Project & Team
Description of Project
Provide a narrative description of the purpose of the project.
Fluid solves liquidity fragmentation by creating a unified liquidity layer, integrating lending, borrowing, and trading into a single decentralised system.
Known Project Team
For each existing entity, list key team members with full name, official title, and prior experience. Explicitly mark non-existent entities.
Labs / DevCo
Full Name | Official Title | Prior Experience |
|---|---|---|
Samyak Jain | CEO + Founder | Samyak Jain won Ethereum Hackathon in 2018 at the age of 18, left university and started building Instadapp which was later rebranded to Fluid |
DMH (pseudonymous) | COO | |
Thrillok Kumar | CTO |
Foundation Fluid Foundation exists and holds all IP associated with Fluid. DAO / Onchain Governance Governance is conducted on-chain by $FLUID token holders. All proposals are posted to the Fluid governance hub (https://fluid.io/gov) with votes conducted via Snapshot. There is no formal named DAO leadership; all token holders are equal members of the DAO.
DAO Structure
Describe DAO governance, powers, economic rights, and control surfaces. If no DAO exists, state so and still address current tokenholder governance rights and economic arrangements.
- (a) IP ownership & control — State what IP the DAO owns or controls (e.g., codebases/repos, trademarks/brands). Note any license if relevant.
- (b) Contract/admin powers — List on-chain or administrative authorities and limits: pause/upgrade roles, governance-executor authorities, and the method of authority for each.
- (c) Locked-token rights (conditional) — If locking/staking for additional rights exists, explain the additional rights and what tokenholders can and cannot decide. If no locking mechanism exists, leave absent.
- (d) Current tokenholder governance rights and economic arrangements — If any, describe current governance rights of tokenholders and presently operative rights or arrangements relating to treasury actions, fee-routing, rewards, buybacks, or other protocol-controlled resources. If none, state that explicitly.
- (e) Control surface reliance — If any, briefly describe the anticipated or possible evolution of the protocol's governance/control model.
- (f) Dissolution authority — State who can dissolve/wind up the DAO and by what mechanism.
(a) IP ownership & control
The Fluid DAO controls the entire DAO treasury, revenue, IP and contracts developed by contributors (via the Fluid Foundation). All IP assets including all code, branding and assets are Foundation owned.
(b) Contract/admin powers
The DAO is in charge of upgrading contracts (including the token), setting risk parameters and constants to ensure the security of Fluid. Proposals are posted to https://fluid.io/gov and votes are conducted on-chain by $FLUID holders via Snapshot. The Team Multisig (threshold 7/14, 0x4F6F977aCDD1177DCD81aB83074855EcB9C2D49e) operates some of the treasury funds upon governance approval. The Team Multisig has permission to execute chore and other non-TVL risking transactions. All permissions that can induce protocol or TVL risk must be executed via governance.
(c) Locked-token rights (conditional)
No locking or staking mechanism for additional rights exists. There are no locked or unlocked tokens that earn rewards; all $FLUID holders have the same rights.
(d) Current tokenholder governance rights and economic arrangements
$FLUID token holders can create governance proposals (https://fluid.io/gov) which are voted on by $FLUID token holders. The DAO has full rights over the DAO treasury, sets protocol fees (which are updated via governance), and controls how revenue is used. All generated revenue belongs to the Fluid DAO. Token holders currently do not have any direct value accrual mechanism (no dividends, buybacks, or fee distribution active today); any such mechanism would require a governance vote.
(e) Control surface reliance
Fluid governance is fully decentralised, there are currently no expected changes to the control surface. Should any occur, it would need to be voted in via governance decision.
(f) Dissolution authority
There is no formal dissolution process.
Primary Foundation
Describe the Primary Foundation, including entity details, IP ownership, governance or token powers, contract/admin powers, and economic arrangements. If it does not exist, state so explicitly.
- (a) Entity — Type and jurisdiction.
- (b) IP ownership & control — What IP the entity owns/controls and an explanation of any subsidiary entities.
- (c) Powers over DAO, treasury, protocol-controlled resources, and token administration — If any, describe current powers over DAO governance, treasury actions, protocol-controlled resources, token administration, or reward parameters, and the method/threshold for each.
- (d) Powers over DevCo — Explain whether the Foundation can exert direct or indirect influence over decision-making of the Developer Company.
- (e) Contract/admin powers — Pause/upgrade/governance-executor authorities and the method/threshold for each.
- (f) Current economic arrangements and distribution policies — Describe current governance-approved, contractual, or programmatic mechanisms by which protocol-controlled resources may be directed to this entity, its equityholders, contributors, or other participants. If none exist, state that explicitly.
