DeFi Protocol Fira Goes Live With $450M Pre-Launch Deposits, Offering Fixed-Rate Lending
With $450 million already deposited before its official launch, Fira introduces a fixed-rate lending protocol to the DeFi space, aiming to bring stability and predictability to decentralized borrowing and lending rates.
On Tuesday, Fira, a decentralized finance (DeFi) lending protocol built on Ethereum, announced its official launch with approximately $450 million already deposited on the platform, demonstrating strong market appetite for fixed-rate blockchain-based credit products.
According to an announcement provided to Cointelegraph, Fira's protocol enables users to secure their borrowing costs and lock in lending yields for predetermined time frames through its fixed-rate credit marketplace. The platform structures lending activity around specific maturities instead of the floating rates based on utilization that are common in DeFi.
This fixed-rate approach stands in contrast to the majority of DeFi lending platforms, where those taking out loans cannot secure stable funding costs, while those providing capital cannot guarantee their returns, resulting in reduced predictability for long-term decentralized lending activities. According to Fira, its platform structures markets according to maturity dates and establishes interest rates through supply and demand dynamics, moving away from utilization-based algorithms that shift with changes in borrowing patterns.
The company stated that this architecture aims to establish a more stable onchain credit ecosystem by incorporating yield curves and specific maturity dates, elements that are commonplace in conventional fixed-income markets but uncommon in the DeFi sector.
Fira is not breaking entirely new ground as the first DeFi lending platform centered on fixed-rate credit. Additional protocols featuring comparable architectures include Notional Finance, IPOR and Term Finance.
Euler-linked liquidity migrated into Fira
The platform launched with $450 million in deposits that were "reallocated" from participants using the modular lending platform Euler Finance throughout the pre-launch period that commenced on Jan. 8, according to Pete Siegel, chief financial officer at Fira, in comments to Cointelegraph.
"Fira was pre-launched in January. It opened with a first market called UZR, which enabled roughly a thousand users who were already on Euler, in a product available on Euler to migrate their assets at a fixed rate."
According to Siegel, the deposit volume demonstrates significant user demand for fixed-rate lending solutions.
Data from DefiLlama presently indicates that Fira holds approximately $451.6 million in total value locked on Ethereum, a figure that pales in comparison to the roughly $25.3 billion held by Aave, which represents the largest lending protocol in the sector.
According to Fira, its smart contracts have been subjected to six separate security audits performed by Sherlock, Spearbit via Cantina, Hexens and yAudit throughout the period between November 2025 and early 2026.
Through its partnership with Sherlock, Fira's bug bounty initiative provides rewards of up to $500,000 for participants who discover critical security vulnerabilities in the protocol's open-source smart contracts deployed on Ethereum.