Credit · Leveraged Yield · FLUID
Fluid (formerly Instadapp) combines lending, vaults and DEX liquidity through a shared liquidity layer, so the same capital can support lending and trading.
Capital-efficient lending + DEX hybrid on a shared liquidity layer.
FLUID price
$1.14
-0.2% 24h
Latest data · 15 min delay
Curated asset listings joined to their typed risks, with oracles and parameters.
Fluid's core innovation is that a **vault is the unit of listing, not a token**, and both sides of a vault can be a **DEX position rather than a plain ERC-20**. In classic Fluid vaults the collateral token and the debt token are ordinary assets, but in **smart collateral** vaults the deposit is an LP share of a Fluid DEX pool, and in **smart debt** vaults the borrowing itself is a DEX position so the borrower earns trading fees on the debt leg while paying borrow interest. Vault 44 on Ethereum, wstETH-ETH collateral against wstETH-ETH debt, is smart collateral plus smart debt at once, and vault 51, WBTC-cbBTC against WBTC-cbBTC, is the BTC analogue. This means "supported asset" for Fluid has to be read as an ordered pair plus a mode, and the same underlying token can appear with materially different collateral factors depending on the pairing. Fluid also runs a **dual-oracle design** where the price used to permit an operation can differ from the price used to permit a liquidation, and vault upgrades are shipped by deploying new vault versions and winding down the old ones over months rather than by mutating parameters in place (Fluid governance, Deploy Fluid upgrades to Vault protocol, MixBytes analysis of the Fluid vault). Every parameter row below was read live on 2026-07-26 from the Fluid public vault API for each chain, for example api.fluid.instadapp.io/v2/1/vaults. Protocol TVL is roughly $797M (DefiLlama Fluid). Column mapping for Fluid: " %" is the vault `collateralFactor`, "Liq. threshold %" is `liquidationThreshold`, "Liq. bonus %" is `liquidationPenalty`, "" is the liquidity layer `baseWithdrawalLimit` in collateral-token units, and "" is `maxBorrowLimit` in debt-token units. Fluid additionally publishes a `liquidationMaxLimit` (LML), the hard ceiling above which a position can be fully liquidated, which is reported in Notes.
Share of curated asset listings by chain (count, not value).
| Asset | Role | Max LTV | Liq. threshold | Oracle | ||
|---|---|---|---|---|---|---|
wstETH vs ETH (vault 13) Ethereum | collateral vs loan | 95% | 97% | Contract at 0xadE0948e2431DEFB87e75760e94f190cbF35E95b, Fluid oracle stack, provider not exposed on-chain | MTCG | |
ETH vs USDC (vault 11) Ethereum | collateral vs loan | 87% | 92% | 0x5b2860C6D6F888319C752aaCDaf8165C21095E3a | MTCG | |
ETH vs USDT (vault 12) Ethereum | collateral vs loan | 87% | 92% | 0x7eA20E1FB456AF31C6425813bFfD4Ef6E0A4C86E | MTCG | |
wstETH-ETH vs wstETH-ETH (vault 44) Ethereum | smart collateral and smart debt | 95% | 97% | 0xc0aaB32BD6258773b43c0dC8E2049C6a4960c488 | MTCG | |
WBTC-cbBTC vs WBTC-cbBTC (vault 51) Ethereum | smart collateral and smart debt | 95% | 97% | 0x0fe9AAFf5B740061f6696f90cF489c0D6B6B4488 | MTCG | |
USDC-ETH vs USDC-ETH (vault 77) Ethereum | smart collateral and smart debt | 80% | 88% | 0x9c9cad6Dd23fbDCdA3348726c306bAF20c428c4C | MTCG | |
WBTC vs USDT (vault 22) Ethereum | collateral vs loan | 85% | 90% | 0xFF272430E88B3f804d9E30886677A36021864Cc4 | MTCG | |
WBTC vs USDC (vault 21) Ethereum | collateral vs loan | 85% | 90% | 0x131BA983Ab640Ce291B98694b3Def4288596cD09 | MTCG |
Full narratives on the Risks tab.
Risk-linked assets with no row in this entity's asset table: BTC-denominated assets on Sui testnet, ETH, Ethena assets in the Bitwise market, FLUID, FLUID rewards, GHO, JUP-market collateral, REUSD, SOL, SUSDAI, Smart collateral, USDC, USDT, USDT0, USR, WBTC, WEETH, WSTETH, all vaults), correlated pairs, fGHO, iETHv2, n.a. (protocol-wide, n.a. (protocol-wide), rsETH, smart debt LP positions, stablecoin, weETH, wstETH, wstUSR. These are real dependencies that sit outside the curated top 20, so render them as text in the risk drill down rather than as a clickable asset row.
