Fluid revenue update:
→ Up 33% since June
→ $746K in October, a $9.0M annualized run-rate
→ Up 5.3% MoM, highest month since January
More to come as we verticalize the stack. https://t.co/jewKHoQu80
3.9/ 5
Our score
Good
Lending model
Pooled
Chains
EthereumArbitrumBaseOther
Main collateral assets
ETHUSDCGHOBTC+1
Audited
Yes
Governance token
FLUID
What is Fluid?
Fluid is a decentralized lending protocol and automated market maker that unifies borrowing and trading liquidity into a single layer. Rebranded from Instadapp in late 2024, the platform allows deposited collateral and debt to simultaneously function as liquidity for its integrated decentralized exchange, achieving over $860M in total value locked by October 2026.
Team and backing
The protocol was created by co-founders Sowmay Jain (CEO) and Samyak Jain (CTO), who originally founded Instadapp in 2018 and were recognized in Forbes 30 Under 30 Finance & Business in 2022. Business operations are directed by COO Igor. Instadapp raised an initial $2.4 million seed round in 2019 from Pantera Capital, Coinbase Ventures, Naval Ravikant, and Balaji Srinivasan. A $10 million financing round followed in June 2021, led by Standard Crypto with participation from Andre Cronje and LongHash Ventures, bringing total funding to $24.5 million.
How the liquidity layer works
Fluid operates on non-custodial smart contracts across Ethereum, Arbitrum, Base, Polygon, Plasma, and Solana. Fluid Smart Vaults let assets earn lending interest while earning decentralized exchange trading fees from automated market maker pools. The architecture also powers Liquidity-as-a-Service (LaaS), which deploys protocol balance-sheet liquidity into partner trading pools like Jupiter Lend's AMM on Solana. Loans are secured directly against onchain collateral without intermediaries.
Access and operational track record
Fluid requires no identity verification. Anyone with a compatible web3 wallet can interact with the protocol across its supported networks. By mid-October 2026, active loans reached $663M. The protocol contracts are audited, and the team maintains a bug bounty program offering payouts up to $500,000. In March 2026, the team absorbed and repaid $70 million in bad debt following an exploit on Resolv protocol.
Security trade-offs and risks
Using Fluid exposes capital to smart contract and composability vulnerabilities across integrated lending and exchange functions. In May 2026, an attacker compromised two off-chain operational keys used for Merkle reward distribution, draining $215,000 in FLUID and GHO before the keys were revoked. Depositors also face the standard risks of pooled lending markets, such as oracle manipulation, variable borrow rate spikes, and collateral liquidation during rapid asset depegs.
Founders
Sowmay JainChief Executive Officer & Co-Founder
Co-founded Instadapp in 2018 and was recognized in Forbes 30 Under 30 Finance & Business in 2022.
Samyak JainChief Technology Officer & Co-Founder
Co-founded Instadapp in 2018, guides the technical architecture, and was named to Forbes 30 Under 30 in 2022.
Best for:Onchain collateralized borrowingDual-yield liquidity providersNon-KYC multichain lending
Pros and cons
Pros
- Collateral earns both lending yields and DEX trading fees simultaneously
- Over $860M in TVL and $660M in active loans in October 2026
- No KYC verification required to borrow or lend
- Supported by $24.5M in backing from Pantera Capital and Coinbase Ventures
- Bug bounty program offering rewards up to $500,000
Cons
- Compromised off-chain operational keys led to a $215,000 reward pool theft in May 2026
- Incurred $70M in bad debt from the Resolv protocol exploit in March 2026
- Cross-protocol unified liquidity increases smart contract composability risk
- Borrow rates fluctuate dynamically based on pool utilization
Our review
3.9/5
Good
Fluid offers high capital efficiency by unifying lending pools with automated market maker liquidity, though users take on exposure to off-chain infrastructure vulnerabilities and protocol bad debt events.
Fluid, rebranded from Instadapp in late 2024, operates as a unified liquidity layer combining lending, borrowing vaults, and an automated market maker. Founded by Sowmay Jain and Samyak Jain, the team raised $24.5 million from investors including Pantera Capital, Coinbase Ventures, and Standard Crypto. By October 2026, the protocol held over $868M in total value locked across networks such as Ethereum, Arbitrum, Base, Polygon, Plasma, and Solana, supporting over $663M in active loans.
Rather than keeping deposits isolated, Fluid allows collateral and debt positions to function simultaneously as decentralized exchange liquidity pools. On Arbitrum alone, deposits reached $240M with $107M in active borrowing and $23.7B in cumulative trading volume by mid-October 2026. Liquidity providers and borrowers earn automated market maker fees alongside underlying lending yields, supported by a bug bounty offering rewards up to $500,000.
However, users face notable operational and smart contract trade-offs:
- In March 2026, the platform had to absorb and repay $70 million in bad debt following an exploit on Resolv protocol.
- In May 2026, an attacker compromised two operational keys tied to off-chain Merkle reward infrastructure, resulting in the theft of 125,000 FLUID and 51,900 GHO ($215,000).
- The complex interaction between lending collateral and automated market makers introduces overlapping liquidation and oracle risks compared to isolated lending pools.
