A bitcoin-backed lending platform that distinguishes marketplace matching from an instant loan offer and provides the technical process for locking collateral.
The terms dated 13.7.2026 distinguish Marketplace loans between users from Instant loans on predefined terms. For Instant they name Firefish Peer Servicing s.r.o. as provider; the platform operator is not itself the lender. Availability is not guaranteed. [Firefish — Terms of Service, 13 July 2026]
The escrow design uses 3-of-3 multisig. The borrower pre-signs closing transactions with B-EPH and then discards that key. They therefore have no fresh signature veto over each later collateral release, nor the ability to withdraw bitcoin at any time. [Firefish — Protocol design and escrow outcomes]
Price Oracle attests prices and Payment Oracle attests payments; documentation says Firefish operates both. Bitcoin itself does not verify a bank transfer. Multisig constrains spending paths but leaves trust in correct oracle decisions and settlement by the liquidator. [Firefish — Protocol design and escrow outcomes] [Firefish — Protocol verification FAQ]
The FAQ gives liquidation at LTV 95% and CHI 0%, even when the threshold is reached briefly. Default settles the amount due and returns the remainder after applicable fees; price liquidation liquidates the entire collateral. The individual loan displays its liquidation price. [Firefish — Collateral and liquidation FAQ]
The FAQ requires principal and interest for the full agreed period in one transfer by maturity. Early repayment requires the lender to be ready and does not automatically shorten interest. Compare platform fees and network or bank costs alongside interest. [Firefish — Repaying loans FAQ] [Firefish — Terms of Service, 13 July 2026]
Preparatory prefund has an alternative path with a relative 7-day timelock. For active escrow with unresponsive oracles, the design describes recovery only one month after maturity. Seven days is therefore no general withdrawal period for a running loan; necessary recovery materials also matter. [Firefish — Protocol design and escrow outcomes]
The Firefish repository publishes Rust and borrower-wasm with instructions for deterministic Nix builds and SHA-256 comparison. This enables checking a specific client module. This editorial review did not perform that build, and code availability alone does not verify the whole application's security. [Firefish — Protocol source and deterministic build instructions] [Firefish — Protocol verification FAQ]
The terms require KYC/AML and distinguish loan denomination from the supported disbursement method. Documentation warns that technical design may differ from operation. Check the agreement, network, maturity and collateral rules before confirmation; changing website terms does not automatically rewrite an older loan. [Firefish — Terms of Service, 13 July 2026] [Firefish — Protocol design and escrow outcomes]
For the clearest picture, read this entry together with Jan „Gorrdy“ Dvořák, Multisig, Collateral, Forced liquidation. The reverse links also lead from Braiins Publishing, Kryptoplebs, Jednadvacet, Jan „Gorrdy“ Dvořák.