IRIS Protocol is adding a fixed-rate borrowing layer to SparkLend’s variable-rate market. Borrowers submit an off-chain request for quote, solvers submit signed offers, and the winning solver locks in the loan terms for a period of one to 90 days. The solver manages the underlying floating-rate position and puts up collateral if it fails to honor its commitment. As of November 9, 2026, SparkLend held approximately $4.66 billion in total value locked and $2.64 billion in outstanding borrows, representing 47% growth over the preceding three months.
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