Fira is a lending and borrowing protocol that brings fixed-rate, maturity-based credit markets onchain. It adds the missing dimension to DeFi lending: time.
Why does DeFi need fixed rates?
Variable-rate lending requires constant monitoring. Rates shift with every block. Fira enables borrowers to lock a rate at entry and know their cost upfront — the same certainty that defines traditional credit markets, built natively onchain.
Who built Fira?
Fira was initiated by Steady Labs.
How does Fira work?
Fira decomposes yield-bearing assets into tradable components — Bond Tokens (BT) for principal and Coupon Tokens (CT) for yield. The discount at which BT trades determines the implied fixed rate. See How It Works for the full mechanism.
Which blockchain is Fira deployed on?
Ethereum mainnet. Contract addresses are listed on the Contracts & Addresses page.
How does fixed-rate borrowing work?
Post collateral, borrow BT, and swap BT for the underlying asset. The exchange rate at the time of the swap locks your effective borrow cost. The router handles all steps in a single transaction. See the Borrower Guide.
Can I lend at a fixed rate?
Yes — in V1 fixed-rate markets. Lenders swap the underlying for BT at a discount. At maturity, BT redeems 1:1, and the discount is the lender's fixed yield.
Does Fira offer variable-rate markets?
Yes. Fira offers variable-rate markets which it calls Floating-Rate Markets. These markets have similar mechanics to other onchain credit protocols such that the rates are spot rates and rely on utilization of the supplied assets to the market.
Is Fira audited?
Six independent external audits were completed before launch — by Sherlock (×2), Spearbit/Cantina, yAudit (×2), and Hexens. All findings were resolved before deployment. Full reports are available on the Security page.
Is there a bug bounty?
Yes. Fira maintains a live bug bounty program through Sherlock with rewards up to $500K for critical vulnerabilities. See Bug Bounty.
Where can I verify the smart contracts?
All deployed contracts are verified on Etherscan. Addresses are listed on the Contracts & Addresses page.
Where can I get help?
Documentation: This GitBook covers all protocol mechanics, features, and risk information. Further, for a full explanation of all mechanics, see the Whitepaper.
