fluid00
$FLUID
MCAP128.62M
+4.22%

what's fluid?

Fluid is a DeFi protocol on the Ethereum ecosystem that unifies DEX trading and lending through a single liquidity layer, enabling seamless capital efficiency and innovative features like smart debt and collateral management. Launched by Instadapp, it redefines on-chain finance by integrating modules for borrowing, lending, and swapping without fragmented liquidity. Key features include high-leverage trading pairs up to 150x, a native FLUID token that has seen over 550% gains in the past year, and substantial trading volume exceeding $28B in September, ranking it among top DEXes. The protocol recently introduced a token buyback program allocating 100% of Ethereum mainnet revenue—approximately $1.7M monthly—via a new Fluid Reserve system, and secured investment from Nasdaq-listed StableXTech, marking the first DeFi token investment by a public company. Despite competitive pressures including coordinated criticism from rivals on team competence and code quality, Fluid continues to grow its TVL and market position.

Snapshot

Fluid gained top sUSDai APR on Base, saw 138% whale transaction increase, but lost USDai DEX liquidity.

contract

ethereum

polygon-pos

4D ago
ONCHAIN METRICS

Achieved top position for sUSDai on Base with 13.7% APR using 4 loops.

6D ago
WHALE ACTIVITY

Experienced a 138% week-over-week increase in whale transactions ($100K or more) as of April 7, 2026.

MARKET ACTIVITY

Lost primary DEX liquidity position for USDai to MAV Protocol over a one-month period.

1W ago
ONCHAIN METRICS

Reached $803,870,000 in borrowed amounts over the last 30 days, ranking 7th among DeFi lending protocols.

ONCHAIN METRICSOfficial

Processes up to 93% of Ethena's sUSDe/USDT trading volume through its DEX pool.

2W ago
VISIBILITY EVENTOfficial

Will be represented at an event in Bangkok on 2026-03-28 alongside Venus Flux, with a team member speaking on stage.

3W ago
ONCHAIN METRICS

Generated $1.76B in borrow interest during 2025 alongside Aave, Morpho, Spark, and Maple.

FINANCIAL EVENTOfficial

Multiple investors expressed interest in purchasing FLUID from the treasury to provide additional funds if required.

RISK ALERTOfficial

Exploited Resolv Labs' USR March 22nd via AWS KMS breach, minting 80M unbacked USR by March 24th, causing $334M outflows and $23.85M ETH extracted. Core team, Morpho, Lista DAO repaid $70M USR-related debt on BNB and Plasma, secured 100% bad debt loans, and reduced market size 10%.

PARTNERSHIP

Integrated with ENS DAO treasury management via Zodiac Roles Modifier, enabling FLUID trading via CoWSwap and Fluid reward claims as whitelisted DeFi actions in ENS's 8th endowment permissions update alongside Aave GHO.

ONCHAIN METRICS

USDC supply rate on Ethereum reached 3.56%

ONCHAIN METRICSOfficial

Routes 100% of sUSDai volume, 87% of syrupUSDC volume, and 68% of reUSD volume through its infrastructure.

VISIBILITY EVENTOfficial

Presented at Stable Summit (March 27-28) and EthCC Main Stage (March 30) in Cannes, 2026, with COO discussing liquidity layer for stablecoin economy.

PARTNERSHIPOfficial

Launched reUSD from re protocol in March 2026, integrating reUSD and reUSDe for RWA lending and borrowing with 95% LTV and 0.1% liquidation penalty; TVL rose 40%.

1M ago
PARTNERSHIP

Integrated into Summer Finance's ETH higher risk vault as one of the lending markets where WETH is allocated through their DAO risk-managed framework.

VISIBILITY EVENTOfficial

Presented at ETHMumbai conference, with a talk covering the project's architecture and market positioning across DEX, lending, and stable swap markets.

ONCHAIN METRICS

Launched USD vault yields 11% fixed rate, runs looped strategies on sUSDe, syrupUSDC, sUSDai, and syrupUSDT on Aave with 4x leverage across Ethereum, Plasma, and Arbitrum.

