DEX V2 · Smart Debt · Unified Liquidity Layer

Capital Efficiency Redefined. The unified DeFi liquidity layer — formerly Instadapp

Fluid is not just another DEX — it's a unified liquidity protocol where lending, borrowing and trading share the same capital. Smart Debt technology generates $39 in DEX liquidity per $1 TVL — the most capital-efficient exchange ever built.

$1.9B
Total TVL
$24B
DEX Vol (30d)
39×
Liquidity/$TVL
175+
Active Pools
⇄ Swap
↑ Supply
↓ Borrow
You PayBal: 2.4 ETH
≈ $0.00
⟠
ETH ▾
⚡ Smart Collateral enabled
You Receive95% LTV pool
≈ $0.00
💲
USDC ▾
🔗 Smart Debt liquidity
Fluid DEX V2 · Smart Debt AMM · Ethereum Mainnet
$1.9B
Total TVL
↑ 12.4% (30d)
$24B
DEX Vol (30d)
Fastest-growing DEX
39×
Liquidity / $TVL
Smart Debt ratio
95%
Max LTV
0.1% liq. penalty
$1.65
FLUID Price
-8.00% (24h)
// Protocol Architecture

One Liquidity Layer.
Every DeFi Primitive.

Fluid's shared Liquidity Layer lets capital flow freely between lending, borrowing and trading — eliminating fragmentation across isolated protocols.

// Fluid Architecture Stack
Layer 0 · Foundation
Fluid Liquidity Layer
Single smart contract holding all protocol funds. All modules share this capital pool.
↕
⇄
DEX V2
Smart Debt AMM
🏦
Lending
ERC-4626 Vaults
🔒
Vaults
95% LTV · 0.1% liq
💲
Lite Vaults
Stable yield
⚡
Smart Debt
Debt as liquidity
🌐
Multi-chain
ETH · ARB · Base
🔄
Shared Capital Pool
Unlike fragmented DeFi protocols, Fluid's single Liquidity Layer means deposited funds simultaneously earn lending interest AND power DEX trades — no capital sits idle.
2× capital utilization vs isolated protocols
⚡
DEX V2 — Feb 2026
The freshly launched DEX V2 dramatically reduces impermanent loss for LPs through auto-rebalancing ranges and the Smart Debt architecture. Audits completed, now live.
$24B in 30-day trading volume
🌐
Multi-Chain Expansion
Fluid is live on Ethereum, Arbitrum, Base and Polygon — with Jupiter Lend on Solana and Venus Flux on BNB Chain expanding the ecosystem throughout 2026.
5+ chains · $6B+ market size target
// Core Innovation

Smart Debt &
Smart Collateral.

Fluid's two flagship innovations that make it the most capital-efficient DEX and lending protocol in DeFi.

⚡
Smart Debt
When you borrow from Fluid, your debt isn't just a liability — it becomes active DEX liquidity. Borrowed assets are deployed into trading pools, generating swap fees that partially offset your borrowing cost.
39×
DEX liquidity generated per $1 TVL
Debt automatically becomes LP position in relevant pools
Swap fees earned by borrowers offset borrow APY
Protocol achieves massive depth with minimal capital lock-up
No separate LP token — debt position is the LP position
🔗
Smart Collateral
When you supply collateral, it doesn't sit passively waiting for liquidation events. Your collateral acts as DEX LP liquidity, earning trading fees on top of the standard lending supply rate.
11.5%
Combined APY (supply + swap fees) on ETH/USDC
Collateral earns lending APY + DEX swap fee income
Dual revenue stream from a single deposit action
ERC-4626 compliant — composable with any DeFi protocol
Instant withdraw — no unbonding period, no lock-up
// DEX V2 Pools

175+ Pools.
Unmatched Depth.

Smart Debt amplifies liquidity depth up to 39× — the same TVL that would be thin on any other DEX is deep on Fluid.

Pool
TVL
24h Vol
APR
Type
⟠
💲
ETH / USDC
Smart Debt · 0.01%
$480M
$3.2B
11.5%
Smart Debt
💲
🟩
USDC / USDT
Stable · 0.01%
$320M
$8.4B
4.2%
Stable
₿
💲
wBTC / USDC
Smart Debt · 0.05%
$210M
$1.1B
9.8%
Smart Debt
⟠
🟢
ETH / wstETH
Smart Collateral · 0.01%
$180M
$620M
6.4%
Smart Col.
💲
🟣
USDC / GHO
Stable · 0.01%
$95M
$440M
3.8%
Stable
// Lending Markets

Supply. Borrow.
95% LTV.

Industry-leading loan-to-value ratios with the lowest liquidation penalties in DeFi. Your capital always earns more on Fluid.

