Bitcoin Lending Comparison
Comparison of Debifi, Firefish, and Hodl Hodl
Ready to unleash your Bitcoin’s potential without kissing your stack goodbye? Meet the rebel trio shaking up crypto loans—Hodl Hodl, Debifi, and Firefish. These P2P platforms let you lock Sats as collateral for fiat or stablecoin loans, powered by Bitcoin’s Layer 1 multisig escrows that keep rehypothecation at bay. No shady re-lending here—just pure, non-custodial magic. Each brings its own flavor of rates, scope, and swagger, so let’s dive into the crypto cauldron!
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| Aspect | Debifi | Firefish | Hodl Hodl (Lend) |
|---|---|---|---|
| Homepage | debifi.com | firefish.io | lend.hodlhodl.com |
| Core Purpose | Non-custodial P2P lending for institutions/individuals; bridges BTC to fiat/stablecoins for wealth preservation and tax efficiency. | Open marketplace for BTC-collateralized loans; enables HODLers to borrow fiat/stablecoins without selling, with predictable yields for lenders. | Anonymous P2P crypto lending; unlocks BTC liquidity for stablecoin/wrapped BTC loans without fiat or KYC, focusing on decentralization. |
| Collateral Mechanism | 3-of-4 multisig escrow on Bitcoin L1 (keys: borrower, lender, Debifi, neutral arbiter). On-chain locking; verifiable via explorers. No pooling/reuse. | Multisig escrow on Bitcoin L1 (5-party: borrower, lender, price/payment oracles, liquidator). Pre-signed recovery transactions for resilience. | 2-of-3 multisig escrow on Bitcoin L1 (keys: borrower, lender, Hodl Hodl). Borrower holds one key; escrow extraction tool for self-recovery. |
| Supported Loans & Currencies | Fiat (USD, EUR, CHF) or stablecoins (USDT, USDC); sizes $10K–$700K+; terms up to 1 year (up to 5 years planned). Instant via partners like Berglinde. | Fiat (EUR, CHF, USD via bank) or stablecoins (USDC instant); sizes from $100K+ for institutions (Prime); terms 3–18 months (up to 5 years for Prime). | Crypto-to-crypto only (USDT, USDC, L-BTC, WBTC); no fiat. Sizes variable per offer; terms up to 12 months. |
| LTV Ratios | Up to 50%; automated margin calls at 75–85% LTV. Over-collateralization (2x) standard. | Up to 50%; 2x collateralization (BTC ≥ 2x loan + interest). Top-ups required to avoid liquidation. | Variable per offer (typically 50–70%); forced liquidation at 90% LTV if no top-up/repayment. |
| Interest Rates (APR) | 9%+ (e.g., 9% via Berglinde); variable, market-driven for institutions. | 4–15% (market-driven; starts at 6% for borrowers, 6–13% for lenders); fixed per loan. | Variable per offer (typically 5–15% for stablecoins; higher for BTC loans); origination fee 1–1.5%. |
| Availability & Geographic Focus | Global (US, UK, Canada, Australia, EU); no KYC for basic, verified for institutions. iOS/Android apps. | Primarily Europe (EU-focused fiat); global via USDC. 10,000+ users; institutional Prime for HNWI/businesses. | Global; fully anonymous, no KYC. Web-based; accessible worldwide without restrictions. |
| Security & No Rehypothecation | Non-custodial; multisig + live LTV monitoring. Audited; partnerships (e.g., Finpeers) for compliance. No incidents. | Non-custodial; 5-party escrow minimizes collusion. Braiins-backed; advanced recovery. No hacks. | Fully non-custodial; multisig + escrow tool. Proven since 2020; no major incidents. Explicitly avoids rehypothecation. |
| Fees | Minimal platform fees; no custody. Focus on low P2P costs. | Low/no platform fees; costs in oracle spreads. Cost-effective vs. TradFi. | Origination 1–1.5%; forced liquidation 5%. No custody fees. |
| Adoption & Volume (Oct 2025) | $20M+ originated; 2x monthly growth post-iOS app; institutional emphasis (e.g., $700K loans). | $100M+ volume; 10,000+ users; 1,000 BTC escrowed. Triple-digit MoM growth. | Established volume (undisclosed, but mature since 2020); popular in P2P circles; active weekly offers on X. |
| Unique Features | – Institutional liquidity pools – Advanced risk tools (margin calls, alerts) – Upcoming credit products – High transparency for lenders |
