thedefiant.io
09 November 2026 10:24, UTC
IRIS plans to go live on Nov. 10 with fixed-rate loans that settle on SparkLend, letting borrowers request an exact loan duration instead of choosing a standardized term.
“IRIS goes live tomorrow,” the protocol said in its Monday announcement. Spark confirmed the integration, saying: “IRIS brings fixed-rate borrowing on top of SparkLend.”
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The product adds a fixed-rate borrowing route to SparkLend's existing liquidity while the underlying debt continues accruing variable interest. Borrowing directly from SparkLend carries a changing rate and no fixed repayment deadline, provided the position remains adequately collateralized.
IRIS's supported-market documentation lists six pairs on Ethereum: USDC or USDT borrowing against cbBTC, WBTC or wstETH collateral. It lists SparkLend and Aave V3 for all six pairs, and Morpho Blue for five.
Borrowers specify collateral, loan size, duration and a maximum acceptable rate. Under IRIS's request-for-quote design, solvers—market makers for interest rates—compete to offer fixed terms rather than draw prices from preset term pools. The borrowing guide says quotes reflect duration, funding conditions, venue flexibility and risk.
According to IRIS's mechanism documentation, settlement opens an isolated account for each loan, posts the borrower's collateral, borrows from the lending venue, posts the solver's bond and delivers the funds in one transaction.
The solver keeps the difference when the venue's floating borrowing cost is lower than the borrower's fixed rate. When that cost is higher, its bond covers the gap. A solver can also refinance the debt across venues the borrower has approved without changing the fixed rate, although the new venue's liquidation rules then apply.
That backing has a limit. IRIS's solver-backing guide says that if accumulated floating costs erode the bond sufficiently, anyone can liquidate it. The fixed rate then ends and the borrower takes on the venue's floating rate directly. Solver liquidation itself does not take the borrower's collateral.
Borrowers still face collateral liquidation under the lending venue's rules. They also commit to the full term's interest: repaying early returns collateral sooner but does not reduce the agreed interest bill.
