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.
Fluid experienced ~20 simultaneous ETH-USDC vault liquidations on Ethereum, from $1 to $250k.
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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.
Representatives attending a networking session in Dubai on March 1st, 2026.
DeFi_Made_Here transitions from previous role to director role at Fluid Foundation.
Proposes $250,000 monthly operational budget as a DAO grant to Fluid Foundation, covering security, risk management, and business development.
Plans to introduce an insurance protocol designed to provide additional protection for lenders following DEX v2 launch.
Established Fluid Foundation as a Cayman non-profit legal entity for AML, KYC, banking, and regulatory, transferring protocol IP, UI, smart contract code, brand, and trademarks, with token holders having ultimate authority for DAO-owned structure.
Generated $4.9M in fees over the past 30 days, representing a 2.8% increase.
Ranks as 2nd largest DEX on Ethereum by market size.
Earns more revenue per dollar of market size than any other lending protocol.
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.
Hired AI Lauki Antonson as Agent Co-Founder, responsible for operations, business development, growth initiatives, governance, communications, coordination, customer management, and financial tasks.
Has 9 USD-based strategies on mainnet currently earning above 10% APR, with the highest earning approximately 20% APR.
Launching Lite USD vault February 23, 2026.
DEX v2 Sherlock audit contest ends March 10, 2026, with $200,000 USDC in rewards, planning launch immediately afterward.
Enabled flashloans on Solana deployment as a free source for the ecosystem.
Offers 4.5% APY on USDT deposits, including 1.5% in incentives.
Participates in The 50 Partners Onchain Day 2026 conference in Paris with COO presenting alongside other ecosystem partners.
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.
Experienced approximately 20 simultaneous user liquidations in the ETH-USDC vault on Ethereum, with position sizes ranging from under $1 to $250,000.
Running a mascot contest with $1,000 in total prizes, ending approximately February 3rd, 2026.
Integrates with Polynomial to enable yield markets where staked liquidity earns yield automatically when idle, launching on February 4, 2026.
USDC-ETH liquidity pool on Ethereum has $17.23M TVL with 33.12% current APY.
Described as "10x better than Uniswap" in a subjective comparison of DeFi protocols.
Nominated for Defi Excellence Award by therollupco, with winner to be announced on 2025-12-30.
Distributed 2,247 FLUID tokens via airdrop to liquidity providers in fluid fGHO (Ethereum) and fluid fUSDT0 (Plasma) pools through Penpiexyz_io platform.
Integrated Rivalz AI's MOZAI agent system for AI agent transactions on Base, supporting lending and borrowing operations and USDC deposits.
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.
Jupiter Lend, built in conjunction with Fluid, exits beta and becomes open source, achieving $1B in total supply in 8 days as the fastest growing protocol in Solana history. Jupiter also announces JupUSD stablecoin launching next week in collaboration with Ethena and the acquisition of Rainfi.
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 cumulative volume, ranks #2 DEX on Ethereum by daily/monthly volume and fees, Top 3 Lending Market, and #1 for stablecoin swaps. Expands to Venus Protocol on BNB Chain and Fluid DEX v2 with new primitives.
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.
A crypto trader with hundreds of wallets publicly announces abandoning the platform entirely and moving all EVM funds away, calling the team "intellectually dishonest" amid the ongoing rehypothecation controversy.
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 money market and DEX on BNB Chain, launched February 26, 2026, crossing $100M market size.
Joint venture partnership with Venus announced for BNB Chain expansion, projected to bring $2B new TVL. Existing Jupiter/Fluid joint venture on Solana has 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.
Expansion to Jupiter Lend (jup_lend) completed 7 security audits in less than 3 months, with open source code release planned soon.
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.
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.
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).
The protocol reports $6B+ market size, $2.5B active loans (up from $2.3B), $120B+ cumulative volume, and $15M+ run-rate revenue.
Active loans grow to $2.3B, up from $1.6B reported in Q3 2025, while TVL reaches $5.4B.
