Fira Review 2026: Fixed-Rate Onchain Lending Explained

Fira is a lending and borrowing protocol that specializes in permissionless fixed-rate markets onchain. Its tagline is "Lock rates. Sell yield. Exit anytime." DefiLlama categorizes it under Lending and shows it on Ethereum, with about $14M in TVL.

The protocol was listed on DefiLlama in late January 2026, and TVL rose about 34% over the past week. It has no token according to DefiLlama, and two audits are listed.

The homepage offers two vault types. Fixed Vaults lock a rate until maturity, with terms of 30 to 120 days, and Variable Vaults pay a floating yield with no lockup. Both are shown with a 5.8% average APR.

Most onchain lending pools use floating rates that move with how much of the pool is borrowed. Fira's pitch is that this makes borrowing costs unpredictable and yield a moving target. It builds markets with defined maturities so both sides know the rate in advance.

In a Fixed Vault, a lender locks a rate until maturity, and a borrower pays a cost known at the start. Fira says these markets are powered by coupon tokens, and that liquidity providers can use Flex Mode to support the rate market without taking a maturity lockup. Variable Vaults work like a conventional pool, where supplied assets earn a floating yield with no lockup.

Because the borrowing cost is fixed, users can run strategies such as cash-and-carry, where they borrow at a fixed rate and deploy into a higher-yielding source. The spread is locked at entry, though risks from the yield source and collateral remain.

Fira's homepage does not publish a fee schedule available. It shows an average APR of 5.8% on both vault types, but that is a rate, not a fee.

Users should check the app and the documentation for protocol fees, any early-exit costs and borrow rates before committing funds. Ethereum gas costs apply to every transaction on top of any protocol charges.

DefiLlama lists two audits for Fira, but the project does not name the auditors or summarize their findings. Readers should find the reports through the official documentation and check the scope. No incidents or exploits appear.

Like any DeFi lending protocol, Fira carries smart-contract risk, oracle and collateral risk for borrowers, and the risk that a yield source used in a strategy loses value. Funds sit in smart contracts rather than with a custodian, so users keep control of their wallets but also bear the risk of mistakes. The project does not state any regulatory status.

The protocol has only been tracked since January 2026, so it has little history through volatile markets. A small initial position is a sensible way to learn the mechanics.

Fira is for experienced DeFi users, treasuries and strategy builders who care about rate certainty and understand collateral and smart-contract risk. Casual users who just want a simple variable-rate deposit may find the fixed-rate and coupon-token model more complex than they need.