APR6.5-16.5%(Fixed)
Risk score90High
Founded in 2022 and headquartered in Prague, Firefish is a non-custodial, peer-to-peer marketplace that locks bitcoin collateral in on-chain multisig escrow, letting borrowers obtain fiat or stablecoin liquidity while lenders earn yield (no rehypothecation).
Interest rate
Fixed (e.g. 5-15%)
Currency support
EUR, CHF, CZK, USDC
Fees
1.5%
Collateral
BTC
LTV
Up to 50%
Loan type
Consumer
Liquidation LTV
95%
Margin call
80%, 85%, 90%
KYC
Yes
Total loan issued
N/A
Launch year
2024
Loan duration
3-24m
Support
Email
Loan value
€800 - €150,000
Total risk score90High
Collateral
0/10
What are you pledging? Native BTC is safest; wrappers, bridges, or paper IOUs add redemption risk.
Native BTC (on-chain UTXO).
Rehypothecation
0/10
Will your BTC be re-used? More hidden leverage → bigger blow-up chance.
Non-rehypothecable collateral.
Custody
0/10
Who can move the coins? Scores quorum design, recovery paths, and (for CeFi) bankruptcy-remote segregation.
3-of-3 on-chain multisig plus a pre-signed, timelocked tx_recover means the borrower can broadcast that file and unilaterally sweep the funds if Firefish or the oracles go down.
Security & Governance
10/10
How battle-tested are code and ops? Counts audits, bug-bounty, certs, and hardware key isolation.
Borrower keys are generated by closed-source browser code with no public audit, so their quality and secrecy are unverifiable.
Firefish’s in-house Price and Payment oracles each hold a signing key and co-sign almost every PSBT. Notably, the Payment Oracle has unilateral power to mark a default and liquidate the BTC. Because these keys see every transaction and can’t be blinded like DLC oracles, they effectively function as admin cosigners (not independent feeds) and the role can’t be outsourced or given plausible deniability.
Platform
0/10
Is the chain or bridge robust? Rates consensus security and smart-contract attack surface.
Native Bitcoin script.
Oracle
10/10
How is price fetched and signed? Independence, on-chain proofs, refresh speed, circuit breakers.
Besides a Price Oracle, Firefish also has a Payment Oracle. Firefish runs both internally. The Price Oracle claims a nine-exchange feed, but the list isn’t disclosed.
Liquidation Buffer
4/10
How much room and time before liquidation? Combines LTV gap, grace window, and flash-crash guards.
45 pp buffer (50% → 95%); margin calls at 80%, 85%, and 90% with email notifications.
Rate & Term
2/10
Can interest spike mid-loan? Looks at fixed vs variable APR and funding duration match.
Interest is fixed for 3-18 mo.
Transparency
7/10
Can outsiders verify code & solvency? Rewards open-source + live PoR; punishes black boxes.
Each borrower can see their escrow UTXO.
Firefish states, "The App is open source software that can be compiled and run by the Borrower on their own hardware," but since no evidence link is provided, it is still considered closed-source.
Loan Currency
4/10
What asset do you borrow? Native-BTC best; fiat stables graded on reserves, audits, censorship risk.
EUR, CHF, CZK, USDC.
Privacy
7/10
How exposed is your identity? Scores KYC depth, data storage, and breach history.
Full KYC.
History
4/10
Have they proven themselves? Measures years live, audit/OSS footprint, and incident track record.
Launch 2024.
Jurisdiction
2/10
Which legal system backs you? Rates clarity of licensing, creditor rights, and enforcement.
Czech Republic.