Fluid ranks #3 overall in lending protocols and #2 in treasury rankings. TVL grows to $5B+ from Q3's $3.4B, with $500M+ in assets from Maple Finance representing 33% of SyrupUSDC's total liquidity now on the platform.
Fluid vaults integrate with Superform v2 on Arbitrum, allowing users to deposit from any chain into Fluid's products alongside Aave, Morpho, Euler, Yearn, and Curve.
DEX v2 launches in a few days with pools for volatile pairs. The protocol has burned 0.5% of total supply since October.
Fluid ranks #2 by daily trading volume with $1.04B in 24-hour volume.
Q3 2025 metrics show TVL at $3.4B (+88% QoQ), active loans at $1.6B (+99% QoQ), DEX trading volume at $69.2B (+150% QoQ), revenue at $3.5M (+148% QoQ), and monthly active users at 102K (+96% QoQ).
Liquidity on Arbitrum nearly doubled following the DRIP event.
Lista DAO ($1.95B TVL) launches Smart Lending built on Fluid's model, which processes $1B in daily volume.
The protocol generates $10M in annual revenue and has bought back 0.36% of supply since the buyback program began on October 6.
TVL recovers to $6B+ with 170K+ monthly active wallets reported and $120B+ in cumulative trading volume across the protocol's history.
Integration with Kelp protocol goes live, enabling wrsETH liquidity with 15.4k wrsETH supplied to Aave v3 Plasma market.
The protocol manages approximately $5B in user funds (down from $6B) and has never lost user funds over 7 years of operation.
Falls out of top 12 DeFi protocols by TVL rankings, previously ranked #10 three years ago.
$FLUID buybacks are in full swing while monthly active users go parabolic.
Assets from Maple Finance on the platform surpass $500M across all chains, with syrupUSDC and syrupUSDT integrated into lending and borrowing markets.
Selected for Circle's Arc Public Testnet and featured on Ethereum Foundation's Institutional site. DEX celebrates 1-year anniversary with ~$150B cumulative trading volume, ranking #2 on Ethereum by daily/monthly volume, and generating $23M+ in total fees.
DEX v2 launches this month, offering LPs advanced tooling for complex trading strategies including custom payoff structures, pair trading, and delta/gamma hedging.
TVL on Plasma surpasses $1.4 billion with 30% growth during October.
Fluid ranks as the 3rd biggest lending market by active loans.
Platform recognized as one of the top performing lending protocols on Arbitrum alongside MorphoLabs, Euler Finance, and Silo Finance during DRIP-driven market growth funded by Arbitrum DAO.
DeFi Saver integration on Plasma offers >10% ETH APR (potentially 27% with raised cap) plus Points and KING Rewards, enabled by ultra-low ETH borrow rates from XPL incentives.
Fluid enables GHO borrowing on Ethereum with rates as low as 3.3% APR.
Platform celebrates 1-year anniversary achieving $150B+ cumulative trading volume as the fastest DEX to reach $100B on Ethereum, with 170K+ active wallets and #1 ranking in stablecoin swaps.
Fluid rises up the Ethereum DEX leaderboard and challenges Uniswap's position among top decentralized exchanges.
Fluid integrates with DeFi Saver, enabling users to manage positions on Plasma with 1-transaction leverage management options starting today.
Fluid participates as a DEX provider in Arc Ecosystem's public testnet launch, joining other major platforms like Uniswap and Curve in an infrastructure project backed by global financial institutions.
fUSDT0 product offers 11% boosted Pendle APY through Equilibria's vePENDLE boost, with additional WXPL rewards claimable via Merkl.
DEX v2 is positioned as the next major catalyst ahead for the platform. (1983075237920223631)
Fluid onboards @DeFi_Made_Here to the team.
FLUID governance token creates approximately 47 millionaires among its 10.5k total holders, with these addresses holding balances exceeding $1M.
SwissBorg exchange listing enables European trading, syrupUSDC adds collateral functionality, wrsETH launches on Plasma and Kelp DAO, and Chinese community launches via @fluid_cn.
Fluid provides lending functionality for Jupiter's platform, integrated as part of Jupiter's multi-feature crypto application. (1981721861504348325)