FINANCIAL EVENTOfficial

Offers $300K Plasma incentives for supplying GHO on Fluid, from 2026-03-12 to 2026-04-09.

ONCHAIN METRICSOfficial

Maintains a loan-to-deposit ratio of 40-50%, the highest among major lending protocols tracked by Blockworks.

ONCHAIN METRICSOfficial

Reached 12,136 active financial agents, ranks second by MAUs, and forecasts top 3 ranking by March 2026.

ONCHAIN METRICS

ETH Lite vault holds 75,000 ETH in TVL

ONCHAIN METRICS

Yields EURC at approximately 2.9% on the Base deployment.

ONCHAIN METRICSOfficial

Maintains $0 bad debt across all operations for 2 years on mainnet.

VISIBILITY EVENT

Used by a Giza Agent for USDC yield optimization over a week-long period alongside other DeFi markets.

ONCHAIN METRICS

Achieved 86x return on every ARB deployed during the Arbitrum DRIP Campaign, representing the highest Arbitrum market share gain of any protocol across 6 lending protocols competing over 12 epochs with $4M in ARB incentives.

UNCATEGORIZEDOfficial

Allows debt positions to function as LP positions, earning trading fees while borrowing, with liquidation penalties 50-100x less expensive than Aave and 39x leverage on stablecoin LPs.

ONCHAIN METRICSOfficial

Reached $200B+ cumulative DEX volume in 16 months.

TECH EVENT

DEX V2 upgrade scheduled for March 16, 2026, on Ethereum.

ONCHAIN METRICS

Achieved $21.5K in single-day DEX revenue, marking the highest daily revenue to date.

TECH EVENTOfficial

Deploys on Arbitrum, Base, Solana, BNB Chain (Venus Flux), and Plasma on another chain.

ONCHAIN METRICS

Jupiter Lend reached approximately 35% market share within 6 months and surpassed $6B in total flash loans.

MARKET ACTIVITY

New cross-chain routes for FLUID token established via InterportFi.

UNCATEGORIZED

A proposal is live to establish the Fluid Foundation.

TOKEN ECONOMICS

Deployed approximately $4.18M USD to buyback FLUID tokens, with the Fluid Reserve now holding approximately 1.08% of total supply and 1.39% of circulating supply.

VISIBILITY EVENT

Representatives attending a networking session in Dubai on March 1st, 2026.

TEAM UPDATE

DeFi_Made_Here transitions from previous role to director role at Fluid Foundation.

FINANCIAL EVENT

Proposes $250,000 monthly operational budget as a DAO grant to Fluid Foundation, covering security, risk management, and business development.

TECH EVENT

Develops insurance protocol to absorb losses following DEX v2 launch, and implements a dual oracle system switching market and NAV-based prices for borrowing/withdrawing and liquidations.

TEAM UPDATE

Established Fluid Foundation as a Cayman non-profit legal entity, transferring protocol IP, UI, smart contract code, brand, and trademarks, with token holders having ultimate authority, and proposed full DAO ownership and separation between Foundation and DAO.

ONCHAIN METRICS

Generated $4.9M in fees over the past 30 days, representing a 2.8% increase.

ONCHAIN METRICSOfficial

Ranks as 2nd largest DEX on Ethereum by volume, behind Uniswap, as of March 2026.

ONCHAIN METRICS

Earns more revenue per dollar of market size than any other lending protocol.

PARTNERSHIP

Participated in enabling the second IPO powered by USDai's DeFi credit facility, collaborating with Pendle, m0, Curve Finance, and K3 Capital to facilitate onchain capital formation for emerging neoclouds.

TEAM UPDATE

Hired AI Lauki Antonson as Agent Co-Founder, responsible for operations, business development, growth initiatives, governance, communications, coordination, customer management, and financial tasks.

ONCHAIN METRICS

Offers up to 15% APY on USDC deposits via stablecoin leverage strategies across Pendle, reUSD, USDe, alongside leveraged yield options at 25-33% APY and 9 USD-based strategies above 10% APR, integrating with re protocol.

TECH EVENTOfficial

Launched Lite USD Vault across Ethereum, Arbitrum, and Plasma networks, reaching $35M in deposits within 24 hours, enabling borrowing USDT and USDC.

