5ire launches hybrid layer-1 mainnet after 1m test transactions

Blockchain startup 5ire aims to redefine the environmental impact of blockchain by launching its mainnet following a successful testnet phase.

Layer-1 blockchain platform 5ire has launched its mainnet following a successful testnet phase, furthering its mission to advance environmentally sustainable blockchain development. The launch comes after the testnet recorded over one million on-chain transactions in its first month, 5ire noted in a press release shared with crypto.news on August 15.

It claims that the network can process up to 1,500 transactions per second, returns 50% of gas fees to users, and has a sustainable Proof of Stake mechanism that rewards environmentally responsible practices.

The press release notes that the platform’s dual-chain architecture, which is compatible with Ethereum’s virtual machine, allows developers to create decentralized applications with positive environmental impact.

“Our primary goal is to build a long-term, sustainable product with a proven track record.”

Pratik Gauri, co-founder of 5ire

Eco-friendly blockchain

The network uses its native token called “5ire Coins” to incentivize users to participate in 5ire as validators or nominators. According to the press release, validators can earn rewards by verifying transactions and producing new blocks, while nominators can earn rewards by selecting validators and supporting them with their deposited 5ire Coins.

The company claims that reward distribution is based on “adherence to the network’s protocol” and adherence to sustainable practices aligned with the UN Sustainable Development Goals. The project is also partnering with several corporate clients, including the Government of India, which is integrating the platform into school curricula.

This launch follows 5ire’s $100 million Series A funding round led by Sram and Mram two years ago, which took the startup’s valuation to $1.5 billion, making it one of the world’s first sustainable blockchain unicorns in India. The company plans to use the funding to expand its operations across Asia, North America, and Europe.