Fira

Fira offers fixed-rate lending and borrowing on Ethereum, letting lenders lock a rate, sell the yield, or exit early. It held $10.0 million on Ethereum at the 2026-08-15 survey. The registry rejects it on size. One practice advising 100 households moves $1M to $8M into a venue based on the same research. At this size, that book becomes the exit crush. Size alone decides the judgment, whatever the protocol’s quality. The individual review will not open until Fira clears the size floor. Fixed rates are the kind of disclosed, deterministic yield the registry looks for, so scale is the main thing missing.

Review triggers: events that reopen the verdict
• Independently reproducible supplied TVL sustains at least the retired TVL threshold for 30 days, triggering product-by-product review and reconciliation of reported debt and collateral

Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2026-11-15.

The research file

Mechanism and class applicability

Fira splits yield-bearing assets into Bond Tokens for principal and Coupon Tokens for yield. A lender can buy BT below par and redeem it 1:1 at maturity. Fira also offers floating-rate markets, curated vaults, and AMM liquidity provision. Those distinct products would require separate review at scale. Supplied TVL is now below the shared v1 size floor, so the individual review will not open until Fira clears it.

Current observation and perimeter

The DefiLlama API read on 2026-08-15 reported approximately $10.0M of TVL on Ethereum and separately displayed approximately $435.7M as borrowed. Fira documentation confirms Ethereum mainnet. The registry does not treat the large borrowed series as depositor exit liquidity. Any full review must reconcile it with market-level debt and collateral.

Control, loss and exit applicability

A BT held to maturity can be redeemed at par, but an early exit occurs at the current AMM price. Fixed-market reserves are partly rehypothecated into a variable-rate vault under DAO-set reserve ratios. Fira says the DAO may later delegate parameter management to a curator. Despite a fixed quoted maturity return, lenders still face contract, collateral, oracle, liquidation, AMM-liquidity, reserve, and downstream-vault dependencies.

Why the class rule decides

The shared v1 below-materiality dossier decides the judgment at approximately $10.0M of supplied TVL. It does not approve Fira’s fixed, floating, LP, or curated-vault mechanisms. The individual review will not open until independently reproducible supplied TVL clears the size floor for 30 days. It must then reconcile debt and collateral by market and separately review BT maturity claims, early-exit depth, rehypothecation, governance and curators, audits and incidents, bad debt, and stressed redemption.

Research status

This is a capacity-unproven record for Fira, not a quality rejection or approval. Reported TVL says how big the venue is, not what the client owns, who can change the rules, or how a position exits at a proposed size. The individual review opens when the protocol clears the size floor.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• Fira Docs — current FAQ · primary · accessed 2026-08-15
  Supports: fixed-rate lending identity, Bond and Coupon Tokens, Ethereum deployment, floating-rate markets, audit summary
• Fira Docs — lender guide · primary · accessed 2026-08-15
  Supports: BT purchase and par redemption, early sale, AMM liquidity, floating markets, curated vaults
• Fira Docs — rehypothecation · primary · accessed 2026-08-15
  Supports: reserve allocation, variable-rate vault dependency, DAO parameters, curator delegation, liquidity controls
• DefiLlama — Fira survey record · secondary · accessed 2026-08-15
  Supports: current supplied TVL, current borrowed series, Ethereum-only perimeter, lending category

Inherited controls

The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The layer with the most administrative power sets the position’s effective control; that describes control, not quality or suitability.