Fira

Fira issues Bond Tokens and Coupon Tokens against lending positions, splitting a loan into a principal claim and a yield claim with a defined term, which is yield tokenisation with maturity. Contracts and audits are registered at docs.fira.money. DefiLlama classifies it as Lending (DefiLlama API, 26 Jul 2026). Fira issues Bond Tokens and Coupon Tokens against lending positions, splitting a loan into a principal claim and a yield claim with a defined term, which is yield tokenisation with maturity. Contracts and audits are registered at docs.fira.money. DefiLlama classifies it as Lending (DefiLlama API, 26 Jul 2026). It runs parallel fixed-rate and variable-rate vaults over the same collateral base, letting a depositor choose the rate regime rather than the market. TVL $16,528,618 on Ethereum as of 26 July 2026, with DefiLlama reporting borrowed of $429,656,566 against it, a ratio that should be verified independently before publication because it implies extreme rehypothecation or a DefiLlama accounting artefact (DefiLlama API). Implied fixed APY: fixed vaults averaged 5.8% APR and variable vaults 5.8%, per figures recorded in the DefiLlama entry as of 26 July 2026. Active markets and maturities: `n.a.`

It runs parallel fixed-rate and variable-rate vaults over the same collateral base, letting a depositor choose the rate regime rather than the market.

- Data Quality: DefiLlama reports $429.7m borrowed against $16.5m supplied TVL for Fira, a ratio that implies extreme rehypothecation or an accounting artefact. Verify independently before relying on the borrowed figure.