What is IRIS?

IRIS is a DeFi protocol for fixed-rate borrowing on top of existing overcollateralized lending markets. A borrower defines the collateral asset, borrow asset, amount, duration and maximum acceptable rate, then solvers return quotes they are willing to support.

After a quote is accepted, the position is opened onchain in an isolated form while the underlying debt sits on a lending venue. For the borrower, the product works as a fixed-rate loan; the solver manages the floating-rate exposure and venue routing behind it.