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RFQ Overview

Iris RFQ is the off-chain coordinator that sits between a borrower who wants a fixed-rate loan and the solvers willing to underwrite one. A borrower submits a loan intent: collateral, debt, duration, and the highest rate they will accept. The coordinator fans that intent out to every eligible solver in parallel, validates each response, and returns the lowest-rate valid quote inline. The whole exchange completes in one HTTP request. Nothing is settled here. A quote is a signed offer, not a position: the borrower takes it on-chain by submitting it to Iris.take(), which re-verifies every term. The coordinator’s job is discovery and speed, not custody, matching, or settlement.
Iris RFQ is a private quote round, not a public order book. Intents are not broadcast, quotes are not queued, and nothing persists after the response is returned.

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Borrowing through RFQ

Borrowers, or the interfaces acting for them, describe the loan they want and let solvers compete on rate. An intent names the collateral and debt tokens with their amounts, the loan duration, a maxFixedRate ceiling, and a venueBitmap of the underlying lending venues the loan may use. The coordinator answers with the single best quote plus allQuotes, the full set of valid offers collected in that round. The winning quote carries everything take() needs: the solver’s terms, their EIP-712 signature over the on-chain Quote, and a Permit2 signature authorising the bond pull. Quotes are short-lived by design (a deadline no more than two minutes out), so treat them as immediately actionable rather than storable.

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Solvers on Iris RFQ

Solvers are the counterparties who absorb rate risk. Each runs an HTTP endpoint that the coordinator calls with a borrower’s intent; the solver prices it and returns a signed quote, or declines. Competition is on fixedRate alone: the lowest valid rate wins the round. Every quote must be backed by a bond meeting the bond liquidity manager’s requirement for that debt token and duration, which is what makes the fixed rate credible rather than merely quoted. Solvers are onboarded through a whitelist rather than open self-service enrolment. A solver that is not registered receives no traffic.
To participate as a solver, reach out through Telegram or the team contact links in the docs header. Endpoint URLs and credentials are shared directly during onboarding.

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Where to Go Next

Concepts

How a quote round actually runs: eligibility, fan-out, validation, and selection.

Running a Solver

Register an endpoint, answer a quote request, and sign the two signatures a quote needs.

Validation

Every check a quote passes, in order, and which ones reject rather than skip.

API Reference

Request and response schemas, field bounds, and error codes.