CoinList announced that it will start the ARCH community sale of the Cosmos ecological Layer1 blockchain Archway token ARCH at 01:00 on June 16, and registration is now open. The supply of this public sale accounts for 3% of the total supply of 1 billion ARCH, and the price of a single token is $0.20. ARCH tokens will be used to participate in governance, pay transaction fees, and reward developers for transaction volume generated on the network. Archway is Cosmos' native Layer1 blockchain. It is a Cosmos-based smart contract platform used to reward developers. The protocol will serve as the entrance to Cosmos, enabling developers to deploy cross-chain DApps and be rewarded for their contributions to the network. Get corresponding rewards. Archway contributor Phi Labs was spun out of Ignite (formerly known as Tendermint). Foresight News previously reported that in March 2022, Phi Labs, a contributor to the Cosmos-based developer incentive agreement Archway, completed a $21 million seed round of financing led by CoinFund and Hashed. Other investors included Blockchain Capital, Wintermute, Figment, Chorus One, stake.fish, Lemniscap, Hypersphere Ventures, Cosmostation, etc.