Why is Irys worth tracking? Let's start with the conclusion: @ irys_xyz=the "Programmable Data Chain" L1 that emerged from Bundlr, uses IrysVM to integrate data storage and contract execution into one chain, with the goal of creating an "AWS infrastructure for Onchain". Everyone understands, if this narrative runs smoothly, the upper limit is very high. 1/Team foundation Founder Josh Benaron, who has worked on Bundlr - helping Arweave grow from 10000 to 15 million daily transactions and contributing~98% of its online activities; I give high marks to those who can scale up decentralized storage and create a new L1 with "data programmability" as its core. 2/Financing context 2022.05: Bundlr 5.2M seed round, led by Framework, Arweave, Hypersphere, and Permanent; OpenSea Ventures, Race Capital, and others participated in the investment. PR Newswire 2024.06: Irys 8.9M strategic round, led by Lemniscap; Framework, Primitive, Hypersphere, Permanent, EV3, and multiple industry professionals participated. Crowdfund Insider 2025.08:10M Series A, led by CoinFund; The institution also published an investment long article reiterating the logic of the "programmable data storage" track. Participants shall follow the format of Chainwire's press release. 3/Product Logic IrysVM is not a remake of EVM, but an execution environment that prioritizes data as a first-class citizen: smart contracts can natively read/modify/write data from storage layers, naturally adapting to scenarios such as AI training traceability, data licensing/distribution, programmable IP, etc. Why is it different from the first generation data link? In the early days, data links were more about storing data at a low cost but keeping it static. Irys placed storage and execution on the same network, allowing data to move and be directly used by programs. This is the difference and also the narrative anchor. 5/Team Public Lineup In addition to Josh, public information shows that roles such as Head of Protocol, Engineering, Design, Ecology, etc. are listed, and investors behind them include Lemniscap, Framework, Primitive, Hypersphere, etc. Link3 How do I view risk control The main storyline is established, but implementation equals ecology: we need to focus on the maturity of IrysVM's toolchain and developer adoption. The integration cost and migration willingness with existing L2/DA solutions are key variables. Entering the redemption period after Series A: Continuously observing documents SDK、 The pace of cooperation implementation. 7/Action items for two types of readers Developer: First, go through the docs and see the cost of IrysVM's modifications to your existing data/contract model. Research/Investment: Put it into the "AI x Data Certification/Licensing x Infrastructure" basket and track it by milestones (developer growth, collaboration depth, mainnet launch pace).