Fluid (formerly Instadapp) — Project Update

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Biggest Stories of 2025

• Fluid's market share growth against Aave: Fluid emerged as the fastest-growing lending competitor to Aave, increasing its share of DeFi lending protocol revenue from 2.4% to 4.9% over the course of the year, even as Aave maintained 86% dominance of the sector. (December 29, 2025)
• Jupiter Lend codebase open-sourced: During the Jupiter Keynote at Breakpoint 2025, Kash Dhanda announced that the Jupiter Lend codebase — a Solana money market powered by Fluid — had been open-sourced, with audits and transparency materials made publicly available. (December 11, 2025)
• Venus X proposal on BNB Chain: The Fluid team initiated a forum discussion proposing to launch Venus X, a collection of lending market and DEX smart contracts on BNB Chain under the existing Venus branding, featuring a tier-based revenue split and dual governance incorporating XVS and FLUID holders. The proposal drew a request for clarity from the Vanguard Team Lead on governance, admin keys, and risk architecture, with launch targeted for Q1 2026. (December 4, 2025)
• Coinbase listing on Base: Coinbase added support for Fluid (FLUID) on Base Chain, with trading beginning on or after 5:00 PM UTC on Nov. 25, 2025, subject to liquidity conditions. (November 24, 2025)
• FLUID Reserve buyback and growth strategy: Fluid launched a new phase focused on building an on-chain reserve for its FLUID token through a transparent buyback strategy, initially directing 100% of Ethereum mainnet revenue (over 80% of total revenue) toward buybacks for the first month, while targeting a $10 billion market size and $30 million in annualized revenue within six months. (October 6, 2025)
• IGP-108 buyback approval: The Instadapp DAO approved IGP-108, authorizing the transfer of accrued protocol revenue to the Team Multisig for the first FLUID buyback. (September 28, 2025)
• Initial FLUID buyback mechanism confirmed: Instadapp COO DMH outlined the initial FLUID buyback implementation, with execution set to begin Oct. 1, 2025, directing 100% of Ethereum mainnet revenue to buybacks across multiple smaller transactions, projected to create roughly $1.3–1.5 million of buying pressure in the first month. (September 17, 2025)
• Jupiter Lend public beta live: The Jupiter Lend Public Beta went live, including Multiply (leverage looping) functionality and incentivized with over $2 million in rewards from Jupiter, Fluid, and external partners, featuring over 40 vaults including ones enabling borrowing against JUP and JLP. (August 27, 2025)
• Fluid Growth Vision and community buyback discussion: Instadapp COO DMH opened community discussion on three potential FLUID buyback program designs — a dynamic FDV-based model, a 30-day TWAP model, and a hybrid — with implementation targeted for Oct. 1, 2025 and a proposed six-month assessment period. (August 19, 2025)
• Jupiter Lend private beta live: The Jupiter Lend Private Beta went live with six vaults, each subject to a $1 million borrowing limit, with advanced features like Multiply and custom strategy vaults to be added post public launch following three additional audits. (August 5, 2025)
• Fluid: A DeFi Stack That Just Works: Fluid was highlighted as a unified DeFi platform enhancing capital efficiency by integrating lending, trading, and borrowing into a shared liquidity system, having attracted nearly $2 billion in collateral without incentives and expanded from Ethereum to Arbitrum, with Fluid DEX V2 planned for later in 2025. (July 15, 2025)
• Jupiter Lend launch timeline updated: The Jupiter team updated that the Jupiter Lend Private Beta was expected by early August, with the public launch scheduled for mid-August 2025, having secured over $1 million in incentives from external partners. (July 10, 2025)
• Jupiter Lend announced: The Jupiter team shared plans to launch Jupiter Lend at Solana Accelerate 2025 — a money market on Solana powered by Fluid offering greater LTV ratios and reduced liquidation penalties, consisting of a composable Liquidity Layer and a Protocol Layer with lending and vault protocols. (May 22, 2025)
• Fluid DEX v2 introduced: The Fluid team formally introduced Fluid DEX v2, the next iteration of Fluid DEX running on a singleton contract built on the Fluid Liquidity Layer, designed to enable greater composability, modularity, and permissionless expansion, with support for fully permissionless Smart Lending Pools and features including Smart Collateral and Smart Debt range orders, onchain dynamic fees, hooks, flash accounting, and onchain limit orders. (April 25, 2025)
• Spark Liquidity Layer onboarding of Fluid sUSDS: Voting on a poll to onboard Fluid sUSDS to the Spark Liquidity Layer on Ethereum passed with 100% of votes in favor, prioritizing Fluid to provide LPs with greater yield opportunities. (January 30, 2025)