Cosmos Ecosystem Elys Network Announces Launch of Phase 2 of Its Incentivized Testnet

According to official news, Elys Network, a crypto trading platform of Cosmos ecosystem, announced the launch of the second phase of its incentive testnet, which will be the last phase before the mainnet launch. The specific standards for the second phase will not be announced immediately, and users only need to complete daily tasks to qualify. The official explanation said that its primary task is to filter out witch attacks and reward real users, so the standards will be announced later. Earlier in June, Elys Network announced on the X platform that it had completed a $2.5 million seed round of financing, with participation from Comma3 Ventures, Cogitent Ventures, Persistence One, and Kahuna. Elys Networ is a DeFi Layer 1 application chain on the Cosmos Hub, providing native Bitcoin staking, automatic market making, and multi-asset index pools.