1. A method, comprising: generating queue pairs (QPs) in a memory of an input/output (I/O) adapter of a microserver chassis having a plurality of compute nodes executing thereon, the QPs being associated with a remote direct memory access (RDMA) connection, based on an RDMA protocol, between a first compute node and a second compute node in the microserver chassis; setting a flag in the QPs to indicate that the RDMA connection is local to the micro server chassis; performing, in response to the flag, a loopback of RDMA packets within the I/O adapter from one memory region in the I/O adapter associated with the first compute node of the RDMA connection to another memory region in the I/O adapter associated with the second compute node of the RDMA connection, without sending the RDMA packets external to micro server chassis; wherein an egress direct memory access (DMA) engine performs a lookup of the memory region in the I/O adapter associated with the first compute node of the RDMA connection according to a first microcode routine associated with an I/O operation as loaded by the second compute node and retrieves data according to the I/O operation; and wherein an ingress DMA engine writes the data in the RDMA packets into the another memory region in the I/O adapter associated with the second compute node of the RDMA connection according to a second microcode routine loaded by an ingress packet classifier.