Irys Reportedly Plans to Fork Arweave Network, Triggering Significant Token Value Dip
Summary:
As disclosed by Arweave founder Sam Williams, Irys, a key layer-2 network of the Arweave ecosystem, is reportedly planning to fork the Arweave network. The subsequent controversy led to a drop in Arweave's token value by over 20%. With Irys accounting for more than 90% of Arweave's daily transaction volume, this controversy saw its volume drop by 31%. Arweave, a decentralized storage network, currently holds approximately 74.26 pebibytes of data.
In a surprising move, Irys, a significant layer-2 network within the Arweave digital sphere, is purportedly aiming to split the Arweave network. The company plans to "discard the dataset and readjust the token supply," as revealed in a public statement by Sam Williams, the originator of Arweave on December 17. He claims that even though a secure upgrade process is available with Arweave, Irys' developers are determined to pursue a disruptive fork, which he perceives as a strategy driven by financial self-interest. Responding to the unfolding events, Williams stated that Arweave is contemplating the removal of Irys bundlers from the primary trusted group on the Arweave gateways, which would result in significant delays in making user data accessible.
In a counter statement issued on the same day, Irys' developers maintained that they are indeed engaged in developing new provenance tech, countering Arweave's accusations of "active censorship." They assert this was in response to supposed attempts by Arweave to exclude Irys from their platform. The developers went on to promise audiences stay tuned for an array of powerful new features in the works.
Following the emergence of these allegations, the Arweave token value dropped by more than 20% in the past 48 hours, currently trading at $8.90. This downturn partly reflects the repercussions of the controversy. As it stands, Irys represents the most substantial layer-2 network on Arweave, contributing to over 90% of the blockchain's daily transaction volume of 16 million. However, since the emergence of these accusations, the network's transaction volume has seen a 31% drop.
Arweave, as an unchangeable decentralized storage network, retains both Web2 and Web3 data, extending to web pages, gaming data, images, nonfungible token metadata, and beyond. Approximately 74.26 pebibytes (equivalent to 83.6 million gigabytes) of data is held within the Arweave blockchain.
Published At
12/18/2023 7:52:23 PM
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