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The IRIS hub has its own native token known as IRIS. It is designed to serve three purposes in the network.
Staking. Similar to the ATOM token in the Cosmos Hub, the IRIS token will be used as a staking token to secure the PoS blockchain.
Transaction Fee. The IRIS token will also be used to pay fees for all transactions in the IRIS network.
Service Fee. It is required that service providers in the IRIS network charge service fees denominated in the IRIS token.
It is intended that the IRIS network will eventually support all whitelisted fee tokens from the Cosmos network, which can be used to pay the transaction fees and service fees.