Firefish

Imagine holding bitcoin, needing money for an expense and not wanting to sell just yet. Firefish offers a secured loan: the bitcoin is locked under agreed rules. Its terms dated 13.10.2026 distinguish Marketplace, where another user lends the funds, from Instant, provided by Firefish Peer Servicing s.r.o. The platform operator itself is not that lender. A particular offer may not always be available. [1]

The collateral moves into escrow, an arrangement with conditions agreed in advance for releasing funds. The documented design uses 3-of-3 multisig: spending requires three signatures. The borrower signs the prepared closing transactions in advance and then discards the temporary B-EPH key. There is no fresh signature to use as a veto later, nor a right to withdraw the bitcoin whenever desired. [2]

The Bitcoin network cannot see whether a bank transfer has arrived. An oracle supplies information from outside it. Price Oracle reports the bitcoin price; Payment Oracle confirms payments. Firefish operates both. Multisig restricts how collateral can move, but does not replace accurate reporting or proper settlement by the liquidator, who handles collateral according to the loan outcome. [2] [6]

As bitcoin falls in price, the same debt has less collateral value behind it. LTV expresses the loan as a share of that value. The FAQ specifies price liquidation at LTV 95% and collateral health indicator CHI 0%. Even briefly reaching the threshold can trigger it; a later price recovery does not undo the trigger. Price liquidation covers the entire collateral, so a return of the surplus cannot be assumed. Default is different: the amount owed and applicable costs are covered, with the remainder returned. Each loan displays its own liquidation price. [3]

A loan costs more than the amount arriving in your account. Repayment includes the principal—the sum borrowed—and interest for the whole agreed term. The FAQ requires a single transfer received by maturity; sending it is not enough. Early repayment does not reduce the interest, though it carries no separate early repayment fee. A Marketplace lender accepts or rejects the request, whereas Instant requests are approved automatically. Include platform and transfer fees when comparing the total cost. [4] [1]

The documentation describes two fallback paths. The preparatory prefund allows recovery after a relative timelock of 7 days. For active escrow with unresponsive oracles, recovery becomes possible one month after maturity. A timelock prevents the network from accepting the transaction earlier. Seven days therefore does not mean you can end a loan at will; you also need the relevant recovery information and transaction. [2]

The borrower software is partly public: Rust code is built into borrower-wasm, a module running in the browser. The Nix build procedure is intended to reproduce the same file and compare its SHA-256 digital fingerprint with the deployed module. A match helps establish that this file corresponds to the source code; it does not prove the code is bug-free or the whole service works correctly. This editorial review did not perform that build. [5] [6]

Before confirming, check the contract, maturity, transfer network and collateral rules; the technical design may differ from actual operation. KYC/AML means identity checks and measures against money laundering. Loans are denominated in conventional currency, but supported cryptocurrencies may be used for disbursement. The new terms also describe PAYMONT payment accounts called a “wallet”; these are distinct from the bitcoin collateral. Older loans retain their previous terms unless the user agrees to settlement through these new accounts. Document versions and the consents given therefore matter. [1] [2]