Unchained charges 14%–15% APR with a 2% origination fee using collaborative multisig (2-of-3). 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 2026-05-14
Firefish advertises a lower headline rate at ≈7%–13% (P2P) compared to Unchained's 14%–15%. On a $1M loan held for 12 months, Firefish saves $36,000 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 | Unchained APR | Firefish APR | Unchained Total Year-1 Cost | Firefish Total Year-1 Cost | Savings |
|---|---|---|---|---|---|
| $250,000 | 14% | 10.9% | $40,000 | $31,000 | $9,000 with Firefish |
| $500,000 | 14% | 10.9% | $80,000 | $62,000 | $18,000 with Firefish |
| $1M | 14% | 10.9% | $160,000 | $124,000 | $36,000 with Firefish |
| $5M | 14% | 10.9% | $800,000 | $620,000 | $180,000 with Firefish |
Total year-1 cost includes annualized interest plus origination fees. Unchained: 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 2026-05-14.
Unchained and Firefish take fundamentally different approaches to collateral custody. Unchained uses Collaborative multisig (2-of-3). 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.
Unchained triggers margin calls at 67% LTV and liquidates at 83% LTV. Firefish triggers margin calls at 73% LTV and liquidates at 95% LTV. Unchained gives borrowers 24 hours to respond to a margin call. Firefish uses threshold-based triggers without a fixed response window.
| Threshold | Unchained | Firefish |
|---|---|---|
| Max Starting LTV | 50% | 50% |
| Margin Call | 67% LTV | 73% LTV |
| Margin Call Window | 24 hours | Threshold-based |
| Liquidation | 83% LTV | 95% LTV |
Unchained: 33.0 percentage point buffer between starting LTV (50%) and liquidation (83%). Firefish: 45.0 percentage point buffer between starting LTV (50%) and liquidation (95%). Firefish provides a wider safety margin.
Choosing between Unchained and Firefish requires evaluating total cost, custody risk, and which platform aligns with your borrowing profile. Unchained uses collaborative multisig (2-of-3) with 14%–15% APR, while Firefish uses non-custodial escrow (3-of-3 pre-signed transactions) with ≈7%–13% (P2P) APR.
On a $500,000 loan, Firefish costs $62,000 in the first year versus $80,000 at Unchained, a difference of $18,000. Part of Unchained's higher cost comes from its 2% origination fee, which adds $10,000 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. Unchained uses collaborative multisig (2-of-3). In a platform insolvency scenario, Firefish borrowers' collateral is protected by the multisig architecture, while Unchained borrowers may face creditor claims.
Unchained is the better fit for borrowers who are borrowing $150,000 or more and want collaborative key control. Firefish is the better fit for borrowers who need smaller loans or more flexible access.
Key details to be aware of: Unchained: Commercial/institutional borrowers only since Jan 2024 — no consumer loans. Uses CTP ratio (inverse of LTV). 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, Unchained costs $80,000 (14% APR + 2% origination fee) while Firefish costs $62,000 (10.9% APR + 1.5% origination fee). That is a $18,000 difference in the first year.
Unchained uses collaborative multisig (2-of-3). 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.
Unchained's minimum loan is $150,000. Firefish's minimum is $1,000. Firefish is more accessible for smaller borrowers.
Unchained issues a margin call at 67% LTV with a 24-hour response window and liquidates at 83% LTV. Firefish issues a margin call at 73% LTV (threshold-based, no fixed window) and liquidates at 95% LTV. Starting from a 50% LTV, Unchained provides a 33-point buffer before liquidation, while Firefish provides a 45-point buffer.
It depends on your priorities. Unchained (14%–15% APR, collaborative multisig (2-of-3), min $150,000) is better for borrowers who value collaborative multisig (2-of-3) and have larger borrowing needs. 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.