– Instant USDC loans (15 mins) – Borrower-led custom terms – Firefish Prime for large loans – Free BTC collateral book |
– Escrow extraction for self-recovery – True anonymity – Integrated with Hodl Hodl exchange |
| Risks | – Oracle/liquidation delays in volatility – Institutional focus limits small loans – Regulatory scrutiny (e.g., US) |
– EU-centric fiat delays – 5-party complexity – Volatility top-ups; niche term liquidity |
– Crypto-only (no fiat stability) – Variable offers lead to rate inconsistency – Lower LTV buffers in some deals |
| Pros | – Global fiat flexibility – Competitive institutional rates – Strong growth |
– Fast stablecoin access – Proven volume – HODLer-friendly philosophy |
– Ultimate anonymity – Simple crypto focus – Battle-tested decentralization |
| Cons | – Newer (post-beta 2025) – Higher minimums – Fiat regs |
– Regional fiat focus – APR variability |
– No fiat loans – Potentially higher rates – Less structured for institutions |
Key Differences
- Fiat vs. Crypto Focus: Debifi and Firefish excel in fiat integration (e.g., EUR bank transfers), ideal for real-world liquidity without crypto volatility in repayments. Hodl Hodl is crypto-only (stablecoins/wrapped BTC), reducing fiat risks but limiting to on-chain assets—better for purists avoiding banks.
- Security & Complexity: Hodl Hodl’s 2-of-3 multisig is simplest and most anonymous, but Debifi’s 3-of-4 adds an arbiter for disputes (evolved from Hodl Hodl’s model). Firefish’s 5-party setup (with oracles) enhances decentralization but introduces minor coordination risks.
- User Base & Scale: Firefish leads in volume ($100M+) and users, suiting retail/EU borrowers. Debifi targets institutions with growing adoption. Hodl Hodl, as a veteran platform, has broad global appeal but lower publicized volume, with active weekly offers on X.
- Rates & Flexibility: Hodl Hodl and Firefish offer wider 4–15% ranges (offer-driven), appealing for negotiators. Debifi’s 9%+ is more stable for large deals but less variable.
- Relation to Prior Topics: All three are non-custodial with on-chain multisig, explicitly avoiding rehypothecation—BTC collateral stays locked and unused by platforms, unlike Babylon’s LSTs which enable DeFi leveraging (with oracle risks). Reddit/X users often group them as “too good to be true” for 10–15% APY without keys surrendered, but emphasize volatility management.
Practical Considerations
- For Borrowers: Hodl Hodl for anonymous, quick crypto loans (e.g., borrow USDT against BTC in minutes, no KYC). Firefish for fast EU fiat/stablecoin access (15-min USDC). Debifi for large, global fiat needs (e.g., $100K+ with bank partners).
- For Lenders: Hodl Hodl for simple, anonymous yields (5–15%) on stablecoins. Firefish for fixed returns (6–13%) with BTC security. Debifi for institutional-scale (9%+) with verified borrowers.
- Getting Started: All are KYC-light (Hodl Hodl: none; others optional for fiat). Verify via sites (debifi.com, firefish.io, lend.hodlhodl.com). Use low LTV (20–50%) to buffer BTC volatility. Community feedback on Reddit/X praises their safety but warns of liquidation risks in crashes.
Warning: These exchanges are our own preferred method of Bitcoin lending and borrowing. If you know what you are doing, you can save a lot of money using them. But if you don’t know what you are doing, you’re better off going with one of the trusted custodians, before you stupidly enter a contract you don’t understand.
What? You are still reading and you are ready to make your Sats sing? Ok, then jump in and explore these platforms on your own. You’re a Bitcoiner, after all!
A word to the not-so-wise: these platforms are extremely powerful and very private, but they are also tricky to use at first. Don’t contractually bind yourself to any large contract until you’ve done a few small transactions involving a couple of hundred thousand Sats. (No not Bitcoin, Sats…) We really don’t like using the words, “we told you so…”
If you are still confused after visiting the sites or taking the online tutorials, we’re just a quick consultation away. Don’t be “Sat-wise, Bitcoin-foolish”!