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 | |
Blockworks note: Foundation |
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.
(f) Current economic arrangements and distribution policies
Blockworks note: 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.
(d) Compensation and material economic arrangements
Blockworks note: Fluid does not currently have any APC’s.
Token Supply
Initial Allocation
Disclose launch and initial supply details in a single initial allocation schedule covering the token's launch. Include:
- (a) Launch supply totals — The total number of tokens issued at launch, the total number of tokens locked at launch, and the total number of tokens unlocked at launch.
- (b) Recipient categories & use of funds — The recipient categories with brief explanations as to how the category will use the tokens so an auditor can distinguish each bucket.
- (c) Initial price per token — The expected initial price per token.
- (d) Ticker / market symbol — The ticker/market symbol.
- (e) Total supply & supply regime — The total supply and whether the supply is fixed (if not explain inflation rate or deflation rate).
- (f) Initial vesting / release schedules — The initial vesting/release schedules (identify which categories/recipients are subject to vesting and the high-level timing logic).
(a) Launch supply totals
$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.
100,000,000 $INST was minted at genesis.
11% of the supply was claimable and liquid on day 1.
(b) Recipient categories & use of funds
- 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
If there are not post-TGE token compensation plans state explicitly they do not exist. If there are then state the:
- A) Post-TGE employee lock as % of circulation. State the current total amount of tokens locked or unvested attributable to post-TGE employees, expressed as a percentage of current circulating supply. If circulation isn't used, an explicitly labeled equivalent (e.g., "% of total supply" or "% of FDV") is acceptable. Must include an "as of" timestamp.
- B) Typical post-TGE vesting schedule. Describe the standard vesting terms used for post-TGE grants, including: cliff length (or "no cliff"), vesting frequency (e.g., monthly/quarterly), and total duration. If variants exist (e.g., performance grants), note the typical range.
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 (e.g., legal, marketing, technical, growth) funded from the on-chain treasury or token reserves held by the Foundation, Labs/DevCo, or similar entities. You do not need to disclose individual names, roles, salaries, or any advisors receiving fiat-only compensation. Provide:
- (a) Whether any such token-based payments or advisory commitments exist (or explicitly state that no token-based compensation for advisory commitments exist).
- (b) The total token allocation across all advisory services (tokens paid and/or reserved in aggregate).
- (c) The payer entity (e.g., Foundation, Labs/DevCo, DAO/treasury).
- (d) A brief description of the advisory/services (e.g., "legal and regulatory advisory," "growth and BD support," "security advisory").
- 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.
- 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.
- Payer entity: There are no ongoing advisory services.
- Description of advisory/services: There are no ongoing advisory services.
KOL Marketing Activities
Disclose ongoing KOL/influencer relationships that partially or fully received tokens for payment. Do not need to disclose KOL/influencers that do not receive tokens for payment. Use lettered sub-items:
- (a) Existence & scope: State plainly whether KOLs receive tokens for payment, if none say so.
- (b) Usernames & roles: List usernames/handles (with platforms) for participating KOLs and describe their roles/activities. Legal names are not required.
- (c) Token allocation & vesting/locks: Say whether tokens were allocated to KOLs. If yes, provide the aggregate token amount across all KOLs and summarize vesting/lock terms (e.g., cliff and vest length, or "no vest/locks").
Blockworks note: There are currently no KOL’s receiving payment or tokens for marketing activities.
Labelled Unissued & Operational Token Wallets
Publicly label all wallets that hold Unissued Tokens (e.g., foundation, operations, treasury, investor reserve), keep each category in distinct wallets (a unique address per category), and disclose who controls each wallet (DAO multisig, foundation, labs/devco, operations, or contract controller + admin). Include one verification link per wallet (docs or explorer). Definition: Unissued Supply = tokens authorized by the contract but not yet issued to any party; where they sit (treasury or mint authority) does not change that they are unissued. For instance: if a token has a total supply cap of 1B, and 400M tokens have been issued to investors, the team, and users (whether vested or unlocked), then those 400M count as issued supply. The remaining 600M are authorized but unissued supply, even if they are already minted into a DAO treasury wallet.
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 | |
Blockworks note: All $FLUID tokens have been fully unlocked and vested on-chain. |
Market Structure
Market Maker Agreements & Deals
Projects must disclose all material terms of market-making arrangements that affect token liquidity. If the project has no agreements or deals with market makers, state that explicitly; doing so earns full credit. For each market maker, include in a table:
- (a) Market maker's name — the market maker's name;
- (b) Token allocation or loaned amount — the token allocation or loaned amount as a percentage of total supply;
- (c) Duration/term of agreement — the duration/term of the agreement; and, where applicable,
- (d) Name of agreement structure — label the financial vehicle being used in the agreement (i.e. loan, option/call, retainer model) without describing trading strategy or expected outcomes.
If the project has no agreements or deals with market makers, state that explicitly; doing so earns full credit. If no native tokens were loaned or allocated to market makers, state that explicitly; cash/fiat retainers or fees are not required for this item.
- Market Maker Name: Wintermute
- Token Allocation Committed: 0.7%
- Term Duration: 24 months
- Structure Name: Loan - retainer model.
- Market Maker Name: GSR
- Token Allocation Committed: 0.7%
- Term Duration: 18 months
- Structure Name: Loan - call option.
CEX / DEX Agreements & Deals
Projects must disclose all material terms of centralized or decentralized exchange listings that affect token liquidity. For each listing, include in a table:
- (a) Exchange name / DEX pool — the exchange name (and, for DEX, the specific pool/pair);
- (b) Token allocation for listing — the token allocation supplied or committed for listing as a percentage of total supply;
- (c) Term Duration — the duration/term of any listing lockups, liquidity, or incentive programs; and, where applicable,
- (d) Native-token listing fees — whether any listing fees were paid in native tokens, with amounts (tokens or % of supply), recipients, and any vesting or lock terms tied to the partnership.
