Fira
AuditedVerifiedUsual-DAO-owned Ethereum lending protocol whose main market (UZR) lets bUSD0 holders borrow USD0 at a fixed ~0.10% against par-valued collateral until June 2028.
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Score history
This rating is re-checked every month. A point is recorded for every check, so a flat line means we looked and nothing moved. Hover anywhere on the chart to see what moved that month, and by how much.
First published October 2026 at BB · 62/100. Re-checked monthly — the history chart appears after the first re-check.
The Problem
DeFi credit is floating-rate and open-ended, so borrowers cannot lock a cost to a date and lenders cannot lock a return.
The Solution
Fira expresses loans as Morpho-style isolated markets with fixed rates and explicit maturities, using Pendle-style bond tokens; its UZR market gives Usual's bUSD0 holders fixed near-zero USD0 credit until bUSD0 matures.
Why it Matters
A fixed-rate loan is a market whose loan token is a maturity-dated bond, redeemable 1:1 at term; in practice Fira is a captive credit venue for the Usual ecosystem, funded by the Usual DAO.
Protocol Metrics
Related Research
View allFrequently asked questions about Fira
What is Fira?+
Fira is a Lending protocol operating on Ethereum. Usual-DAO-owned Ethereum lending protocol whose main market (UZR) lets bUSD0 holders borrow USD0 at a fixed ~0.10% against par-valued collateral until June 2028.
How does Fira work?+
Fira expresses loans as Morpho-style isolated markets with fixed rates and explicit maturities, using Pendle-style bond tokens; its UZR market gives Usual's bUSD0 holders fixed near-zero USD0 credit until bUSD0 matures.
Is Fira safe?+
DeFi Sentinel rates Fira BB with a safety score of 62/100, indicating elevated risk. The score reflects five risk dimensions: smart contract & technical risk, economic design & market risk, governance & centralization, sustainability & competitive position, and reputation & social trust. Fira has 4 audits on record. DeFi Sentinel's analysis flagged 3 high, 7 medium, 3 low risk alerts across Smart Contract & Technical Risk, Economic Design & Market Risk, Governance & Centralization, Sustainability & Competitive Position and Reputation & Social Trust. As with all DeFi protocols, residual risk remains and users should review the full risk breakdown before depositing.
What is the safety score of Fira?+
Fira has a DeFi Sentinel safety score of 62/100 (rating BB), last updated October 25, 2026. The score is computed across smart contract & technical risk (30%), economic design & market risk (25%), governance & centralization (20%), sustainability & competitive position (15%), and reputation & social trust (10%).
Which chains does Fira support?+
Fira is deployed on Ethereum.
Has Fira been audited?+
Yes. Fira has 4 audit reports on record from firms including Sherlock, Cantina, yAudit. Audit reports and dates are linked under the Resources tab on this page.