Fluid (FLUID)

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Historical price evolution of Fluid

Daily historical data. Updated automatically.

Fluid has its origins in Instadapp, a project launched on 21st November 2018 by brothers Samyak Jain (CTO) and Sowmay Jain (CEO) on the Ethereum mainnet. The platform was conceived as a middleware layer that aggregated multiple DeFi protocols into a single upgradeable smart contract, gaining initial visibility at the ETHIndia Hackathon that same year. On 2nd October 2019, Instadapp completed its seed round for $2.4 million led by Pantera Capital, with participation from DeFi Alliance and Ideacolab among other investors.

The project's expansion continued on 14th March 2021 with a Series A of $10 million led by Standard Crypto, where Coinbase Ventures, Naval Ravikant and Andre Cronje participated. In June 2021, coinciding with that year's DeFi boom, the INST token was launched at a public price of $7, with a maximum supply of 100 million units. INST reached its all-time high of $24.4 during this period of DeFi ecosystem expansion.

10th October 2023 marked a turning point when the team presented Fluid, a complete reimagining of the protocol as unified DeFi infrastructure that integrates lending, vaults and DEX over a shared Liquidity Layer. The launch of Fluid DEX v1 on 29th October 2024 introduced concepts such as Smart Collateral and Smart Debt, surpassing $100 billion in cumulative volume in less than 100 days and becoming the fastest DEX to reach that figure. On 3rd December 2024, a governance proposal was executed to rename INST to FLUID in a 1:1 ratio and restructure the tokenomics, completing the rebranding from Instadapp to Fluid.

During 2025, Fluid experienced both significant successes and challenges. In January, Fluid DEX surpassed Uniswap in the ETH/USDC pool by trading volume, achieving this without token incentives and with only $6 million in TVL. However, in March an exploit in the Resolv protocol generated $70 million in unauthorised USR debt on BNB Chain and Plasma, debt that was absorbed by Fluid whilst maintaining all lending markets operational. In August, Jupiter Lend, a Solana money market built on Fluid's infrastructure, launched its public beta reaching $500 million in TVL in its first 24 hours.

The end of 2025 consolidated Fluid's position in the DeFi ecosystem with the introduction of The Fluid Reserve in October, a FLUID token buyback programme funded with protocol revenue. Fluid DEX closed 2025 as the second DEX by volume on Ethereum, processing $156,450 million during the year. On 25th November, Coinbase listed FLUID on Base Chain. Expansion continued in 2026 with the launch of Venus Flux on BNB Chain on 26th February, marking Fluid's entry into its third blockchain ecosystem. Finally, on 25th March 2026, Fluid fully repaid the $70 million debt derived from the Resolv hack, maintaining all markets operational throughout the entire resolution process.

FLUID functions as the governance token of the Fluid protocol, with a maximum supply of 100 million units, operating on an architecture called Liquidity Layer that integrates three interconnected subprotocols. The Lending protocol allows users to deposit assets to generate passive yield, whilst the Vaults protocol facilitates overcollateralised lending positions with exceptionally low liquidation ratios of 0.1%, thanks to a range-based liquidation system. The third component, the DEX, incorporates two distinctive mechanisms: Smart Collateral, where loan collateral functions simultaneously as liquidity for the market generating additional fees, and Smart Debt, which converts loan debt into a liquidity provider position.

This architecture eliminates the concept of idle capital by making all assets work in multiple ways simultaneously, allowing the protocol to achieve loan-to-value ratios of up to 95%. The protocol operates natively on Ethereum and Solana through Jupiter Lend, as well as on BNB Chain via Venus Flux. FLUID token holders participate in Fluid DAO governance by voting on proposals, whilst revenue generated by the protocol is partially allocated to token buybacks through a mechanism called The Fluid Reserve.

Data verified against external sources. Some values may have changed since the last update.