Fira launched its Ethereum-based fixed-rate DeFi lending protocol with $450 million in deposits, signaling strong demand for predictable onchain credit terms.
Unlike traditional DeFi lenders that rely on floating rates tied to utilization, Fira structures loans around defined maturities and yield curves-mirroring conventional fixed-income markets. This allows borrowers to lock funding costs and lenders to secure known returns.
The initial capital came from users of Euler Finance, who migrated assets during Fira’s pre-launch phase starting January 8. Pete Siegel, Fira’s CFO, said about 1,000 Euler users moved funds into Fira’s first market, UZR, to access fixed-rate lending.
Fira’s smart contracts underwent six independent security audits between November 2025 and early 2026 by firms including Sherlock, Spearbit via Cantina, Hexens, and yAudit. A bug bounty program offers up to $500,000 for critical vulnerability reports.