Markets are under pressure and yield across DeFi is thin. If you’re looking for return driven by structure rather than incentives, this is worth a look.

Fira’s UZR is live with an uncommon setup:

• Near-zero borrow to lever bUSD0 as a PT

• ~22%+ APR currently implied in the simulator

• RWA-backed yield that pulls to par into maturity

There are two ways to approach it.

Passive: buy $bUSD0, post as collateral, borrow $USD0, recycle to increase pull-to-par exposure. The return comes from carry plus cheap leverage.

Active: treat $bUSD0 as a PT. Buy when implied yield is high, exit if yields compress as price moves toward par.

You can test the assumptions directly here:

https://simulator.fira.money/