Live Quests, or LQs for short, are game triggered events for which a boss monster appears in the world map or specific maps.
These events are usually considered high risk, high reward events. The boss monsters are always very tanky and considerably resistant to most damage types. They are also very dangerous by having the ability to hit multiple times per round, and typically have strong elemental spells and/or recoil damage. To make up for the risk, players will typically earn high level loot after slaying the boss.
There are no player level restrictions on those type of events, but players will typically recommend being level 20+ to participate for both survivability and damage contribution reasons. Note that when loot is split at the end, it is based off of damage done, so lower level players will likely receive a much lower share of the loot than Demigods (level 50 players).
Before May 23, 2018, there was a permanent raid boss located in a secluded island 10-15 tiles N of Stensele and all the way east. The map and boss reset like any map in the game, after 20 minutes of nobody being in the map. Players are usually seen hanging out in the map before the raid boss waiting for the timer to pass.
Rewards for killing the raid boss are distributed to any participating player relative to damage dealt. Participants can expect to get anywhere from 1-2001 tokens based on their contributions.
After the raid boss is killed, an explosion of loot fills the area. Players can redeem their loot tokens for any of the loot found, in a first come first serve basis.