Fira Debuts Fixed Rate DeFi Lending Protocol With $450M in Deposits
Ethereum-based decentralized finance (deFi) lending protocol Fira raised about $450 million in deposits on Tuesday, highlighting demand for fixed-rate onchain loans.
Fira will allow the protocol's fixed-rate credit market users to lock in loan costs and loan repayments for specific periods of time by organizing loans instead of creating floating usage-based rates, according to an announcement to Cointelegraph.
The fixed rate model differs from most DeFi lending protocols, where borrowers cannot lock in funding, and lenders cannot predict returns, making long-term DeFi lending unpredictable. Fira's says the model organizes markets by maturity and determines interest rates through the mechanics of supply and demand, replacing usage algorithms with credit activity.
Fira said the design is intended to create a more predictable onchain credit market by introducing yield curves and defined maturities, standardized in traditional fixed income markets but rare in DeFi.
Fira is not the first DeFi lending protocol built around fixed-rate credit. Other protocols with a similar structure include Notional Finance, IPOR and Term Finance.
Euler's associated fluid migrated to Fira
Fira said it “reallocated” $450 million in deposits from users of its modular lending platform in a pre-launch phase that began on January 8, Fira Chief Financial Officer Pete Siegel told Cointelegraph.
“Fira pre-launched in January. About a thousand users on Uller were launched in the first market, UZR, which allowed users to migrate their assets at a fixed rate.”
Siegel has a deposit that reflects user interest in fixed rate loan products.
DefiLlama currently shows Fira with about $451.6 million locked up on Ethereum, compared to nearly $25.3 billion for Aave, the sector's largest lending protocol.
Related: Maestro Launches Mining-Backed Bitcoin Loan Market for Institutions
Fira said it conducted six independent security audits between November 2025 and early 2026 by Sherlock, Sparbit via Cantina, Hexsons and yAudit.
The Fira bug bounty program through Sherlock offers up to $500,000 in rewards to users who find critical vulnerabilities in the protocol's open-source Ethereum-based smart contracts.
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