Debifi charges 10%–14% (P2P) APR with a 1.5% origination fee using collaborative multisig (3-of-4, borrower holds a key). Firefish charges ≈7%–13% (P2P) APR with a 1.5% origination fee using non-custodial escrow (3-of-3 pre-signed transactions). See the full breakdown of rates, thresholds, and custody risk below.
Rates verified 2026-06-09
Firefish advertises a lower headline rate at ≈7%–13% (P2P) compared to Debifi's 10%–14% (P2P). On a $1M loan held for 12 months, Firefish saves $11,000 in total first-year cost (interest plus origination fees). From a custody perspective, Firefish presents lower counterparty risk with its non-custodial escrow (3-of-3 pre-signed transactions) model.
Total year-1 cost includes both annualized interest and any origination fees charged upfront.
| Loan Size | Debifi APR | Firefish APR | Debifi Total Year-1 Cost | Firefish Total Year-1 Cost | Savings |
|---|---|---|---|---|---|
| $100,000 | 12% | 10.9% | $13,500 | $12,400 | $1,100 with Firefish |
| $250,000 | 12% | 10.9% | $33,750 | $31,000 | $2,750 with Firefish |
| $500,000 | 12% | 10.9% | $67,500 | $62,000 | $5,500 with Firefish |
| $1M | 12% | 10.9% | $135,000 | $124,000 | $11,000 with Firefish |
| $5M | 12% | 10.9% | $675,000 | $620,000 | $55,000 with Firefish |
Total year-1 cost includes annualized interest plus origination fees. Debifi: 1.5% origination fee. Firefish: 1.5% origination fee. Debifi rates are set by the lending marketplace; the table uses a representative recent rate. Firefish rates are set by the lending marketplace; the table uses a representative recent rate. Rates sourced from each lender's public rate pages as of 2026-06-09.
Debifi and Firefish take fundamentally different approaches to collateral custody. Debifi uses Collaborative multisig (3-of-4, borrower holds a key). Multiple key holders must coordinate to move funds, reducing single-point-of-failure risk but still requiring trust in the key coordination process. Firefish uses Non-custodial escrow (3-of-3 pre-signed transactions). Your Bitcoin is locked on the Bitcoin blockchain in a smart contract. Neither Firefish nor any third party can access or move your collateral.
Debifi triggers margin calls at 75% LTV and liquidates at 90% LTV. Firefish triggers margin calls at 73% LTV and liquidates at 95% LTV.
| Threshold | Debifi | Firefish |
|---|---|---|
| Max Starting LTV | 70% | 50% |
| Margin Call | 75% LTV | 73% LTV |
| Margin Call Window | Threshold-based | Threshold-based |
| Liquidation | 90% LTV | 95% LTV |
Debifi: 20.0 percentage point buffer between starting LTV (70%) and liquidation (90%). Firefish: 45.0 percentage point buffer between starting LTV (50%) and liquidation (95%). Firefish provides a wider safety margin.
Choosing between Debifi and Firefish requires evaluating total cost, custody risk, and which platform aligns with your borrowing profile. Debifi uses collaborative multisig (3-of-4, borrower holds a key) with 10%–14% (P2P) APR, while Firefish uses non-custodial escrow (3-of-3 pre-signed transactions) with ≈7%–13% (P2P) APR.
On a $250,000 loan, Firefish costs $31,000 in the first year versus $33,750 at Debifi, a difference of $2,750. Part of Debifi's higher cost comes from its 1.5% origination fee, which adds $3,750 upfront on this loan size.
The custody difference is material. Firefish uses non-custodial escrow (3-of-3 pre-signed transactions), which means your Bitcoin requires multiple key holders to coordinate, reducing single-point-of-failure risk. Debifi uses collaborative multisig (3-of-4, borrower holds a key). In a platform insolvency scenario, Firefish borrowers' collateral is protected by the multisig architecture, while Debifi borrowers may face creditor claims.
Debifi is the better fit for borrowers who need smaller loans or instant access. Firefish is the better fit for borrowers who need smaller loans or more flexible access.
Key details to be aware of: Debifi: P2P marketplace — institutional lenders set rates per offer: typically 10-14% APR (observed range ~9.5-21. Firefish: European P2P marketplace (EUR, CZK, CHF, PLN fiat + USDC) — rates set by investor supply and demand, typically ~7-13% (advertised 'from 5%'). 1.
Firefish is cheaper. On a $500,000 loan held for 12 months, Debifi costs $67,500 (12% APR + 1.5% origination fee) while Firefish costs $62,000 (10.9% APR + 1.5% origination fee). That is a $5,500 difference in the first year.
Debifi uses collaborative multisig (3-of-4, borrower holds a key). Firefish uses non-custodial escrow (3-of-3 pre-signed transactions). Firefish presents lower custody risk because your collateral requires coordination among multiple key holders.
Debifi's minimum loan is $5,000. Firefish's minimum is $1,000. Firefish is more accessible for smaller borrowers.
Debifi issues a margin call at 75% LTV (threshold-based, no fixed window) and liquidates at 90% LTV. Firefish issues a margin call at 73% LTV (threshold-based, no fixed window) and liquidates at 95% LTV. Starting from a 50% LTV, Debifi provides a 40-point buffer before liquidation, while Firefish provides a 45-point buffer.
It depends on your priorities. Debifi (10%–14% (P2P) APR, collaborative multisig (3-of-4, borrower holds a key), min $5,000) is better for borrowers who value collaborative multisig (3-of-4, borrower holds a key) and need smaller loan access. Firefish (≈7%–13% (P2P) APR, non-custodial escrow (3-of-3 pre-signed transactions), min $1,000) is better for borrowers who value non-custodial escrow (3-of-3 pre-signed transactions) and need smaller loan access. Use the rate table and cost comparison above to model your specific scenario.
Lygos offers 10% APR, $0 origination fees, and DLC-secured collateral where rehypothecation is cryptographically impossible.