Ethereum-based decentralized finance (DeFi) lending protocol Fira mentioned on Tuesday it was launching with about $450 million in deposits, highlighting demand for fixed-rate onchain credit score.
Fira mentioned the protocol’s fixed-rate credit score market permits customers to lock borrowing prices and lending returns for outlined durations by organizing lending round maturities reasonably than floating utilization-based charges, in response to an announcement shared with Cointelegraph.
The fixed-rate mannequin differs from most DeFi lending protocols, the place debtors can not lock funding prices, and lenders can not predict returns, making long-term DeFi lending much less predictable. Fira’s mentioned its mannequin organizes markets by maturity and determines rates of interest by provide and demand mechanics, changing utilization algorithms that fluctuate with borrowing exercise.
Fira mentioned the design is meant to create a extra predictable onchain credit score market by introducing yield curves and outlined maturities, options which can be normal in conventional fixed-income markets however uncommon in DeFi.
Fira is just not the primary DeFi lending protocol constructed round fixed-rate credit score. Different protocols with related constructions embrace Notional Finance, IPOR and Time period Finance.
Euler-linked liquidity migrated into Fira
Fira mentioned it debuted with $450 million in deposits, which have been “reallocated” from customers of the modular lending platform Euler Finance in the course of the pre-launch section that began on Jan. 8, Pete Siegel, chief monetary officer at Fira, informed Cointelegraph.
“Fira was pre-launched in January. It opened with a primary market known as UZR, which enabled roughly a thousand customers who have been already on Euler, in a product out there on Euler emigrate their belongings at a set price.”
Siegel mentioned the deposits mirror person curiosity in fixed-rate lending merchandise.
DefiLlama presently reveals Fira with about $451.6 million in complete worth locked on Ethereum, in contrast with roughly $25.3 billion for Aave, the sector’s largest lending protocol.
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Fira mentioned its sensible contracts have undergone six unbiased safety audits performed by Sherlock, Spearbit through Cantina, Hexens and yAudit between November 2025 and early 2026.
Fira’s bug bounty program by means of Sherlock affords as much as $500,000 in rewards for customers discovering vital vulnerabilities within the protocol’s open-source Ethereum-based sensible contracts.
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