2M ago
TECH EVENTOfficial

Launched DEX v2 on Ethereum March 13, 2026 (Sherlock audited, $200K USDC rewards), seeing 65% TVL increase over 7 days. Readies upcoming launch of "DEX Liquidity-as-a-service" product for stablecoin issuers to deploy and scale, charging a fee.

TECH EVENT

Enabled flashloans on Solana deployment as a free source for the ecosystem.

ONCHAIN METRICS

Offers 4.5% APY on USDT deposits, including 1.5% in incentives.

VISIBILITY EVENT

Participates in The 50 Partners Onchain Day 2026 conference in Paris with COO presenting alongside other ecosystem partners.

VISIBILITY EVENT

Hosting an event with Chainlink, GMX, Dune, and others in Hong Kong on 2026-02-12 during Consensus HK conference to discuss finance and tokenization.

ONCHAIN METRICS

Experienced approximately 20 simultaneous user liquidations in the ETH-USDC vault on Ethereum, with position sizes ranging from under $1 to $250,000.

FINANCIAL EVENT

Running a mascot contest with $1,000 in total prizes, ending approximately February 3rd, 2026.

PARTNERSHIP

Integrates with Polynomial to enable yield markets where staked liquidity earns yield automatically when idle, launching on February 4, 2026.

ONCHAIN METRICS

USDC-ETH liquidity pool on Ethereum has $17.23M TVL with 33.12% current APY.

3M ago
OPINION SPECULATION

Described as "10x better than Uniswap" in a subjective comparison of DeFi protocols.

VISIBILITY EVENT

Nominated for Defi Excellence Award by therollupco, with winner to be announced on 2025-12-30.

FINANCIAL EVENT

Distributed 2,247 FLUID tokens via airdrop to liquidity providers in fluid fGHO (Ethereum) and fluid fUSDT0 (Plasma) pools through Penpiexyz_io platform.

PARTNERSHIP

Integrated Rivalz AI's MOZAI agent system for AI agent transactions on Base, with the first lend/borrow transaction completed.

TVL sits at $1.69B with $1.556B borrowed and cumulative fees exceeding $70.7M, with annualized fees around $79.7M across Ethereum and Plasma chains.

4M ago

Jupiter Lend exits beta, becomes open source, achieving $1B total supply in 8 days. Jupiter launches JupUSD stablecoin next week in collaboration with Ethena, acquired Rainfi, and integrates with Jupiter.

Strata launches smart lending pools on the platform. Extra rewards in sGHO and FLUID are distributed to historical holders of Aave GHO Pendle LP on Stake DAO.

Announces Venus X, an upcoming money market and DEX on BNB Chain, built in partnership with Venus.

Reaches $100B in cumulative volume, claimed as the fastest DEX in history to achieve this milestone. $FLUID token is up 553.03% year-over-year, described as the best-performing token in the Ethereum ecosystem.

Official

Reaches $100B cumulative volume, ranks #2 DEX on Ethereum by volume, Top 3 Lending Market, #1 for stablecoin swaps and sUSDai. Expands to Venus Protocol on BNB Chain and Fluid DEX v2; unaffected by Venus Protocol incident, funds safe in Venus Flux.

Crypto trader with hundreds of wallets abandoned platform, moved all EVM funds, citing "intellectually dishonest" team amid rehypothecation controversy, as deposits declined $2.4B since October 2025.

Jupiter Exchange faces Solana community scrutiny after Fluid co-founder confirms Jupiter Lend vaults use rehypothecation, contradicting earlier "no cross-contagion" claims. Jupiter has not yet responded to requests for clarification.

Implements token buybacks, reaches $5B TVL, $15M+ revenue, and $5.1B total market size. Listed on Bitvavo exchange, launches syrupUSDC vaults with Maple Finance on Base. Ranks Top 2 DEX by daily volume on Ethereum and #1 in stablecoin swaps. DEX v2 in development.

Perps trading feature is being publicly teased, advancing beyond the internal development completion stage reported in late November.

Partnered with Venus Protocol to launch Venus Flux on BNB Chain on February 26, 2026, with $1M incentives. Venus Flux TVL reached $280M.

