Lygos charges 10% APR with $0 origination fees using non-custodial (dlc). 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
Lygos offers a lower headline rate at 10% compared to Firefish's ≈7%–13% (P2P). On a $1M loan held for 12 months, Lygos saves $24,000 in total first-year cost (interest plus origination fees).
Total year-1 cost includes both annualized interest and any origination fees charged upfront.
| Loan Size | Lygos APR | Firefish APR | Lygos Total Year-1 Cost | Firefish Total Year-1 Cost | Savings |
|---|---|---|---|---|---|
| $100,000 | 10% | 10.9% | $10,000 | $12,400 | $2,400 with Lygos |
| $250,000 | 10% | 10.9% | $25,000 | $31,000 | $6,000 with Lygos |
| $500,000 | 10% | 10.9% | $50,000 | $62,000 | $12,000 with Lygos |
| $1M | 10% | 10.9% | $100,000 | $124,000 | $24,000 with Lygos |
| $5M | 10% | 10.9% | $500,000 | $620,000 | $120,000 with Lygos |
Total year-1 cost includes annualized interest plus origination fees. Firefish: 1.5% origination fee. Lygos: $0 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.
Both Lygos and Firefish use similar custody approaches: non-custodial (dlc) and non-custodial escrow (3-of-3 pre-signed transactions) respectively. Lygos uses Non-custodial (DLC). Your Bitcoin is locked on the Bitcoin blockchain in a smart contract. Neither Lygos nor any third party can access or move your collateral. 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.
Lygos triggers margin calls at 70% LTV and liquidates at 85% LTV. Firefish triggers margin calls at 73% LTV and liquidates at 95% LTV.
| Threshold | Lygos | Firefish |
|---|---|---|
| Max Starting LTV | 70% | 50% |
| Margin Call | 70% LTV | 73% LTV |
| Margin Call Window | Threshold-based | Threshold-based |
| Liquidation | 85% LTV | 95% LTV |
Lygos: 15.0 percentage point buffer between starting LTV (70%) and liquidation (85%). Firefish: 45.0 percentage point buffer between starting LTV (50%) and liquidation (95%). Firefish provides a wider safety margin.
The choice between Lygos and Firefish comes down to three factors: total cost, custody architecture, and who the platform is designed for. Lygos serves borrowers from $50,000 to $50,000,000 with a single transparent rate and non-custodial DLC security. Firefish serves a broader range starting from $1,000, using non-custodial escrow (3-of-3 pre-signed transactions).
On a $250,000 loan, Lygos costs $25,000 in the first year versus $31,000 at Firefish, a difference of $6,000. Part of Firefish's higher cost comes from its 1.5% origination fee, which adds $3,750 upfront on this loan size. Lygos charges no origination fee, so the only cost is interest.
Both platforms use similar custody approaches. Lygos operates via non-custodial (dlc), and Firefish uses non-custodial escrow (3-of-3 pre-signed transactions). Neither platform rehypothecates borrower collateral.
Lygos is the better fit for borrowers who prioritize non-custodial security, want a single transparent rate, and are borrowing $50,000 or more. Firefish is the better fit for borrowers who need smaller loans or more flexible access.
Key details to be aware of: Firefish: European P2P marketplace (EUR, CZK, CHF, PLN fiat + USDC) — rates set by investor supply and demand, typically ~7-13% (advertised 'from 5%'). 1.
Lygos is cheaper. On a $500,000 loan held for 12 months, Lygos costs $50,000 (10% APR) while Firefish costs $62,000 (10.9% APR + 1.5% origination fee). That is a $12,000 difference in the first year.
Lygos uses non-custodial (dlc). Firefish uses non-custodial escrow (3-of-3 pre-signed transactions). Both platforms present similar custody risk profiles.
Lygos's minimum loan is $50,000. Firefish's minimum is $1,000. Firefish is more accessible for smaller borrowers.
Lygos issues a margin call at 70% LTV (threshold-based, no fixed window) and liquidates at 85% LTV. Firefish issues a margin call at 73% LTV (threshold-based, no fixed window) and liquidates at 95% LTV. Starting from a 50% LTV, Lygos provides a 35-point buffer before liquidation, while Firefish provides a 45-point buffer.
It depends on your priorities. Lygos (10% APR, non-custodial (dlc), min $50,000) is better for borrowers who prioritize non-custodial security and want a flat transparent rate. 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.
See why borrowers choose Lygos over Firefish for Bitcoin-backed liquidity without custody risk.