No Primary Foundation exists. There is no Fluid Foundation entity. Items (a)–(f) are not applicable.
Primary Developer Company
Describe the Primary Developer Company, including entity details, IP ownership, governance or token powers, contract/admin powers, and economic arrangements. If it does not exist, state so explicitly.
- (a) Entity — Type and jurisdiction.
- (b) IP ownership & control — What IP the entity owns/controls and an explanation of any subsidiary entities.
- (c) Powers over DAO, treasury, protocol-controlled resources, and token administration — If any, describe current powers over DAO governance, treasury actions, protocol-controlled resources, token administration, or reward parameters, and the method/threshold for each.
- (d) Powers over Foundation — Explain whether the Developer Company can exert direct or indirect influence over decision-making of the Foundation.
- (e) Contract/admin powers — Pause/upgrade/governance-executor authorities and the method/threshold for each.
- (f) Current economic arrangements and distribution policies — Describe current governance-approved, contractual, or programmatic mechanisms by which protocol-controlled resources may be directed to this entity, its equityholders, contributors, or other participants. If none exist, state that explicitly.
(a) Entity
type and jurisdiction: Interop Labs LTD, BVI
(b) IP ownership & control
The Fluid DAO controls IP and contracts developed by contributors via the Fluid Foundation.
(c) Powers over DAO, treasury, protocol-controlled resources, and token administration
The team does not have any power over the DAO, treasury or protocol owned resources beyond managing and executing actions that have been voted in via the DAO.
(d) Powers over Foundation
The team holds no power over the foundation which is run by token holders.
(e) Contract/admin powers
The Team Multisig (threshold 7/14, 0x4F6F977aCDD1177DCD81aB83074855EcB9C2D49e) has certain permissions granted to it on behalf of the DAO, including running chore related tasks. The multisig does not have any permissions that may risk TVL, which must be done via governance.
(f) Current economic arrangements and distribution policies
Some contributors receive compensation in $FLUID tokens; the original allocations were defined in the initial distribution (see Section 7). There is no current governance-approved mechanism to direct treasury assets, fees, revenue, rewards, or token distributions to the DevCo. All revenue and value belongs to the DAO. As voted in via governance, the Devco will begin receiving a $200k/m stipend from the DAO. Contributor compensations flow from the Devco.
Affiliated Protocol Contributor
Identify affiliated protocol contributors and explain their control, funding, or operational relationship to the project. If none exist, state so explicitly.
- (a) Identity & role — Legal name, entity type, jurisdiction, and role.
- (b) Parameter control & scope — If any, what major protocol parameters the APC controls; include the method of authority. If none, say so.
- (c) Contract/admin powers — If any, provide pause/upgrade powers, governance-executor authorities and limitations; include the method/threshold for each. If none, say so.
- (d) Compensation and material economic arrangements — If any protocol-generated resources or economic value is dynamically routed to the APC, describe the arrangement. If none, state that explicitly.
Fluid does not currently have any APC’s.
Token Supply
Initial Allocation
Disclose launch and initial supply details in a single initial allocation schedule.
$FLUID was initially minted under the ticker $INST. It has since been rebranded as Instadapp was rebranded to Fluid. $FLUID is functionally identical to $INST; the only difference is the updated ticker to match the rebranding. No allocations were updated, and the token is 1:1. $FLUID is fully vested, there are no pending unlocks.
(a) Launch supply totals
100,000,000 $INST was minted at genesis. 11% of the supply was claimable and liquid on day 1.
(b) Recipient categories
- 55% (55,000,000 INST) reserved for the community
- 23.79% (23,794,114 INST) reserved for current team members with a 4-year vest
- 12.07% (12,078,714 INST) reserved for investors with a 4-year vest
- 7.85% (7,851,941 INST) reserved for future team members and ecosystem partnerships
- 1.27% (1,275,231 INST) reserved for advisors Details: https://blog.instadapp.io/inst/ Community - 11% immediate airdrop, the rest kept in DAO governance and used as per the governance decision Team - Early contributors allocation vested over 4 years Investors - Seed and Series A investors allocation vested over 4 years Future team members and ecosystem partnerships - reserved for future team members and ecosystem partnerships Advisors - advisors’ allocation
(c) Initial price per token
Token was airdropped to the users, and any user was able to create a DEX pool in any price range he wanted; there was no specific “TGE price”.
(d) Ticker / market symbol
$FLUID (originally launched as $INST and renamed 1:1 following the Instadapp → Fluid rebrand).
(e) Total supply & supply regime
Total supply at genesis: 100,000,000 tokens. Fixed, no inflation/deflation.
