Ledn charges 9.25%–11.49% APR with a 2% origination fee using custodial (segregated). 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 Ledn's 9.25%–11.49%. On a $1M loan held for 12 months, Ledn saves $4,100 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.
Ledn offers tiered rates that decrease with larger loan amounts, while Firefish charges a flat rate regardless of loan size. Total year-1 cost includes both annualized interest and any origination fees charged upfront.
| Loan Size | Ledn APR | Firefish APR | Ledn Total Year-1 Cost | Firefish Total Year-1 Cost | Savings |
|---|---|---|---|---|---|
| $100,000 | 11.49% | 10.9% | $13,490 | $12,400 | $1,090 with Firefish |
| $250,000 | 10.99% | 10.9% | $32,475 | $31,000 | $1,475 with Firefish |
| $500,000 | 10.19% | 10.9% | $60,950 | $62,000 | $1,050 with Ledn |
| $1M | 9.99% | 10.9% | $119,900 | $124,000 | $4,100 with Ledn |
| $5M | 9.25% | 10.9% | $562,500 | $620,000 | $57,500 with Ledn |
Total year-1 cost includes annualized interest plus origination fees. Ledn: 2% origination fee. Firefish: 1.5% origination fee. 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.
Ledn and Firefish take fundamentally different approaches to collateral custody. Ledn uses Custodial (segregated). Your Bitcoin is held by Ledn and could be at risk in the event of a hack, insolvency, or regulatory action. 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.
Ledn triggers margin calls at 70% LTV and liquidates at 80% LTV. Firefish triggers margin calls at 73% LTV and liquidates at 95% LTV.
| Threshold | Ledn | Firefish |
|---|---|---|
| Max Starting LTV | 50% | 50% |
| Margin Call | 70% LTV | 73% LTV |
| Margin Call Window | Threshold-based | Threshold-based |
| Liquidation | 80% LTV | 95% LTV |
Ledn: 30.0 percentage point buffer between starting LTV (50%) and liquidation (80%). Firefish: 45.0 percentage point buffer between starting LTV (50%) and liquidation (95%). Firefish provides a wider safety margin.
Choosing between Ledn and Firefish requires evaluating total cost, custody risk, and which platform aligns with your borrowing profile. Ledn uses custodial (segregated) with 9.25%–11.49% 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 $32,475 at Ledn, a difference of $1,475. Part of Ledn's higher cost comes from its 2% origination fee, which adds $5,000 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. Ledn uses custodial (segregated). In a platform insolvency scenario, Firefish borrowers' collateral is protected by the multisig architecture, while Ledn borrowers may face creditor claims.
Ledn 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: Ledn: 2% admin fee waived US/Canada. Bitcoin-only and fully custodied (no rehypothecation) since Jul 2025; monthly proof-of-reserves. Firefish: European P2P marketplace (EUR, CZK, CHF, PLN fiat + USDC) — rates set by investor supply and demand, typically ~7-13% (advertised 'from 5%'). 1.
Ledn is cheaper. On a $500,000 loan held for 12 months, Ledn costs $60,950 (10.19% APR + 2% origination fee) while Firefish costs $62,000 (10.9% APR + 1.5% origination fee). That is a $1,050 difference in the first year.
Ledn uses custodial (segregated). 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.
Ledn's minimum loan is $500. Firefish's minimum is $1,000. Ledn is more accessible for smaller borrowers.
Ledn issues a margin call at 70% LTV (threshold-based, no fixed window) and liquidates at 80% LTV. Firefish issues a margin call at 73% LTV (threshold-based, no fixed window) and liquidates at 95% LTV. Starting from a 50% LTV, Ledn provides a 30-point buffer before liquidation, while Firefish provides a 45-point buffer.
It depends on your priorities. Ledn (9.25%–11.49% APR, custodial (segregated), min $500) is better for borrowers who value custodial (segregated) 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.