When you hold a fixed-rate position on Fira, maturity is the moment your return is fully realized. Here's exactly what to expect.
At maturity
Your BT (Bond Token) settles automatically at approximately $1 per token — the face value of the underlying asset. You simply claim your capital plus the accrued return.
If you deposited 1,000 USDC and received 1,052 BT, at maturity you get back 1,052 USDC. The ~52 USDC difference is your fixed return — the exact rate you saw when you entered.
No action is required mid-position. You hold BT in your wallet, wait for maturity, then redeem.
Before maturity: selling early
You don't have to wait until maturity. You can sell your BT at any point on the market AMM — the exchange where BT and the underlying asset trade against each other.
The price you get depends on where rates stand at the time of your exit, not at your entry. BT prices move inversely with implied rates:
Rates dropped since you entered → BT worth more → you exit with a gain above your original fixed rate.
Rates rose since you entered → BT worth less → you may exit at a loss relative to your original rate.
This is the same mechanic as bonds in traditional finance. The face value is fixed; the market price isn't.
Scenario breakdown
Scenario | What happens | Your return |
Hold to maturity | BT settles at ~$1, you redeem 1:1 | Exactly the rate locked at entry |
Exit early — rates dropped | BT trades above your entry price on the AMM | Better than your original fixed rate |
Exit early — rates rose | BT trades below your entry price on the AMM | Less than expected, possible loss |
The rate is "fixed" only if you hold to maturity. Exiting early means you're selling at the current market price of BT, which reflects prevailing rates — not the rate you originally locked in.
What you need to do
If holding to maturity: nothing until expiry. Then connect your wallet and redeem.
If exiting early: go to the market page, sell your BT on the AMM, and receive the underlying asset in return.