Fira

Rejected venues wait the longest for re-review; a rejection has to earn another look before the scheduled date.

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 on the same research, and below $100M TVL that book becomes the exit crush. Size alone decides it, whatever the protocol’s quality. Fixed rates are the kind of disclosed, deterministic yield the registry looks for, which makes scale the main thing missing.

Kill criteria: the events that revoke this verdict
• Independently reproducible supplied TVL sustains at least $100M for 30 days, triggering product-by-product review and reconciliation of reported debt and collateral

The research file

Mechanism and class applicability

Fira decomposes 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, while Fira also offers floating-rate markets, curated vaults and AMM liquidity provision. Those distinct products require separate underwriting at scale; current supplied TVL remains governed by the shared v1 materiality floor.

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 large borrowed series is not treated as depositor exit liquidity and must be reconciled to market-level debt and collateral in any full review.

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, and Fira says the DAO may later delegate parameter management to a curator. Lenders therefore retain contract, collateral, oracle, liquidation, AMM-liquidity, reserve and downstream-vault dependencies despite a fixed quoted maturity return.

Why the class rule decides

The shared v1 below-materiality dossier controls at approximately $10.0M of supplied TVL; it does not approve Fira’s fixed, floating, LP or curated-vault mechanisms. Reopen after independently reproducible supplied TVL sustains at least $100M for 30 days, 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.

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 verdict above grades the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The least safe layer sets the position’s grade, and the position table names which one that is.