Silo V3 Brings 'Liquidation 2.0' to the Party as Fira Parks a Cool $450M in Fixed-Rate DeFi

Silo V3 has just dropped a new liquidation engine, promising to turn more of your crypto knick-knacks into acceptable collateral. The upgrade is billed as a backstage pass to exotic collateral types, though the guest list is still, conveniently, a mystery.

Over in the lending sector, Fira has officially opened its doors with a fixed-rate credit market, already stuffed with around $450 million in deposits. The protocol lets degens lock in their borrowing costs and yield farmers lock in their returns for set periods, swapping the usual chaotic, pool-driven rates for a more civilized, supply-and-demand yield curve. Finally, a bit of predictability in the wild west.

Fira's approach shamelessly borrows from TradFi's fixed-income playbook—a concept still about as common in DeFi as a rational Twitter thread—by structuring markets around specific maturities instead of floating rates. It's now elbowing for space at the bar with other fixed-rate pioneers like Notional Finance, IPOR, and Term Finance.

That $450 million treasury didn't just fall from a crypto whale's pocket; it was strategically ported over from Euler Finance users during a pre-launch phase that kicked off on Jan. 8. CFO Pete Siegel noted that the inaugural market, called UZR, allowed roughly a thousand Euler refugees to migrate their assets at a fixed rate, proving there's "real demand" for on-chain credit that doesn't feel like gambling.

Per DeFiLlama, Fira is now boasting a TVL of roughly $451.6 million on Ethereum. It's a mere rounding error next to Aave's $25.3 billion empire, but for a new protocol, it's a seriously fat stack to start building a throne.

On the security front, Fira's code has been through the wringer with six independent audits—courtesy of Sherlock, Spearbit via Cantina, Hexens, and yAudit—spanning from November 2025 to early 2026. The protocol is also running a bug bounty with Sherlock, dangling a juicy $500k prize for anyone who can find a critical flaw. Try to break it, we dare you.

So, the TL;DR: Silo V3 is working on letting you collateralize your meme coin collection, while Fira is making a loud entrance into the fixed-rate lending scene with a massive $450 million war chest and an audit report thicker than a Bitcoin whitepaper.