(f) Initial vesting / release schedules
Team and investor allocations were subject to a 4-year vesting schedule that began in July 2021. All insider $FLUID tokens have since fully vested (verifiable on-chain; see https://defillama.com/unlocks/fluid). The community allocation included immediately-claimable airdrop distributions (10,000,000 INST on Ethereum mainnet to ~312k DeFi users; 1,000,000 INST on Polygon to 50k+ Aave users) with no lock-up or vesting on airdrop rewards. Additional details: https://blog.instadapp.io/inst/
Vesting Insider Tokens
List all insider allocations subject to vesting, including recipient class, token amount, vesting start, cliff, and end date.
All insider $FLUID tokens from the original launch allocation (team, investors) have fully vested on-chain; the original 4-year vest from July 2021 is complete. Post-TGE, some new employees and contributors may receive compensation in $FLUID tokens. The amount of tokens that are locked or unvested and attributable to post-TGE employee or contributor compensation is approximately 2% of the total $FLUID supply as defined pre-TGE. Standard post-TGE token grants vest linearly over 2 years on a block-by-block basis. These grants do not follow a separate cliff structure unless otherwise specified in an individual agreement.
Disclosure of Token Advisory Billings
Disclose token-based compensation for external advisors and service providers funded from the on-chain treasury. If none exist, state so explicitly.
- (a) Existence — Whether any such token-based payments or advisory commitments exist, or explicitly state that no token-based compensation for advisory commitments exist.
- (b) Total token allocation — The total token allocation across all advisory services.
- (c) Payer entity — The payer entity.
- (d) Description of advisory/services — A brief description of the advisory/services.
(a) Existence
There are currently no advisors to Fluid outside of contributors compensated by the initial FLUID team; thus, no current token-based advisory commitments are funded from the on-chain treasury.
(b) Total token allocation
At launch, 1.27% of total supply (1,275,231 INST/FLUID) was reserved for advisors. These tokens have fully vested per the original 4-year schedule. There are no ongoing advisory services.
(c) Payer entity
There are no ongoing advisory services.
(d) Description of advisory/services
There are no ongoing advisory services.
KOL Marketing Activities
Disclose ongoing KOL or influencer relationships that partially or fully received tokens for payment. If none exist, state so explicitly.
- (a) Existence & scope — State plainly whether KOLs receive tokens for payment. If none, say so.
- (b) Usernames & roles — List usernames/handles and platforms for KOLs that received token-based compensation and describe the nature of their activities.
- (c) Token allocation & vesting/locks — Provide the aggregate token amount across all such arrangements and summarize vesting, lock, or release terms.
There are currently no KOL’s receiving payment or tokens for marketing activities.
Labelled Unissued & Operational Token Wallets
For wallets holding unissued tokens or essential operational funds, disclose primary function, chain, address, control mechanism, and one verification link.
Title | Primary Function | Chain | Address | Control Mechanism | Explorer Link |
|---|---|---|---|---|---|
DAO Treasur y | Holds DAO-controlled treasury assets (including any unissued $FLUID held by the DAO) and protocol revenue. | Ethereum | 0x28849D2b63fA8D361e5fc15cB8aBB13019884d 09 | DAO governance (proposal + on-chain Snapshot vote by $FLUID holders) | |
Team Multisig | Operates some of the treasury funds upon governance approval. | Ethereum and EVM chains. | 0x4F6F977aCDD1177DCD81aB83074855EcB9C2D49e | 7/14 |
All $FLUID tokens have been fully unlocked and vested on-chain.
Market Structure
Market Maker Agreements & Deals
Disclose market maker name, token allocation or loaned amount, agreement term, and structure. If none exist, state so explicitly.
Market Maker Name | Token Allocation Committed | Term Duration | Structure Name |
|---|---|---|---|
Wintermute | 0.7% | 24 months | Loan - retainer model. |
GSR | 0.7% | 18 months | Loan - call option. |
CEX / DEX Agreements & Deals
Disclose exchange name or DEX pool, token allocation, term duration, and native-token listing fees if applicable. If none exist, state so explicitly.
CEX: Fluid has 0 deals with CEXs and no listing fees have been paid. DEX: The treasury provides FLUID/ETH DEX liquidity, however there are no liquidity incentive arrangements.
Liquidity Deals and Market Activity
Disclose liquidity deals and market activity, including repurchases, protocol-owned liquidity, purchased TVL, and token-secured loans or lines if applicable.
- (a) Token repurchases or secondary-market accumulations (if any) — Source of funds, treatment, controller/approvals, and whether those tokens may be re-used, re-issued, or permanently removed from circulation.
- (b) Protocol-owned liquidity (POL) — Where deployed, total token or dollar size across deployments, controller, and unwind/exit policy.
- (c) Liquidity deals / purchased TVL — The total size across all deals, and where the capital participates.
