Is IRIS a lending protocol? Let's start with what a lending protocol is. A lending protocol does two jobs : Liquidity Layer - One gathers capital, decides how much of it can be at risk, and holds it. - Examples : @0xfluid Liquidity Layer / @aave Hub / @Morpho Vaults Origination layer - The other takes a borrower and turns what they need into a loan on stated terms. - Examples : Fluid Lending / Aave Spoke / Morpho Markets Replace the funding and nothing happens. We are already used to a single market having multiple liquidity sources and vaults. Replace the origination and there is a different loan, or no loan. A liquidity layer without origination is a vault or a fund. What's replaceable is an input and what you cannot swap is the product. And thus, in a lending protocol, origination layer IS the product. So yes, IRIS is a lending protocol, building an origination layer with an externalized liquidity layer. As a result, depth is every venue at once instead of one pool, price comes from whichever venue prices best, and with no pool to divide there is no calendar to defend, so a borrower who needs 37 days gets 37 days.