Questly's Squids were established in 848 by the founder and first Elder of the Questly Squids, Squib Questly. The true history of Questly and the adventuring guild he created is up for some debate, but the most popular version is the Tale of Squib Questly.

He set up the home base of his adventuring guild, the Questly's Squids Guildhall in Midway, the central volcano of Baeldun.

However, since Squib Questly's days, many adventurers and Elders have come and gone. The only living elders who remember Quill, and perhaps the most respected among the elders themselves, are the twins Athlefled and Athlestan Whistlelm, a pair of wood elves. The guild does not recognize leaders, the council of elders runs the guild and keeps balance between one another, nevertheless these two are the ones other elders often turn to for guidance.