Fluid (Instadapp) (FLUID)
Unique Smart Collateral/Debt DeFi primitive (39x capital efficiency). $12.66M rev trailing but $5.6M current run rate (declining -63%).
Buybacks halted post-Resolv ($21M bad debt). TVL -92% from peak. P/S 6.8x trailing / 15.4x current. Zero inflation, 78.7% circ. Top-tier VCs (Pantera, Naval, Coinbase). 55% stablecoin swap share.
Ranked 25th of 251 rated tokens. Scoring pass 18 Sept 2026.
What the numbers say
FLUID scores 145 of 250 across the 25-variable framework, which places it 25th of 251 rated tokens and inside the top 10% of the set. The framework verdict is CAUTIOUS HOLD.
FLUID is a top-10 name in the set on 4 variables. The score rests on Competitive Moat 8/10, 5th of 251, Supply Inflation 8/10, 8th of 251, Insider Selling 7/10, 8th of 251 and P/S Multiple 7/10, 9th of 251.
Only 83.7% of FLUID's maximum supply is in circulation, so 1.19x the current float is still scheduled to arrive. Holding price per token flat while the rest enters circulation implies 16.3% of the fully diluted value sitting ahead of today's holders. That is a real but manageable overhang.
FLUID trades 92.3% below its all-time high of $24.40. Recovering that level is a 13x move, not a 92.3% one, which is the arithmetic most drawdown charts hide.
$726.4M sits in the protocol. The token is capitalised below the value locked in the protocol.
FLUID's strengths split in two. Market Share and Catalyst Calendar are variables the market already pays up for, so that part of the score is priced. P/S Multiple, Supply Inflation, Vesting Schedule and Insider Selling are variables it does not price at all, and that is where holding this token is a disagreement with the market rather than an agreement with it. Its weaknesses sit in Real Staking Yield, none of which the market is currently punishing. A risk nobody is charging for is still a risk.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 6 | 21st of 251 | |
| Revenue Trend | 4 | 71st of 251 | |
| P/S Multiple | 7 | 9th of 251 | |
| Real Staking Yield | 3 | 143rd of 251 |
Supply
| Supply Inflation | 8 | 8th of 251 | |
| Vesting Schedule | 8 | 21st of 251 | |
| Circulating / FDV Ratio | 7 | 46th of 251 | |
| Buyback and Burn | 4 | 40th of 251 |
Ownership
| Smart Money Flows | 7 | 12th of 251 | |
| Insider Selling | 7 | 8th of 251 | |
| Holder Concentration | 5 | 10th of 251 |
Traction
| TVL Trend | 5 | 30th of 251 | |
| Active Users | 5 | 38th of 251 | |
| Developer Activity | 7 | 9th of 251 | |
| Network Growth | 7 | 12th of 251 |
Position
| Market Share | 7 | 20th of 251 | |
| Competitive Moat | 8 | 5th of 251 | |
| Institutional Adoption | 5 | 36th of 251 | |
| Exchange Depth | 4 | 157th of 251 | |
| Social Mindshare | 4 | 86th of 251 |
Risk
| Regulatory Safety | 5 | 102nd of 251 | |
| Catalyst Calendar | 7 | 15th of 251 | |
| BTC Alpha Potential | 3 | 114th of 251 | |
| Team Execution | 7 | 12th of 251 | |
| Treasury Runway | 5 | 74th of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Catalyst on the scorecard
DEX v2 (volatile pairs + cross-margin). Solana DEX launch Q3 2026. Buyback restoration when treasury recovers. Venus Flux BNB growth. Jupiter Lend expansion on Solana.
The Q3 2026 item has already passed. This was written as forward-looking at the 18 Sept 2026 scoring pass, so read those parts as history. Anything else listed may still be ahead.
Principal risk
Revenue declining -63% ($15M peak → $5.6M run rate). Buybacks halted. TVL -92% from peak ($9.2B → $726M). Two security incidents in 2026 (Resolv $21M bad debt + Merkle key compromise $215K). Treasury depleted (~$5M liquid). 4-day disclosure delay on May incident. not on Binance.