Fluid is designed for onchain collateralized borrowing and dual-yield liquidity provision across multiple chains.
Specs
| KYC required ⓘ | No · unverified |
|---|---|
| Lending model | Pooled · unverified |
| Chains | Ethereum, Arbitrum, Base, Other |
| Main collateral assets | ETH, USDC, GHO, BTC, USDGO · unverified |
| Audited | Yes |
| Bug bounty | Yes · unverified |
| Governance token | FLUID |
| Real-world-asset collateral | Yes · unverified |
| Rates | Variable · unverified |
Not disclosed by the provider: Flash loans, Permissionless markets, Isolated markets, Own stablecoin.
Data from the provider's website and public sources. Fees and availability change; confirm on the official site before you sign up.
Key features
Unified liquidity layer
Smart vaults allow collateral deposits and outstanding debt to simultaneously act as automated market maker liquidity.
Cross-network deployment
Non-custodial smart contracts operate on Ethereum, Arbitrum, Base, Polygon, Plasma, and Solana.
Liquidity-as-a-Service
Deploys protocol-owned and balance-sheet liquidity into integrated AMM pools for paired stablecoins and assets.
Self-custodial borrowing
Users take out onchain loans directly against supported crypto collateral without KYC requirements.
Bug bounty protection
The protocol runs an active security vulnerability program with payouts up to $500,000.
Inside Fluid
Fluid Lending
The core lending and borrowing protocol operating within Fluid's shared liquidity layer to support asset deposits and collateralized loans.
Fluid DEX
A decentralized automated market maker that directly draws on lending collateral and debt pools for trading liquidity.
Fluid Smart Vaults
Vault architectures that allow deposited collateral to simultaneously generate lending yields and collect DEX trading fees.
Liquidity-as-a-Service (LaaS)
A balance-sheet deployment tool designed to fund DEX liquidity pools for stablecoin issuers and ecosystem partners.
Fluid screenshots
What users say about Fluid
User discussion around Fluid is minimal and primarily neutral or exploratory, with users referencing it as an option for earning yield on stablecoins and managing lending transactions.
Based on 8 Reddit posts and comments from the last 12 months, checked Oct 20, 2026. These are posts by users on other sites, not reviews submitted on CryptoReview.
User reviews
No user reviews yet. Have you used Fluid? Share your experience below.
Funding and investors
$24.5MTotal raised
2Rounds
8Investors
-
Series A Jun 2021 $10MSource
Standard CryptoVenture capital
Lead
AllianceAccelerator
AC Andre CronjeVenture capital
LV LongHash VenturesVenture capital
-
Seed Jan 2019 $2.4MBS Balaji SrinivasanAngel investorSource
Coinbase VenturesExchange ventures arm
NR Naval RavikantAngel investor
Pantera CapitalVenture capital
FAQ
Who founded Fluid?
Fluid was founded by Sowmay Jain and Samyak Jain, who launched its predecessor Instadapp in 2018. The team previously secured backing from Pantera Capital and Coinbase Ventures.
Which networks does Fluid support?
Fluid is deployed on Ethereum, Arbitrum, Base, Polygon, Plasma, and Solana. It also powers lending architecture for Jupiter Lend on Solana.
Does Fluid have a governance token?
Yes, Fluid uses the FLUID governance token.
Is Fluid audited, and has it been exploited?
Fluid contracts are audited and covered by a bug bounty of up to $500,000. In May 2026, an attacker compromised two off-chain keys to steal $215,000 in rewards, and the protocol absorbed $70 million in bad debt in March 2026.
Does Fluid require identity verification?
No, Fluid operates through non-custodial smart contracts and does not require KYC verification. Users interact directly by connecting a supported Web3 wallet.
Latest from Fluid on X
Fluid DEX v2 is live in limited beta 🌊
→ Custom range orders on both Smart Collateral and Smart Debt
→ Hooks, dynamic fees, onchain limit orders, and more
Open to try, with tight limits during beta:
https://t.co/bsC7CRKYvG https://t.co/65NtBpzWLB
→ Custom range orders on both Smart Collateral and Smart Debt
→ Hooks, dynamic fees, onchain limit orders, and more
Open to try, with tight limits during beta:
https://t.co/bsC7CRKYvG https://t.co/65NtBpzWLB
Fluid revenue update:
→ Up 26% since June
→ $709K in September, an $8.5M annualized run-rate
→ Q3 up 19% QoQ
More to come as we verticalize the stack. https://t.co/BDlmeoyOrq
→ Up 26% since June
→ $709K in September, an $8.5M annualized run-rate
→ Q3 up 19% QoQ
More to come as we verticalize the stack. https://t.co/BDlmeoyOrq
Jupiter Lend just hit a record $9.1M in annualized revenue 🌊
Powered by Fluid. https://t.co/8ZmG74Vcyo
Powered by Fluid. https://t.co/8ZmG74Vcyo
Congrats @humafinance on crossing $20B in payment volume 💜
Huma on Fluid: https://t.co/sQ518gjQFo
Huma on Fluid: https://t.co/sQ518gjQFo
Recent public posts from @0xfluid, shown as published. Not reviewed or endorsed by CryptoReview.
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