IRIS brings fixed-rate borrowing to SparkLend’s liquidity

A new origination layer lets borrowers lock rates for one to 90 days while competing solvers absorb the floating-rate risk underneath Variable rates are fine until they aren’t. IRIS Protocol is betting that DeFi borrowers want an alternative, and it is starting with SparkLend. IRIS adds a fixed-rate borrowing layer on top of SparkLend’s existing variable-rate market. Borrowers request a quote, competing solvers bid, and the winning quote locks in terms for anywhere from one day to 90 days. The integration was announced on November 9, 2026, with the launch landing in mid-November. How the IRIS model works The process starts with a loan intent. A borrower specifies the asset pair, the amount, the loan duration, and the maximum fixed APY they are willing to pay. That request goes into an off-chain request-for-quote, or RFQ, system. RFQ is a familiar setup in traditional trading: instead of hitting a public order book, you ask a group of market makers to send you a price directly. Solvers then return signed fixed-rate quotes. Each quote is backed by a bond, which gives the solver something to lose if it fails to honor its commitment. Once a borrower accepts, they get their fixed terms....