Fixed-rate lending protocol IRIS plans to launch on SparkLend on November 10

According to TechFlow news on November 9, as reported by The Defiant, fixed-rate lending protocol IRIS plans to launch on November 10, offering fixed-rate loans based on SparkLend, with borrowers able to set their own loan tenors.

After borrowers submit collateral, loan size, tenor, and the maximum acceptable rate, quote providers will compete to offer fixed rates and use margin to cover the difference between the fixed quote and the underlying floating borrowing cost.

The report noted that if cumulative floating costs erode the margin to a specified threshold, the margin may be liquidated, the fixed rate will terminate accordingly, and borrowers will directly bear the floating rate. In addition, borrowers still face collateral liquidation risk, and prepayment will not reduce the agreed full-term interest.

Source: TechFlow