Fluid: Overview

What is Fluid?

Fluid is a capital-efficient DeFi protocol built by Instadapp that merges lending, borrowing, and trading into a unified system. Unlike siloed platforms, Fluid enables users to borrow against assets while simultaneously deploying them in liquidity pools, maximizing yield without compromising position safety. With dynamic LTVs, innovative liquidation mechanisms, and an integrated DEX layer, Fluid reimagines DeFi infrastructure from the ground up. Its protocol is cross-chain by design, with support for Ethereum, Arbitrum, Base, and Polygon, and is built to minimize liquidity fragmentation while boosting composability across vaults, assets, and strategies.

Fluid Dashboard

The Fluid dashboard tracks real-time protocol activity across DEX trading, lending behavior, and total economic throughput. Designed for analysts, builders, investors, and active users, this tool offers a clean, tab-based view of how capital moves through Fluid. Each section—Overview, DEX Activity, Lending Market—offers high-resolution charts and normalized metrics for consistent, cross-chain comparisons.

How can I use Fluid analytics?

The Fluid dashboard is organized into three main tabs: Overview, DEX Activity, and Lending Market. Each visualizes distinct elements of protocol health and user engagement, making it easy to extract insights from both macro trends and granular interactions.

Overview

This section offers a top-down snapshot of Fluid’s core metrics:

• Protocol revenue (sourced from DeFiLlama)
• Ethereum DEX volume trends
• Total assets deposited and active loans
• Lending utilization rate across supported chains
• Share of DEX activity driven by ETH-USD pairs

These metrics give a real-time pulse on platform usage and capital efficiency.

DEX Activity

Fluid’s DEX integrates Smart Collateral and Smart Debt functionality, and this tab breaks down:

• Daily volume by trading pair (ETH, BTC, stablecoins, LSTs, project tokens)
• Number of trades and traders
• Median trade size trends across assets
• Priority fees paid for transaction inclusion

These insights are especially useful for tracking user behavior, volume concentration, and fee pressure over time.

Lending Market

This section covers all borrower and lender-side interactions:

• Lending and borrowing liquidity (deposits vs active loans)
• Token category breakdowns for deposits and loans
• Yield metrics (weighted supply yield, stablecoin yields)
• Available liquidity, net new loans, and deposit flow
• Liquidation events, both collateral seized and loans repaid

You can toggle views by blockchain, token type, and time interval to customize the analytics.

How is Fluid data gathered?

Fluid analytics are powered by a mix of:

• Industry-standard indexers like DeFiLlama
• Raw chain-level data from Ethereum, Arbitrum, Base, and Polygon
• Proprietary models developed by Blockworks Research
• Standardized formatting and cross-validation for metric consistency

These methods ensure accuracy while enabling direct comparisons across chains and DeFi protocols.

What is Network REV in Fluid analytics?

Network REV in Fluid analytics refers to the real economic value generated by protocol activity. This includes trading fees collected from Fluid’s native DEX, interest paid by borrowers within the lending markets, and liquidation-related revenue. Unlike base-layer blockchains, Fluid's REV is fully protocol-level—measuring platform usage, not validator income. It serves as a standardized benchmark for comparing Fluid’s traction with other DeFi protocols across ecosystems.

Why is on-chain activity important in Fluid analytics?

On-chain activity reflects how users interact with Fluid: trading, lending, borrowing, and managing liquidity. These behaviors offer leading indicators of protocol demand, capital efficiency, and user retention. High on-chain engagement often precedes token velocity, fee generation, and ecosystem stickiness—making it a key metric for investors and builders alike.

How can I track DEX activity on Fluid?

Fluid’s dashboard highlights:

• Total and pair-specific trading volumes
• Trading frequency and user-level behavior
• Priority fee spending patterns
• Median trade sizes across major asset classes

These insights help track liquidity flows, determine which markets are most active, and assess fee competitiveness against rival DEXs.

What does trader behavior on Fluid reveal?

Because Fluid integrates trading, lending, and borrowing into one stack, trader behavior reveals more than just swap interest—it reflects how users strategically optimize capital. Metrics like unique traders, trade counts, and size trends offer insight into retail vs whale activity, as well as composability across vaults and DEX positions.

How does Fluid lending work?

Fluid’s Vault Protocol enables up to 95% loan-to-value borrowing, a significant improvement over many peers. It does this using a novel liquidation system inspired by Uniswap v3’s concentrated liquidity: liquidators can target just-in-range debt without mass auctioning entire positions. Borrowed assets can be recycled back into the DEX to generate yield—a model Fluid calls Smart Debt. Similarly, collateral can be deployed as liquidity via Smart Collateral, earning trading fees while backing loans. This architecture minimizes idle capital and increases protocol-wide return potential.