Developer rewarding protocol, Archway has managed to collect $21Million in a recent funding round that was led by many popular firms such as Hashed and CoinFund.
In accordance with an announcement made by Phi Labs, the Cosmos powered protocol, Archway has raised a massive $21Million during the latest funding event. The funding event was mostly dominated by crypto investment companies including Hashed and CoinFund, with many others such as Wintermute, Figment, Chorus One coming behind.
Importance of Tokenomics
According to Phi Labs, the accumulated funds will be utilized to make new software development tools in order to help third-party developers have a much better time when developing the protocol.
Billy Dishman from CoinFund stated in an interview that Phi Labs is dedicated to emphasizing Tokenomics and rewarding developers, which is necessary for any smart contract platform to operate effectively. Dishman added that most of the smart contract platforms have been focusing on scalability and decentralization and have forgotten the importance of tokenization.
Archway is quite a popular protocol that is intended to support developers and is designed to reward those who are interested in developing decentralized applications (dApps) on the Cosmos ecosystem of the network. The Archway protocol is basically a special gateway towards the Cosmos network, helping interested developers to build dApps, cross-chain them and then collect their respective rewards for developing the network.
Founder of Phi Labs, Griffin Anderson stated in an interview that many of the Layer-1 protocols are rewarding “validators and miners” for their performance in maintaining the blockchain, however, there is a completely separate “ecosystem” of workers who also provide significant contributions to the platform in general.
Griffin added that developers are crucial for any Layer-1 protocol to exist, as they provide ways for users to join and complete transactions on the network, however, they are not receiving the credit they deserve “unless they purchase in on protocol tokens” by their own will.
Phi Labs Achievements
Phi Labs is a firm that first introduced the Cosmos Blockchain network protocol and since the launch, the Cosmos network is expanded to support around 38 unique blockchains, more than 250 projects and an excess of a staggering $100Billion worth of digital assets operating on the network.