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
Deposit collateral into a Fira market
Borrow at a fixed rate — the rate is locked at origination, visible before execution
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.
Markets
Fira is infrastructure, not a single product. Each market is an independent instance with its own collateral, loan token, parameters, and risk profile.
Security
Six independent audits before launch. Up to $500K bug bounty. Immutable interest rate contracts.
Links
Last updated