IRIS Protocol has launched an origination layer on the SparkLend platform, enabling users to secure fixed-rate loans. The integration allows borrowers to lock in interest rates for periods ranging from one to 90 days.
The borrowing process utilizes an off-chain request-for-quote system. Borrowers specify loan parameters, including asset pairs and maximum annual percentage yields, while competing solvers bid to provide the best fixed-rate terms.
Solvers assume the risk of floating-rate fluctuations on SparkLend. Each quote is secured by a bond, which serves as collateral to ensure the solver fulfills their commitment to the borrower.
As of November 9, 2026, SparkLend reported a total value locked of approximately $4,66 billion. Outstanding borrows on the platform reached $2,64 billion, marking a 47% increase over the previous three months.
IRIS plans to expand its origination layer to other lending venues beyond SparkLend. The protocol currently lacks pre-built liquidity pools, relying instead on capital from the underlying platform and participating solvers.
