Irys (IRYS) Soars 86% Following Bitget Listing

IRYS, the native cryptocurrency of the programmable artificial intelligence (AI) datachain, Irys, is up more than 80% following a listing on the crypto exchange Bitget. The platform announced Thursday that it has listed USDT Futures for the cryptocurrency, with up to 20x leverage and support for trading bots.

Following the announcement, IRYS spiked to an all-time high of $0.054. Since the asset’s launch less than 72 hours before press time, it has risen more than 250%. According to CoinMarketCap, IRYS was trading at $0.045 at the time of writing, with a market cap above $91 million and a 24-hour trading volume of $151 million.

There are currently over 2 billion IRYS in circulation, out of the asset’s total supply of 10 billion tokens. The locked coins will be released according to a vesting schedule that extends to November 2029.

What is Irys?

Irys is a layer-1 blockchain designed to deliver the best user experience for builders looking to scale data on the blockchain. The network unifies on-chain data storage and smart contract execution capabilities. Irys bridges the gap between data storage and smart contract execution on traditional datachains through its Ethereum Virtual Machine (EVM) execution layer, IrysVM.

Additionally, the network provides infinite data capacity through horizontal scaling. On Irys, there are flexible storage options that allow users to store data temporarily or permanently via cost-effective means.

With its flagship feature, IrysVM, the datachain provides programmable data, enabling smart contracts to read, transform, and execute embedded instructions on stored data. With this approach, decentralized applications can build on their own data and on the data of other protocols on the network.

The blockchain’s multi-revenue model (storage, execution, and programmable data transactions) enables its validators to stay profitable while the protocol maintains economic sustainability.

Teams Warns of Malicious Links and Tokens

Following two years of intense work, the Irys team launched the chain’s mainnet on November 25, alongside IRYS. Upon the mainnet going live, the team released the IRYS airdrop to eligible market participants.

“Over two years of work. Tens of thousands of hours. All for this moment. And still, this is only the beginning. Today, we launch. Tomorrow we build. Job’s never done,” the team tweeted on Tuesday.

Also, several crypto exchanges have begun supporting the new coin in their spot markets. IRYS is now listed on trading platforms such as Coinbase, KuCoin, Bitget, MEXC, and Binance Alpha. While Bitget announced it would list IRYS/USDT for futures trading, the exchange noted that the pair will have a funding fee settlement frequency of every 4 hours. The parameters for the trading pair may be adjusted from time to time depending on market risk conditions.

Interestingly, users who trade IRYS futures on Bitget will be eligible to claim a share of a 740,000 IRYS pool between November 26 and December 3.

Meanwhile, the IRYS airdrop claim period will last from November 25 to December 25. Users must claim their coins using the same wallet addresses used during registration. The team has cautioned users against clicking on any malicious links or acquiring any fake tokens purportedly tied to the project.

“These are scams. Unless something is communicated on our official channels, assume it is not real. Stay safe/alert!” the team warned.

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