Leverage in DeFi has always required assembly. Deposit, borrow, swap, redeposit, repeat. Multiply compresses the entire loop into one transaction.
Leverage in DeFi has always required assembly. Deposit collateral. Borrow. Swap. Redeposit. Borrow again. Each step is a separate transaction, a separate decision, a separate point of failure. The concept is simple. The execution is not.
Multiply changes this. It is now live on Fira, inside UZR.
What Multiply does
Multiply compresses the leverage loop into a single flow.
Without Multiply, scaling a UZR position means repeating a manual cycle: deposit bUSD0, borrow USD0 at 88% LTV, swap USD0 for bUSD0 on secondary markets, redeposit, borrow again. Each iteration increases exposure to the discount-to-par convergence — the mechanism that generates the return.
With Multiply, the same result is achieved in one action. Users deposit collateral, select a leverage level, and execute. The protocol handles the recursive borrowing.
The math stays the same:
At 88% LTV, this reaches approximately 12.3x.
What the user controls
Multiply surfaces a slider. The slider is not decorative. It maps directly to the underlying leverage loop: higher leverage means more borrowing, more collateral, and a higher LTV.
Three variables stay visible as the position scales:
Borrow amount — how much USD0 the protocol borrows on the user's behalf
Resulting LTV — how close the position sits to the 88% ceiling
Health factor — real-time indicator of liquidation proximity
The user sees the trade-off before committing. The position is a deliberate choice, not a technical process.
Concrete example
Starting with 1,000 bUSD0, with bUSD0 trading at ~92.5% of par:
Step | Action | Result |
|---|---|---|
1 | Deposit 1,000 bUSD0 | Collateral: 1,000 bUSD0 |
2 | Borrow at 88% LTV | 880 USD0 borrowed |
3 | Swap USD0 → bUSD0 | ~950 bUSD0 acquired |
4 | Redeposit + borrow | Collateral: 1,950 bUSD0, Debt: 1,716 USD0 |
At maturity, bUSD0 redeems at par. Collateral is worth 1,950 USD0. Debt is 1,716 USD0 plus accrued fees at 0.10% APR. The spread is the return.
With Multiply, these four steps become one action and one slider position.
The Simulator
Alongside Multiply, the UZR Simulator is live at simulator.fira.money. It models a position before entry: how outcomes change across leverage levels, bUSD0 prices, and time to maturity.
The two tools are complementary. The Simulator answers "what if." Multiply answers "execute."
Why it matters
UZR introduced fixed-rate borrowing at 0% base rate against bUSD0, with a fixed 1:1 oracle. The leverage loop — the dominant strategy — was already possible. It just required manual execution.
Multiply removes the friction. Same mechanism. Same risk profile. Fewer transactions, less slippage, clearer visibility.
Multiply is live now inside Fira.
