IRIS

This content is generated by RD AI and is for reference only

IRIS is an intent-based fixed-rate lending protocol, positioned as an origination layer for on-chain credit markets. It allows borrowers to define loan terms (collateral, asset, size, duration) and initiate quote requests through an RFQ mechanism, where a network of solvers competes to provide fixed-rate quotes within a short time window. IRIS does not directly hold liquidity; instead, it aggregates variable-rate venues such as Aave and Morpho as underlying liquidity sources, with solvers bearing interest rate risk to provide borrowers with rate certainty. After a borrower submits an intent, the best quote is selected and the position settles on the underlying venue. This mechanism addresses the market structure problem of fixed-rate lending — the issue is not a lack of tools, but a lack of market makers willing to take counterparty risk at the borrower's exact size and duration. IRIS also supports active liability management, allowing borrowers to optimize their borrowing costs.