# What is Fira

Fira is a fixed-rate lending and borrowing protocol. It introduces maturity-based credit as a native onchain primitive — something DeFi has lacked since inception.

## The Problem: DeFi Has No Time Dimension

Over $60B sits in onchain lending markets. More than 99% of that exposure is floating-rate. Rates change every block. No maturities. No yield curve.

This creates three structural gaps:

* **Borrowers** cannot lock in their cost of capital
* **Lenders** cannot predict returns with certainty
* **Treasuries** cannot match assets to future obligations

Traditional credit markets operate on $145T of fixed-rate instruments — mortgages, corporate bonds, sovereign debt. These work because they have defined terms and known rates. DeFi has none of this.

## What Fira Does

Fira adds the missing dimension to onchain credit: **time**.

Every Fira loan has a defined maturity, a fixed rate locked at origination, and composable tokens that represent the position:

* **Bond Tokens (BTs)** represent the claim on principal at maturity. They trade at a discount before maturity and redeem 1:1 at term.
* **Coupon Tokens (CTs)** represent the yield portion. They accrue interest over time and can be sold for upfront yield.
* **FiraWrapped (FW)** tokens standardize yield-bearing collateral assets for use across Fira markets.

These tokens are tradable and composable. They create an onchain yield curve — a rate structure across maturities that DeFi has never had.

## How It Works

1. **Deposit collateral** into a Fira market
2. **Borrow at a fixed rate** — the rate is locked at origination, visible before execution
3. **At maturity**, BTs redeem 1:1. The borrower repays principal plus the accrued fee. The lender receives their principal back.

No variable rates. No surprise costs. The terms are set at entry.

> [Detailed mechanics](https://docs.fira.money/getting-started/how-it-works)

## Markets

Fira is infrastructure, not a single product. Each **market** is an independent instance with its own collateral, loan token, parameters, and risk profile.

> [Markets Overview](https://docs.fira.money/guides/overview)

## Security

Six independent audits before launch. Up to $500K bug bounty. Immutable interest rate contracts.

> [Security overview](https://docs.fira.money/security-and-risk/security-overview) · [Audits](https://docs.fira.money/security-and-risk/audits) · [Bug bounty](https://docs.fira.money/security-and-risk/bug-bounty)

## Links

* [App](https://app.fira.money)
* [Simulator](https://simulator.fira.money)
* [DeFiLlama](https://defillama.com/protocol/tvl/fira)
* [Dune Dashboard](https://dune.com/usual_team/fira)