Fixed-rate lending on Fira means your return is determined when you enter — not influenced by what happens to market rates, protocol utilization, or anything else afterward.
How it works
Fira fixed-rate markets use Bond Tokens (BT) — zero-coupon instruments that trade below face value before maturity and settle at approximately $1 at expiry.
When you lend:
You swap your capital (e.g. USDC) for BT at a discount to face value.
You hold those BT until maturity.
At maturity, each BT redeems 1:1 for the underlying asset (~$1).
The difference between what you paid and what you redeem is your fixed return.
The rate is implied by the discount. If BT trades at $0.95 and matures at $1.00, the implied yield is ~5.3% over that period. You know this number the moment you enter.
Worked example
Say you have 1,000 USDC and choose a 6-month fixed-rate market where BT is currently trading at $0.95.
Step | Detail |
Capital in | 1,000 USDC |
BT price | $0.95 per BT |
BT received | ~1,052 BT |
Capital at maturity | ~1,052 USDC |
Return | ~52 USDC (~5.2% over 6 months) |
Your return of ~52 USDC was fixed the moment you bought those BT. It won't change whether the market rate goes up or down after your entry — as long as you hold to maturity.
Step by step
Connect your wallet to the Fira app.
Browse fixed-rate markets — each shows the asset, maturity date, and current implied rate.
Review the proposed rate before confirming. The rate shown is what you'll earn if you hold to maturity.
Confirm the transaction — your USDC is swapped for BT.
Hold until maturity — at expiry, your BT automatically settles at ~$1 each.
You can also exit before maturity by selling your BT on the market. See Exiting a fixed-rate position early →.
Key takeaways
The rate is fixed only if you hold to maturity. Exiting early means you sell at whatever the market price of BT is at that moment, which may be higher or lower than your entry price.
The return doesn't depend on utilization, protocol fees, or borrower behavior — you're lending to the market as a whole, not to any specific borrower.
BT is a standard ERC-20 token. You hold it in your wallet like any other asset.
Note: Some markets on Fira are DAO-supplied — individual users cannot lend on those. In particular, UZR (Usual Zero Rate) is a market where Usual DAO serves as the sole lender. Fixed-rate lending for individual users is available on V1 fixed-rate markets.