| Asset | Role | Borrow cap | Supply cap | Oracle | ||
|---|---|---|---|---|---|---|
wstETH vs ETH (vault 13) Ethereum | collateral vs loan | 124,601 ETH | 8,900 wstETH | Contract at 0xadE0948e2431DEFB87e75760e94f190cbF35E95b, Fluid oracle stack, provider not exposed on-chain | MTCG | |
ETH vs USDC (vault 11) Ethereum | collateral vs loan | 242,617,790 USDC | 2,855 ETH | 0x5b2860C6D6F888319C752aaCDaf8165C21095E3a | MTCG | |
ETH vs USDT (vault 12) Ethereum | collateral vs loan | 239,982,363 USDT | 2,855 ETH | 0x7eA20E1FB456AF31C6425813bFfD4Ef6E0A4C86E | MTCG | |
wstETH-ETH vs wstETH-ETH (vault 44) Ethereum | smart collateral and smart debt | 17,332 (DEX share units) | 6,790 (DEX share units) | 0xc0aaB32BD6258773b43c0dC8E2049C6a4960c488 | MTCG | |
WBTC-cbBTC vs WBTC-cbBTC (vault 51) Ethereum | smart collateral and smart debt | 320 (DEX share units) | 163 (DEX share units) | 0x0fe9AAFf5B740061f6696f90cF489c0D6B6B4488 | MTCG | |
USDC-ETH vs USDC-ETH (vault 77) Ethereum | smart collateral and smart debt | 67,412,371 (DEX share units) | 33,218,154 (DEX share units) | 0x9c9cad6Dd23fbDCdA3348726c306bAF20c428c4C | MTCG | |
WBTC vs USDT (vault 22) Ethereum | collateral vs loan | 228,098,779 USDT | 83 WBTC | 0xFF272430E88B3f804d9E30886677A36021864Cc4 | MTCG | |
WBTC vs USDC (vault 21) Ethereum | collateral vs loan | 229,936,255 USDC | 83 WBTC | 0x131BA983Ab640Ce291B98694b3Def4288596cD09 | MTCG |
Full narratives on the Risks tab.
Risk-linked assets with no row in this entity's asset table: BTC-denominated assets on Sui testnet, ETH, Ethena assets in the Bitwise market, FLUID, FLUID rewards, GHO, JUP-market collateral, REUSD, SOL, SUSDAI, Smart collateral, USDC, USDT, USDT0, USR, WBTC, WEETH, WSTETH, all vaults), correlated pairs, fGHO, iETHv2, n.a. (protocol-wide, n.a. (protocol-wide), rsETH, smart debt LP positions, stablecoin, weETH, wstETH, wstUSR. These are real dependencies that sit outside the curated top 20, so render them as text in the risk drill down rather than as a clickable asset row.
Chainlink
Push aggregator feeds with a fallback wrapper
RedStone
Push aggregator feeds, gas-optimized
Uniswap v3 TWAP
Uniswap v3 TWAP cross-checked against Chainlink and RedStone, with an L2 sequencer check
Protocol-internal capped exchange rate
Contract exchange rate with an upper cap to bound manipulation of the LRT redemption rate
Composite multi-hop oracle
`FluidGenericOracle` chains up to 4 hops, each hop selectable from an IFluidOracle, a ContractRate, RedStone or Chainlink source
Liq. bonus 0.1%Supply cap 8,900 wstETHBorrow cap 124,601 ETHPegged pair, no separate E-Mode concept
Liq. bonus 1%Supply cap 2,855 ETHBorrow cap 242,617,790 USDCnone
Liq. bonus 1%Supply cap 2,855 ETHBorrow cap 239,982,363 USDTnone
Liq. bonus 0.2%Supply cap 6,790 (DEX share units)Borrow cap 17,332 (DEX share units)Smart collateral plus smart debt
Liq. bonus 0.5%Supply cap 163 (DEX share units)Borrow cap 320 (DEX share units)Smart collateral plus smart debt
Liq. bonus 2%Supply cap 33,218,154 (DEX share units)Borrow cap 67,412,371 (DEX share units)Smart collateral plus smart debt
Liq. bonus 3%Supply cap 83 WBTCBorrow cap 228,098,779 USDTnone
Liq. bonus 3%Supply cap 83 WBTCBorrow cap 229,936,255 USDCnone
Liq. bonus 2.5%Supply cap 7,546,342 reUSDBorrow cap 20,063,568 GHOnone
Liq. bonus 2%Supply cap 7,267,085 PSTBorrow cap 15,101,038 USDCnone
Liq. bonus 2%Supply cap 7,267,085 PSTBorrow cap 15,102,054 USDTnone
Liq. bonus 2%Supply cap 9,998,684 (DEX share units)Borrow cap 25,071,061 USDCSmart collateral
Liq. bonus 2%Smart collateral
Liq. bonus 2%none
Liq. bonus 3%none
Liq. bonus 2%Supply cap 7,461,339 sUSDaiBorrow cap 33,206,770 USDTnone
Liq. bonus 2%Supply cap 7,461,339 sUSDaiBorrow cap 33,624,623 USDCnone
Liq. bonus 0.1%none
Liq. bonus 2%Supply cap 15,054,904 sUSDaiBorrow cap 104,665,894 USDT0none
Liq. bonus 0.5%Supply cap 4,999,342 (DEX share units)Borrow cap 10,464,070 USDCSmart collateral
Liq. bonus 10%none
Borrow limit is 24 wei, so the vault cannot take new debt. Fluid's stated upgrade practice is to "deprecate the current vaults over the following months" after shipping new vault versions
Governance listing states "syrupUSDC is not directly borrowable" and applies a 5% withdraw gap on the collateral side
About $18.6M supplied against only 13 and 11 positions respectively, and the smart vault 169 has just 4 positions
Lowest collateral factor in the set at 68.0 with a 10.0 liquidation penalty, the widest penalty Fluid applies
Governance proposal specifically to update CF, LT and LML for the WBTC vaults
A governance-wide update of vault configurations, evidence that Fluid parameters are revised in batches rather than per asset
CF 75.0, LT 80.0 and a 6.0 liquidation penalty, the weakest terms on the Base deployment
CF 75.0/LT 78.0 with a 6.0 penalty on Polygon, and CF 80.0/LT 85.0 with a 4.0 penalty on Base, versus CF 85.0/LT 90.0 with 3.0 on Ethereum for the same collateral class
FLUID governs the liquidity layer and new vault/DEX markets.
FLUID governs the shared liquidity layer and vault/DEX markets.
Live across EVM chains (Support - Eco).
Audit / exploit history
Audited; newer architecture so complexity is the main analytical risk.
Curated list ranked by size and strategic importance; not the exhaustive on-chain asset universe. Data as of 2026-07-26.