If the project has no agreements or deals with CEX or DEX, state that explicitly; doing so earns full credit. If no native-token listing fees were paid, state that explicitly; cash/fiat fee amounts are not required for this item.
Blockworks note: 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
If a category does not exist or is not applicable, make that clear in plain language (no specific wording required).
- (a) Buybacks & re-release (bought-back tokens only): source of funds (e.g., % of revenue), treatment (burn/treasury/POL), controller/approvals (DAO, multisig, or contract), and whether bought-back tokens can ever be re-released; if "never," give the mechanism (burn or irrevocable timelock); otherwise state the re-release policy.
- (b) Protocol-owned liquidity (POL): where deployed, total token or dollar size across all deployments, controller, and unwind/exit policy.
- (c) Liquidity deals / purchased TVL: the total size across all deals, and where the capital participates - no counterparty names needed.
- (d) Token-secured loans/lines (incl. against unissued tokens): principal, gross position size, collateral, counterparties, and unwind/exit policy.
- 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).
- 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.
- Liquidity deals / purchased TVL: None
- Token-secured loans/lines (incl. against unissued tokens): None
Resources
Prior Token Sales & Fundraising
Disclose all prior token sales by the Project — including fundraising rounds, any material OTC sales to investors, and any discounted market-maker sales. For each sale, provide:
- (a) Series Name / Early-Stage Investment Instrument used (i.e. SAFT, STAMP, SAFE, SAFE+Token Warrant, etc.)
- (b) Date of sale (at least month & year).
- (c) Number of tokens sold (or % of total supply)
- (d) Vesting schedule
If no prior sales occurred, state that explicitly (e.g., "No prior fundraising, OTC, or discounted MM sales have occurred.")
- Series Name: Seed round
- Investment Vehicle: SAFE+Token Warrant
- Date Of Sale: 2019 August
- Number of tokens sold: 7,200,000 tokens (7.2% of total supply)
- Vesting Schedule: 4-year vesting starting July 2021 (now fully vested)
- Series Name: Series A
- Investment Vehicle: Token Sale
- Date Of Sale: 2021 June
- Number of tokens sold: 5,720,000 tokens (5.72% of total supply)
- Vesting Schedule: 4-year vesting starting July 2021 (now fully vested)
- Series Name: Private round
- Investment Vehicle: Token Sale
- Date Of Sale: 2022 October
- Number of tokens sold: 5,000,000 tokens (5% of total supply)
- Vesting Schedule: No vesting
- Series Name: Private round
- Investment Vehicle: Token Sale
- Date Of Sale: 2025 March
- Number of tokens sold: 1,500,000 tokens (1.5% of total supply)
- Vesting Schedule: 1-year vesting
Operational Funding, Economic Flows, and Resource Provisioning
Provide a narrative description of the Project's material funding sources, economic flows, and operational provisioning, broken out by entity: Foundation, Lab/DevCo, and DAO. If an entity does not exist, state that explicitly. If an entity exists but does not pursue revenue-generating activity, state how it funds or provisions its operations.
- (a) Entity existence — Explicitly state whether each of Foundation, Lab/DevCo, and DAO exists.
- (b) Material sources of funding or economic inflows — For each existing entity, describe its primary sources of operational funding or economic inflows, if any (e.g., service fees, grants, donations, treasury reserves, token reserves, staking rewards, validator/sequencer income, partnership payments, retained revenue, or other protocol-related receipts). If none, state "none."
- (c) Operational use of resources — Briefly describe how those resources are generally used (e.g., development, operations, security, ecosystem support, grants, liquidity support).
- (d) Onchain Resource Usage — Provide links to public dashboards and token holder relations reports that help explain on-chain financial activity, treasury activity, fee flows, rewards, or other protocol-controlled resources. Make certain to explain what each link is for.
(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
If any, list prior exploits or incidents that directly affected the token, token supply, tokenholder balances, token contract, minting controls, burn mechanics, or custody of token supply. This question is not asking about general protocol, application, or smart contract exploits unless the incident directly affected the native token itself. If no prior incidents, state this explicitly (e.g., "No exploits affecting tokenholders or protocol funds as of YYYY-MM-DD").
- (a) Date & component affected — Date (YYYY-MM or YYYY-MM-DD), chain(s)/component affected.
- (b) Exploit vector summary — Plain-language summary of the exploit vector (what the hack was).
- (c) Quantified impact — Quantified impact (assets/tokens affected or a clear "no loss of funds" statement).
- (d) Remediation/response taken — Remediation/response taken (patches, upgrades, governance actions, compensation).
- (e) Current status — Current status (resolved, in litigation, under investigation, refunded, etc.).
- (f) References (optional) — Link(s) to post-mortem/advisory/PR.
(a) Date & component affected
No prior exploits affecting tokenholders or protocol funds as of 2026-06-12
(b) Exploit vector summary
N/A
(c) Quantified impact
N/A
(d) Remediation/response taken
N/A
(e) Current status
N/A
(f) References (optional)
N/A
[Optional] Offchain Foundation Or DevCo Income Statement
Provide a single income statement, expense summary, or comparable operating statement for the primary Foundation or Developer Company. A consolidated or entity-level presentation is acceptable. Balance Sheet and Statement of Cash Flows may be included but are not required. This item is intended to provide transparency into offchain operating resources and expenditures only.
Line Item | Amount |
|---|---|
Blockworks note: 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.