⟠
Ethereum
Smart
Supply APY
5.84%
+ 3.1% swap fees (smart col.)
Total Supply$480M
Total Borrow$210M
Borrow APY3.2%
Max LTV92%
Liq. Penalty0.1%
💲
USDC
Stable
Supply APY
8.42%
Best stablecoin rate on Ethereum
Total Supply$620M
Total Borrow$390M
Borrow APY5.8%
Max LTV95%
Liq. Penalty0.1%
₿
Wrapped BTC
Smart
Supply APY
4.10%
+ 2.4% swap fees (smart col.)
Total Supply$310M
Total Borrow$142M
Borrow APY2.8%
Max LTV90%
Liq. Penalty0.1%
// Why Fluid

Built Different.
Performs Different.

⚡
39× Capital Efficiency
Smart Debt generates up to $39 of DEX liquidity per $1 TVL. Fluid achieves pool depths that require 39× more capital on Uniswap or Curve — without requiring it.
39×
Liquidity per $TVL
🔐
95% LTV · 0.1% Liquidation
Industry-leading 95% loan-to-value ratio with only 0.1% liquidation penalty — the most borrower-friendly vault parameters available in any DeFi lending protocol.
95% / 0.1%
LTV · liquidation penalty
🔄
Unified Liquidity Layer
One pool of capital powers lending, borrowing and trading simultaneously. Capital is never fragmented or idle — every deposit is always working at maximum efficiency.
1 pool
Powers all three primitives
📈
DEX V2 — Feb 2026
Fluid DEX V2 launched in February 2026 with dramatically reduced IL for LPs. Auto-rebalancing ranges and smart debt architecture audited and live on Ethereum mainnet.
V2 Live
Audits complete · Feb 2026
🌐
Multi-Chain Presence
Live on Ethereum, Arbitrum, Base and Polygon. Jupiter Lend on Solana and Venus Flux on BNB Chain launched in 2026 — targeting $10B market size across all chains.
5+
Active chains · 2026
💎
FLUID Token Buybacks
Protocol revenue feeds The Fluid Reserve buyback program — purchasing FLUID tokens from the open market. Aligns token value with real protocol revenue and growth.
Buyback
Revenue → FLUID holders
// Live Activity

Real-time Fluid Feed

Tx Hash
Action
Amount
Type
Time
// Security & Audits

Audited. Open-source.
Battle-tested.

Fluid's smart contracts are fully open-source, multiply audited, and continuously monitored. Over $1.9B in TVL secured with no critical incidents.

🔓
Fully Open-Source
All Fluid smart contracts are public on GitHub. The protocol is fully transparent — every parameter, fee and mechanism is verifiable on-chain by anyone.
🧮
Formal Verification
Core Liquidity Layer and Vault contracts are formally verified using Certora Prover. Mathematical proofs guarantee critical invariants hold under all possible conditions.
🚨
Immunefi Bug Bounty
Active $2M bug bounty program on Immunefi. Critical vulnerabilities are generously rewarded to incentivize responsible disclosure from the global security community.
⏸️
Emergency Governance Pause
Governance-controlled emergency pause mechanism allows rapid response to anomalies without centralized admin keys. All pauses require on-chain governance approval.
🛡 Security Audits
Cantina Competition
Oct 2024
Completed
Code4rena Audit
Dec 2024
Passed
Certora Formal
Jan 2025
Verified
DEX V2 Audit
Feb 2026
Complete
$1.9B
TVL secured · zero critical incidents
// FAQ

Common Questions

What is Fluid DEX? +
Fluid (formerly Instadapp) is a unified DeFi protocol on Ethereum that merges lending, borrowing and trading into a single shared Liquidity Layer. Its Smart Debt technology generates up to $39 of DEX liquidity per $1 TVL — making it the most capital-efficient DEX in DeFi. DEX V2 launched February 2026.
What is Smart Debt and why does it matter? +
Smart Debt means your borrowed funds don't just sit as a liability — they automatically become active DEX liquidity in relevant trading pools. The swap fees earned by this liquidity partially offset your borrow cost. For the protocol, this means 39× more liquidity depth from the same TVL as competing DEXes.
How does Fluid achieve 95% LTV with 0.1% liquidation penalty? +
Fluid's shared Liquidity Layer allows far more precise and efficient collateral management. Because lending and DEX share the same pool, liquidations can be handled as internal operations with minimal slippage — enabling much higher LTV ratios and tiny liquidation penalties compared to isolated lending protocols.
What is the FLUID token used for? +
FLUID is the governance token for the Fluid protocol. Holders vote on protocol parameters, fee structures, new market listings, and treasury allocation. Protocol revenue funds The Fluid Reserve buyback program — purchasing FLUID from the open market to align token value with protocol success.
Which chains is Fluid live on? +
Fluid is currently live on Ethereum mainnet, Arbitrum, Base and Polygon. In 2026 the protocol expanded to Solana via Jupiter Lend and BNB Chain via Venus Flux. The team is targeting $10B in combined market size across all chains.
~

Maximum Capital.Minimum Friction.

$1.9B TVL. $24B monthly volume. FLUID = $1.65 today. The most capital-efficient DeFi protocol ever built — DEX V2 live now.