Market and supply
| Price | $1.89 |
| Market cap | $158.2Mrank 218 |
| All-time high | $24.4016 Jun 2021 |
| Circulating supply | 83,696,997 |
| Eventual supply (max supply) | 100,000,000 |
| Dilution to full supply | 1.19x |
| Total value locked | $726.4M |
| Listed on | Bybit, OKX, Coinbase, MEXC, Upbit |
Price, market cap, supply and all-time high from CoinGecko, fetched 7 Oct 2026. The 25 scores come from the research pass dated 18 Sept 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to FLUID measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
FLUID compared head to head
Both sides of each comparison were scored by the same framework in the same pass, so the gap between them is a measurement rather than two readings taken with different rulers.
Sources
- [DeFiLlama] DeFiLlama: Fees $76.07M annualized, Revenue (net to protocol) $12.66M, 30d revenue $559,823
- [DeFiLlama] TVL $726.38M total (Lending $592.87M + DEX $245.04M). Down from $9.2B peak Feb 2025 (-92%)
- [DeFiLlama DEX API] DEX volume: $225.6B cumulative all-time, $5.13B/30d. Fastest DEX to $100B
- [CoinJournal / Dune Analytics] Stablecoin swap market share 55.5% across ETH/Base/Arb/Polygon (Aug 2025 Dune data)
- [Blockonomi / DeFiPrime] Resolv bad debt: $21M absorbed (Resolv $9.7M + Fluid DAO $8.2M + team $1.5M). Buybacks halted
- [CryptoTimes] Key compromise May 27: 125K FLUID + 51.9K GHO stolen. 4-day disclosure delay. Core unaffected
- [Tokenomist.ai] 100M hard cap. Zero inflation. Fully released since June 2025. 78.69M circulating (78.7%)
- [CoinDesk] Seed $2.4M (Pantera, Naval, Coinbase Ventures, Robot Ventures). Series A $10M (Standard Crypto, Cronje)
- [Unchained Crypto] Jupiter Lend powered by Fluid on Solana. Bitwise-curated isolated market launched May 13, 2026
- [CryptoAdventure] Venus Flux on BNB Chain launched Feb 26. Hit $100M market size in 6 hours
- [Instadapp Blog / Apollo Crypto] Smart Collateral/Debt: 39x capital efficiency at 95% LTV wstETH-ETH vault. 15% gas savings vs Uni v4
- [Fluid Docs] 7+ audits: MixBytes, StateMind, Cantina, PeckShield, OpenZeppelin. $500K Immunefi bounty
Common questions
- What is the Early Thunder score for Fluid (Instadapp) (FLUID)?
- FLUID scores 145 out of 250 on the 25-variable framework, ranking 25th of 251 rated tokens (top 10%). The framework verdict is CAUTIOUS HOLD.
- What are FLUID's strongest fundamentals?
- FLUID ranks highest on Competitive Moat 8/10, 5th of 251, Supply Inflation 8/10, 8th of 251, Insider Selling 7/10, 8th of 251 and P/S Multiple 7/10, 9th of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- How much FLUID supply is still to enter circulation?
- 83.7% of eventual FLUID supply is circulating today, leaving 1.19x the current float still to arrive. At a flat price per token that is 16.3% of fully diluted value ahead of current holders.
- How far is FLUID from its all-time high?
- FLUID trades 92.3% below its all-time high of $24.40. Returning to that high requires a 13x move from the level used in this scoring pass.
- Which tokens have a similar profile to FLUID?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to FLUID are COW (167), AR (140), POOL (96) and RAD (97). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What catalyst was FLUID scored against?
- DEX v2 (volatile pairs + cross-margin). Solana DEX launch Q3 2026. Buyback restoration when treasury recovers. Venus Flux BNB growth. Jupiter Lend expansion on Solana. This was written as forward-looking when the scoring pass ran. The Q3 2026 item has since passed, so read that part as history. Anything else listed may still be ahead.
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.