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Firefish Protocol

Where can I find the protocol documentation and verify the code?​

The complete Firefish protocol documentation and source code are available at https://protocol.firefish.io/. The Firefish source code allows you to verify the build and check it against the website's WASM for transparency and security.

What is Firefish protocol?​

Firefish protocol is a set of rules designed to facilitate a loan contract between Borrower and Investor, and use Bitcoin collateral to secure it. The Bitcoin network is used to enforce such rules.

Check out more details about the Firefish protocol and its security model in the Firefish Protocol section of our Document Hub.

How safe is Firefish protocol?​

The code and logic of the Firefish protocol have undergone a thorough review by the specialized audit company Ackee Blockchain, as well as by a number of Bitcoin experts and developers. The Firefish protocol eliminates the need to trust a centralized custodial lender and brings transparency and security to the entire process.

We invite you to learn more about the protocol, its assumptions and potential risks in the Firefish Protocol section of our Document Hub.

Where is my Bitcoin collateral stored?​

To secure a Firefish loan, Bitcoin collateral is locked through a 3-of-3 multi-signature contract which ensures safety and prevents anyone from accessing it.

The collateral only moves when a set of predefined criteria, such as repayment of a loan, are met.

The escrow address on which the collateral is stored is generated by the Borrower themselves.

What is an Oracle?​

In general, Oracles are systems that connect data from the outside world (off-chain) with the blockchain world (on-chain).

Firefish protocol requires two kinds of off-chain data: the current Bitcoin price (Price Oracle); and confirmation of bank money payment (Payment Oracle).

Oracle services are in the current release provided by Firefish.

Who is the Liquidator?​

There are two modes for the liquidation:

  • Self-Liquidation - Investors act as their own liquidators and receive Bitcoin collateral to their designated liquidation address.
  • Firefish Liquidation - Firefish manages the collateral liquidation process, and investors receive their investment back in bank currency. This mode allows Investors not to worry about handling cryptographic material, such as private keys or about interacting with exchanges.