Executive summary

Fluid $FLUID operates as a unified DeFi protocol combining lending and DEX trading through its Liquidity Layer, a shared liquidity pool that all products draw from simultaneously. Both sides of the business had a strong quarter. Lending nearly doubled from Q2, with TVL reaching $3.4B and active loans hitting $1.6B. DEX trading volume rose from $27.6B in Q2 to $69.2B in Q3. These business lines generated $20.5M in fees and $3.5M in revenue in Q3, while monthly active users grew from 52K to 102K.

Key metrics (Q3 2025):

  • Total value locked: $3.4B (+88% QoQ)

  • Active loans: $1.6B (+99% QoQ)

  • DEX trading volume: $69.2B (+150% QoQ)

  • Fees: $20.5M (+37% QoQ)

  • Revenue: $3.5M (+148% QoQ)

  • Monthly active users: 102K (+96% QoQ)

TVL & active loans

Lending TVL grew to $3.4B in Q3, while active loans reached $1.6B, nearly doubling from Q2. Fluid is now the 3rd largest protocol by active loans—a metric that measures the total outstanding loan balances across Fluid’s lending products, including Jupiter Lend (its Solana deployment in collaboration with Jupiter). The protocol offers loan-to-value ratios of up to 95% and liquidation penalties as low as 0.1%, enabled by grouping positions into "ticks" for batch liquidations.

👥 Fluid team commentary:

“Fluid TVL is consistently growing quarter over quarter, showcasing the adoption of the protocol by users. The launch of Fluid on Solana in collaboration with Jupiter proved high demand for quality lending markets on Solana, which allowed us to achieve $1B TVL in only 8 days after the deployment. 

In Q4, our main focus will be the launch of the DEX v2, which we believe can become the biggest DEX by volume across all chains combined next year.”

DEX trading volume

The protocol’s DEX trading volume rose to $69.2B in Q3, up 151% from $27.6B in Q2. DEX trading volume measures the value of tokens traded on Fluid’s DEX on Ethereum, Arbitrum One, Plasma, Base, and Polygon. Fluid’s DEX integrates directly with the protocol's Liquidity Layer, allowing the same capital to serve multiple functions simultaneously.

👥 Fluid team commentary:

“In Q3 Fluid became the biggest DEX across all major EVM chains for both pegged and correlated pairs. With the launch of the DEX v2 in Q4, we aim to bring volatile pair trading to Fluid DEX and increase our volume by 5x.”

Fees & revenue

Q3 fees totaled $20.5M (up 37% from Q2), while revenue jumped 148% to $3.5M from $1.4M in Q2. Fluid has three different revenue streams: interest from lending and borrowing, performance fees from the protocol’s Lite product (simplified vault strategies), and swap fees from its DEX product.

👥 Fluid team commentary:

“Fees and revenue grew together with TVL, DEX activity and increased prices on crypto assets. Next quarter, we expect to grow fees and revenue by 5-10x with the launch of the v2 DEX.”

Monthly active users

Monthly active users doubled from 52K to 102K as the protocol's multi-chain presence attracted borrowers and lenders across different ecosystems. MAU counts unique users who interacted with any Fluid product within a 30-day rolling window across all chains. Arbitrum One had the most monthly active users in Q3, while Ethereum saw a large influx of users that is continuing into Q4. Fluid’s deployment on Plasma, launched in Q3, quickly attracted users and has continued growing into Q4.

👥 Fluid team commentary:

“Fluid’s user base is growing together with our TVL and DEX activity. With DEX v2, which will have permissionless pool creation and volatile pairs, we expect to grow the user base significantly.”

Outlook

Fluid exits Q3 with strong momentum. In the first month of Q4, the protocol has already exceeded many Q3 metrics, with some of them expected to double by quarter end. Three major catalysts are driving this growth: the upcoming launch of the DEX v2, the rollout of new features on Solana, and the development of additional products.

Definitions 

Protocol:

  • Liquidity Layer: A shared liquidity pool that all of Fluid’s products draw from simultaneously.

  • Lending: Fluid's core product where users deposit assets to earn yield or borrow against collateral.

  • Jupiter Lend: Fluid’s lending product on Solana in collaboration with Jupiter.

  • Lite: Fluid’s simplified vault product with automated yield strategies.

  • DEX: Fluid's decentralized exchange that enables token swaps using liquidity from the Liquidity Layer.

Metrics:

  • Total value locked: a metric that measures the dollar value of user deposits across all of Fluid’s products.

  • Active loans: a metric that measures the total outstanding loan balances across Fluid’s lending products.

  • DEX trading volume: a metric that measures the value of tokens traded on Fluid’s DEX on Ethereum, Arbitrum One, Plasma, Base, and Polygon.

  • Monthly active users: unique users who interacted with any Fluid product within a 30-day rolling window across all chains.