Decentralized application builder IRIS Network has announced that it will launch its DeFi and interchain testnet Bifrost on September 02. In an official tweet on Friday, IRIS stated that the target for the testnet is to test exciting DeFi functions like multi-hub collaboration through IBC, Stargate, and others side by side. It will also test the integration with the new version Cosmos SDK.
👇More details on the testnethttps://t.co/ndNlPDk5Bs
— IRIS Network (@irisnetwork) August 28, 2020
In the official announcement via a Medium post, IRIS network stated that it is launching the Bifrost testnet for supporting the interchain vision of the Cosmos Network’s interchain vision. Along with the Bifrost testnet, it will also launch IBC and DeFi features, and will run side by side with the Stargate testnet, which was long just a few days ago.
Further in the post, IRIS mentioned the new DeFi features that will be introduced along the Bifrost testnet launch. These include NFT, Record and other modules, enhanced services, oracle functions, etc. All of the features launched will be tested on Bifrost and the community will be rewarded for the participation in these tests.
The launch of the Bifrost testnet is an important move for the IRIS network and its community, as it will take their DeFi game to the next level. In the past few months, especially since the outbreak of the Coronavirus Pandemic in January 2020, the demand of DeFi services has shot up significantly, as it has provided users an option to earn passive income, via activities like crypto staking. Major crypto-blockchain companies are pushing their DeFi offerings, and therefore, the future of crypto appears to be heavily reliant on DeFi.