come from road-map slides, but from shipping integrations that make CFOs sign off and auditors sleep better. Until then, Irys remains a compelling subplot—not the whole story—of Web3’s evolving data economy.