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IRIS Airdrop: tasks and status
IRIS is a DeFi protocol that lets borrowers lock in fixed rates on top of existing lending markets. The project has opened its testnet and waitlist. Participants who test the protocol and report bugs may be eligible for future rewards.
About the project
What IRIS is
IRIS is a DeFi protocol built for fixed-rate borrowing. Users define the collateral asset, the asset they want to borrow, the amount, how long they want to borrow, and the maximum rate they accept. Solvers then compete to provide quotes for that loan.
Once a borrower accepts a quote, the position opens on chain in an isolated form. The underlying debt stays on the lending venue. For the borrower, the outcome is a fixed-rate loan, while the solver handles the floating-rate risk and chooses where to route the debt.
How the testnet works
IRIS has launched a testnet for users to try the protocol. Participants who filled out the waitlist form have received test assets in their wallet.
To take part, you connect your wallet to the site, test the protocol, and report any bugs you find via a form. The project plans to reward activity and bug reports in the future, but has not yet announced the terms.
What it takes
The testnet costs nothing. It takes about 7 minutes to join the waitlist, or longer if you test the protocol itself.
You need a wallet. If you have already joined the waitlist, test assets have been sent to you. If not, you can fill out the waitlist form first.
Step-by-step checklist
- 01 Test the IRIS protocol on testnet Starts 11 Aug 2026 Open
- 02 Join the testnet waitlist Open
These tasks are available in the CoinDropster dashboard: exact links, progress tracking and deadlines — open the app to see the checklist.
Risks and what to watch for
- Rewards are not guaranteed. The project has announced that future rewards are possible but has not published terms or amounts.
- Rules and eligibility for rewards can change at any time.
- The testnet is experimental. Smart contract bugs can exist, and test assets may be lost.
Frequently asked questions
What is IRIS?
IRIS is a DeFi protocol for fixed-rate borrowing. Borrowers specify what they want to borrow and for how long, solvers compete to provide rates, and the protocol opens the position on chain while managing the underlying debt on an existing lending venue.
Does the testnet cost money?
No. The testnet is free to use. Test assets are provided by the project.
How do I start?
You can join the waitlist by filling out the form, or go straight to the testnet if you already joined the waitlist and received test assets. Connect your wallet, test the protocol, and report any bugs you find.
Will I get rewards?
Participants may be eligible for rewards for their activity and for finding bugs, but the project has not announced the terms or amounts. Rewards are not guaranteed.