FAQ
Frequently Asked Questions about Fira
General
What is Fira?
Fira is a lending and borrowing protocol specialized in facilitating permissionless fixed-rate markets onchain.
Why Fira?
Onchain credit is almost entirely variable-rate, limiting predictability and long-term financial planning in DeFi. Fira introduces fixed-rate, maturity-based borrowing and lending as a native onchain primitive, starting from the proven success of the Usual Stability Loan. By enabling predictable costs of capital and known returns, Fira builds a new layer of fixed-rate credit for DeFi and unlocks scalable, long-horizon financial use cases.
Who founded Fira?
Fira was initiated by Usual Lab, a team of experienced professionals in finance, technology, and product development, dedicated to building the infrastructure for fixed credit layer onchain.
How does Fira work?
Fira is a fixed-rate lending and borrowing protocol. Currently, it only offers the Usual Zero Rate (UZR) from the Usual protocol which allows users to post Bonded USD0 (bUSD0) collateral to borrow its underlying USD0 collateral.
Fira v1 will be expanding its products to offer fixed-rate markets, floating-rate markets, and dynamic lending & yield trading. Fixed-rate markets borrowing and lending are made possible by tradable zero-coupon bonds while floating-rate markets offer similar variable-rate mechanisms to other competitors (Aave, Morpho, Compound, etc.). More information for all these products to come.
Which blockchain(s) is Fira deployed on?
Fira will initially be deployed on the Ethereum mainnet, with potential for future deployments on additional blockchains.
When does Fira V1 release?
Fira currently only offers the Usual Zero Rate (UZR) loan and will be expanding its products to offer fixed-rate markets, floating-rate markets, and dynamic lending & yield trading with the release of V1. V1 is planned to go live by the end of Q1 2026.
Products
What products does Fira offer?
Fira currently offers the Usual Zero Rate (UZR) loan which is a free-cost loan offered by the Usual protocol. While not available, Fira v1 will be expanding its products to offer fixed-rate markets, floating-rate markets, and dynamic lending & yield trading with the release of v1 (more information on these products to come).
How does Fira facilitate fixed-rate borrowing and lending?
Fixed-rate borrowing and lending is made possible by tradable zero-coupon bonds.
Does Fira offer anything other than fixed-rate borrowing and lending?
Yes. With the launch of v1, Fira will also be offering floating-rate markets (standard variable-rate mechancim similar Aave, Morpho, Compound, etc.), dynamic lending and tradable yield (more information on these products to come).
How do I migrate my USL position to the UZR on Fira?
A dedicated USL to UZR migrator smart contract has been launched by Fira; this is accessible on the Fira dApp.
How do I borrow on the UZR?
The Usual Zero Rate (UZR) only accepts Bonded USD0 (bUSD0) from Usual as a collateral to borrow underlying USD0 collateral. Borrowing is accessible via the dApp.
How do I exit the UZR?
In order to exit by withdrawing Bonded USD0 (bUSD0) collateral from the Usual Zero Rate (UZR), users must repay USD0 debt, potentially deleveraging their position partially in loops. As debt is paid, collateral becomes available for withdrawal.
Can I lend on the UZR?
No. The Usual Zero Rate (UZR) is a Usual protocol specific product. The Usual DAO sets the lending cap and is the only lender/supplier for the vault.
Tech & Security
How is the security of my assets ensured?
Assets are securely stored in audited smart contracts, protected by advanced security measures and regular audits to mitigate financial risks.
Is Fira audited?
Yes. All smart contracts have been thoroughly audited by independent auditors and can be viewed in the Contracts & Audits page.
Where can I view the underlying Fira smart contracts?
All smart contract deployments can be viewed in the Contracts & Audits page.
Troubleshooting and Support
What should I do if I encounter an issue?
Refer to our troubleshooting guide or contact support through our official channels for prompt assistance with any issues.
How can I contact Fira support?
Reach out via our support channels, including email and community forums, for quick and effective assistance.
Where can I find the latest updates and announcements?
Stay informed through our official communication channels, including our website, social media, and community platforms.
Feedback and Community
Last updated