- (d) Token-secured loans/lines (incl. against unissued tokens) — Principal, gross position size, collateral, counterparties, and unwind/exit policy.
(a) Token repurchases or secondary-market accumulations (if any)
As per DAO decision, Fluidbuybacks exist and can be tracked at fluid.io/fluid. Protocol revenue from the DAO Treasury wallet is used to buyback Fluid token (to the DAO treasury wallet). Currently, bought back tokens are sitting in the DAO treasury, governance may decide what to do with them in the future (via vote).
(b) Protocol-owned liquidity (POL)
As shown on fluid.io/fluid, the DAO treasury provides some FLUID/ETH liquidity ($3m at the time of writing) on Ethereum Mainnet. The position can be tracked: https://fluid.io/nfts/1/3192. Any adjustments to the DEX liquidity provided will be decided via governance.
(c) Liquidity deals / purchased TVL
None
(d) Token-secured loans/lines (incl. against unissued tokens)
None
Resources
Prior Token Sales & Fundraising
Disclose prior token sales, fundraising rounds, material OTC sales, and discounted market-maker sales. If none occurred, state so explicitly.
Series Name | Investment Vehicle | Date Of Sale | Number of tokens sold | Vesting Schedule |
|---|---|---|---|---|
Seed round | SAFE+Token Warrant | 2019 August | 7,200,000 tokens (7.2% of total supply) | 4-year vesting starting July 2021 (now fully vested) |
Series A | Token Sale | 2021 June | 5,720,000 tokens (5.72% of total supply) | 4-year vesting starting July 2021 (now fully vested) |
Private round | Token Sale | 2022 October | 5,000,000 tokens (5% of total supply) | No vesting |
Private round | Token Sale | 2025 March | 1,500,000 tokens (1.5% of total supply) | 1-year vesting |
Operational Funding, Economic Flows, and Resource Provisioning
Describe operational funding sources, economic flows, and how resources are provisioned across DevCo, Foundation, DAO, or other contributors.
(a) Entity existence
Foundation — Fluid Foundation The Fluid Foundation is a purpose-built, non-profit legal entity (Cayman Islands) whose sole purpose is to hold and steward the Fluid Protocol’s intellectual property on behalf of the DAO. Lab/DevCo — LTD, BVI DAO — exists. The Fluid DAO is governed by $FLUID token holders via on-chain Snapshot voting at https://fluid.io/gov.
(b) Material sources of funding or economic inflows
DAO — Protocol revenue generated by products built on Fluid's liquidity layer, including: (i) Fluid DEX swap fees (fee switch; smart debt and smart collateral also act as liquidity on the DEX and can generate revenue); (ii) a 10% reserve factor on Fluid's Money Market (borrow/lending); (iii) a performance fee on interest generated by Fluid Lite. The DAO sets protocol fees, which are updated via governance. All generated revenue belongs to the Fluid DAO. DevCo — The DevCo is currently being funded via raises that were completed in the past (and referenced elsewhere in this document. In the future, the DevCo will begin drawing a 200k/m stipend from the DAO.
(c) Operational use of resources
Use of DAO revenue/treasury must be voted in via governance. These are currently not used for operational purposes via the DevCo, however the DevCo will begin drawing a stipend in the future (as voted via governance) in order to cover operational and development costs.
(d) Onchain Resource Usage
links:
- https://fluid.io/fluid- contains all tokenholder related data including revenue, DAO treasury and buyback status. It also contains a dataroom with all previous IR reports.
- https://debank.com/profile/0x28849d2b63fa8d361e5fc15cb8abb13019884d09 — DAO treasury wallet profile (assets held on-chain).
- https://debank.com/profile/0x4f6f977acdd1177dcd81ab83074855ecb9c2d49e — Team Multisig wallet profile (operates some treasury funds upon governance approval).
- https://fluid.io/gov — Governance hub where all DAO proposals are posted; votes are conducted on-chain via Snapshot.
- https://github.com/Instadapp/fluid-governance — Fluid governance contracts repository.
Previous Exploits Affecting The Native Token
Disclose prior exploits or incidents directly affecting the native token, token supply, tokenholder balances, token contract, minting controls, burn mechanics, or custody of token supply. If none occurred, state so explicitly.
No prior exploits affecting tokenholders or protocol funds as of 2026-06-12
[Optional] Offchain Foundation Or DevCo Income Statement
Optional upload of the most recent offchain income statement for the Foundation or DevCo.
N/A
This Token Transparency Filing is provided for general informational purposes only. Blockworks reviews completeness only and does not verify or warrant the accuracy of individual answers. Fluid is solely responsible for the content, accuracy, and legality of its disclosures.