Fixed-rate credit comes to DeFi.

Credit without time

DeFi invented onchain credit. Permissionless borrowing and lending. Transparent markets. Instant settlement. In five years, the ecosystem grew from zero to $64 billion in lending deposits.

But it skipped something.

Every loan in DeFi is floating-rate. Rates change every block, every 12 seconds. There are no maturities. No forward visibility. No way to lock a cost or a return over a defined period.

A borrower who opens a position at 4% may face 12% the next day. A lender earning 8% today may earn 2% next week. A treasury that budgets around expected yield has no guarantee those expectations hold for a single hour.

DeFi built spot credit. What it never built is what makes credit work at scale: a time structure.

The $145 trillion reference

Global fixed-income markets exceed $145 trillion in outstanding value. Mortgages. Corporate bonds. Sovereign securities. The backbone of capital allocation runs on two invariants: a fixed rate and a maturity date.

These are not features. They are the foundation. Duration, yield curves, and term structure are the language through which the world prices the cost of money over time.

DeFi lending holds $64 billion, roughly 0.04% of that. The gap is not about yield. DeFi already offers competitive yields. The gap is about time. DeFi credit operates in the present. It has no future dimension.

Until now.

Adding the dimension

Fira introduces fixed-rate lending and borrowing with explicit maturities on Ethereum.

Borrowers lock a funding cost for a defined period. Lenders lock a return. Rates are not set by utilization curves or protocol parameters, they are discovered by the market, through supply and demand, at each maturity.

This is how fixed income works. A price per maturity. A time curve. A structure that allows planning, commitment, and rational pricing of duration.

Fira does not add a product. Fira adds a dimension, the dimension that DeFi credit has been operating without.

What this means

For borrowers: know your cost before you borrow. Select a maturity. Lock a rate. No variable-rate surprises.

For lenders: know your return before you lend. A fixed yield, determined at entry, settled at maturity.

For liquidity providers: an infrastructure role with multiple yield sources, swap fees, lending interest, and rehypothecation yield.

Built on security

Fira's contracts have undergone six independent security audits by four firms: Sherlock, Spearbit (via Cantina), Hexens, and yAudit. A bug bounty program via Sherlock offers up to $500,000 for critical vulnerabilities. All contracts are open-source and verifiable on Ethereum.

Security is not a feature. It is the foundation on which everything else is built.

Day one

Today, Fira launches its first fixed-rate markets on Ethereum. Multiple maturities. Multiple collateral types. Market-discovered rates.

This is the first point on DeFi's yield curve. A starting point, not an endpoint.

Fixed-rate credit is the largest financial market on Earth. DeFi has operated without it for its entire existence. That changes today.

Explore Fira:

• App: app.fira.money

• Documentation: docs.fira.money

• Whitepaper: docs.fira.money/resources/whitepaper