Fira Debuts Fixed-Rate DeFi Lending with $450M TVL

• Fira has officially launched its fixed-rate lending protocol on Ethereum with an initial $450 million in deposits.
• The platform introduces fixed-rate credit markets organized by maturity dates, offering more predictability than standard floating-rate DeFi models.
• The initial capital was reallocated from Euler Finance users during a pre-launch phase that began on January 8.

Establishing Predictable Onchain Credit

Fira aims to transform the decentralized finance landscape by moving away from the volatile, utilization-based interest rates common in the sector. By organizing lending around defined maturities, the protocol allows borrowers to lock in their funding costs and lenders to guarantee their returns for specific periods. According to Pete Siegel, Chief Financial Officer at Fira, this structure is designed to bring features standard in traditional fixed-income markets, such as yield curves, into the DeFi ecosystem.

Market Mechanics and Competition

Unlike most DeFi protocols where rates fluctuate based on real-time borrowing activity, Fira utilizes a model driven by supply and demand mechanics at specific maturity intervals. While Aave remains the dominant force in the lending sector with approximately $25.3 billion in total value locked (TVL), Fira joins a specialized group of fixed-rate providers. Notable competitors in this niche include:

• Notional Finance
• IPOR
• Term Finance

Currently, DefiLlama data tracks Fira’s TVL at roughly $451.6 million, highlighting significant early adoption following its transition from Euler Finance.

Security Framework and Audits

To ensure the integrity of its smart contracts, Fira underwent six independent security audits between November 2025 and early 2026. These reviews were conducted by prominent firms including Sherlock, Hexens, yAudit, and Spearbit via Cantina. To further mitigate risks, the protocol has established a bug bounty program through Sherlock, offering rewards of up to $500,000 for the discovery of critical vulnerabilities in its open-source Ethereum-based code.