Partnered with Venus for BNB Chain expansion to bring $2B new TVL. Existing Jupiter Lend joint venture on Solana reached $1.3B TVL, representing 50% of Kamino's TVL.

Reached $2.12B in active loans, ranking Top 3. Ranks Top 2 lending platform by Monthly Active Users with 124,000 monthly users. Token gained 20.18% in 24 hours on December 3rd.

Almanak's institutional-grade alUSD vault allocates liquidity to Fluid as part of its multi-protocol deployment strategy, alongside Euler V2, Aave V3, Compound, Morpho Blue Vaults, and Yearn v3.

DEX V3 with perpetuals functionality has been achieved internally.

Refinancing is now live on Solana via Jupiter Lend, enabling one-click liquidity transfers for lending and borrowing.

Fluid DEX V2 goes live on mainnet.

Launches refinancing feature on Solana with 1-click liquidity transfer to Jupiter Lend.

Fluid Lite (ETH) achieves 7.67% yield, ranking 3rd highest among major DeFi lending pools with more than $200M TVL.

Completes 7 security audits within 3 months and announces upcoming open source release, maintaining a track record of no security vulnerabilities or bad debt across its lending market operations.

Expansion to Jupiter Lend (jup_lend) completed 7 security audits in less than 3 months, with open source code release planned soon.

Joint venture with Jupiter results in the largest lending protocol on Solana, built within 3 months.

Becomes the most liquid venue on Solana to borrow USDC in less than 3 months and releases an important feature on Thursday.

Featured at Bankless Summit with public recognition from Dankrad as an example of Ethereum's high-TVL DeFi projects. (Tweet ID: 1993448426827375074)

TVL reaches $3B across multiple L1s and L2s, with current market cap at $240M. (Tweet ID: 1993390492265201911)

Coinbase announces spot trading for FLUID token launching November 25, 2025, with FLUID-USD trading pair opening at or after 9 AM PT subject to liquidity conditions.

Active users reach 151,000 this month.

Wintermute buys $500k+ worth of tokens onchain as market maker loan expiry nears, causing +50% price spike in last hour.

A strategic investment into the project is announced. (Tweet ID: 1992024529754104031)

DEX v2 deployed on Ethereum mainnet with aggregator integrations in process and public liquidity provision opening early December. Protocol features built-in rate limits allowing maximum 10% of TVL withdrawals per day.

Superform launches on Polygon with Fluid integration, enabling cross-chain deposits and yield opportunities alongside Aave, Morpho, and Yearn. Team presents DEX v2 alpha at EFDevcon.

cbBTC collateral on the platform earns high APRs.

Fluid DEX v2 will power volatile pairs at scale, expanding beyond the platform's current stablecoin trading backbone.

Launched $usdai and sUSDai tokens on Base with AerodromeFi, ExtraFi, and Spectra Finance. Launched sUSDai vaults on Base, Arbitrum, and Plasma, including sUSDai/USDC, sUSDai/USDT, sUSDai–USDC/USDC–USDT, and sUSDai–USDT/USDT–USDC, offering up to 45% stable APR and up to 38% APY on sUSDai/USDC loop positions.

Protocol has over $400M in total value across its platform according to ecosystem analysis.

A $50M USDC to USDT trade on KyberNetwork routes $28M through the smart debt pool, with the entire trade allowing users to earn on their debt.

A third-party Plasma vault managed by Edge Capital Management opens for deposits, sourcing yields from Fluid and Aave with approximately 16% expected APY over the next 30 days. The protocol participates in Stable Summit panel alongside S&P Global and Polygon, discussing low-risk DeFi and lending-market risk.

USDC on the platform currently yields 7%.

syrupUSDT cap on Aave's instance on Plasma increases to $300M and fills within minutes. Monthly revenue reaches all-time high of $2.16M in October.

5M ago

Scheduled to share DEX v2 alpha at DeFi Today event during EFDevcon on November 21st at 2:30pm.

DEX v2 adds cross-collateralization between LP positions and single asset collateral (such as ETH-USDT range orders combined with gold and BTC collateral).