# 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)


---

# Agent Instructions: Querying This Documentation

If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question.

Perform an HTTP GET request on the current page URL with the `ask` query parameter:

```
GET https://docs.fira.money/getting-started/readme.md?ask=<question>
```

The question should be specific, self-contained, and written in natural language.
The response will contain a direct answer to the question and relevant excerpts and sources from the documentation.

Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.