Ethereum-based DeFi protocol Fira has launched a fixed-rate lending platform with approximately $450 million in deposits, signalling strong early demand for predictable onchain credit.
The protocol allows users to lock borrowing costs and lending returns over set periods, replacing the variable-rate models common across most DeFi lending platforms.
Fira said its model introduces yield curves and maturity-based markets, bringing structures typically found in traditional fixed-income markets into decentralised finance.
The initial deposits were largely migrated from users of Euler Finance during a pre-launch phase, reflecting early adoption among existing DeFi participants.
The platform currently holds around $451 million in total value locked, significantly smaller than market leader Aave, which manages more than $25 billion in assets.
Fira said its smart contracts have undergone six independent security audits and are supported by a bug bounty programme offering up to $500,000 for identifying vulnerabilities.
The launch positions Fira as a new entrant in the fixed-rate DeFi lending space, aiming to address volatility and uncertainty in existing lending models.
At the time of reporting, Ethereum price was $2,161.83.