Looking into FLUID, anyone who has dug into it deeply, feel free to DM me. Or drop a reply with an in depth post.
$FLUID might be one of the most overlooked ETH betas out there right now. Averaging $700M/day in volume.
Dex v2 is next — if it delivers and actually flips Uniswap on volatile pairs like they’re expecting, the market’s going to have to reprice that narrative fast.
It's already dominating stables and correlated tokens volumes.
Then there’s the Jupiter Lend partnership — Fluid gets 50% of the revenue. If that grows anything like Jupiter did, they’re going to be sitting on a serious revenue engine. Buybacks kick in at $10M annualized revenue — they’re already at $7M.
At some point, this should be priced as both a DEX and a lending market. Right now, it’s not.
Feels like one of those setups where the token is still priced like a forgotten protocol, while the infrastructure quietly eats market share from below.
The only thing they lack is marketing
Got a started position onchain via Uniswap, available on bybit spot too. Mainly as a Proxy to Eth performance but also has quite a few interesting developments of its own. TLDR for those interested.
Strong Growth Metrics:
- DEX market share grew from 3% → 20% in 2025.
- $40B cumulative trading volume in 199 days - 2nd fastest in DeFi DEX history (after Sushi).
- Largest market share in stablecoin swaps on Arbitrum.
Positioning:
- Verticalisation of their business. Aims to disrupt both Uniswap (DEX) and Aave (lending).
- Gaining dominant share in conservative pools (stablecoins + wBTC).
- Now handles 50% of all wrapped BTC volume on Ethereum.
Innovation:
- Smart Collateral & Smart Debt: LP collateral earns trading fees → reduces loan interest.
- More capital-efficient borrowing model, driving user adoption.
Solana Expansion + Jupiter Collab:
- Launching on Solana with Jupiter integration in July.
- Jupiter is aiming to become the leading DeFi superapp on Solana.
- Big catalyst for further user/revenue growth.
Upcoming Catalysts:
- Fluid DEX v2 this month.
- Solana launch via Jupiter this month.
- Approaching $10M revenue milestone to trigger token buybacks (currently at $7.7M).
Lots of this came from @ZoomerOracle article, so credit where credit is due.
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