Ethereum-based DeFi lending protocol Fira launched with roughly $450 million in pre-launch deposits, positioning itself as a fixed-rate alternative to traditional variable-rate onchain credit markets.
Fira’s platform organizes lending around defined maturities rather than utilization-based floating rates, letting borrowers lock borrowing costs and lenders secure predictable returns for set terms. Interest rates are set by supply-and-demand mechanics across yield curves and maturities, replacing the common utilization algorithms that shift with borrowing activity.
The design aims to make long-term onchain credit more predictable by introducing features common in traditional fixed-income markets—yield curves and term structure—that are uncommon in most DeFi lending protocols. Fira joins other fixed-rate projects such as Notional Finance, IPOR and Term Finance.
Euler-linked liquidity migrated into Fira
Fira said its ~$450 million in deposits were reallocated from users of the modular lending platform Euler Finance during a pre-launch phase that began Jan. 8. Pete Siegel, Fira’s chief financial officer, said the first market, called UZR, allowed roughly a thousand Euler users to migrate assets into fixed-rate positions.
DefiLlama lists Fira with about $451.6 million in total value locked on Ethereum, compared with roughly $25.3 billion for sector leader Aave, underscoring the protocol’s early scale relative to major lending platforms.
Security and audits
Fira’s smart contracts underwent six independent security audits between November 2025 and early 2026, conducted by Sherlock, Spearbit via Cantina, Hexens and yAudit. The protocol also runs a bug bounty program via Sherlock that offers up to $500,000 for discovery of critical vulnerabilities in its open-source Ethereum contracts.
Fira’s launch highlights growing demand for fixed-rate onchain credit and a broader push to bring fixed-income primitives and defined maturities to decentralized finance. Cointelegraph encourages independent verification of reported details and adheres to its editorial policy.