CSO @0xfluid | investing @daedalus_angels | posting inconsequential observations
Singapore
Joined October 2020
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DEX v2 also introduces Fluid's Money Market - a new primitive which will give birth to birth an endless amount of new strategies and structured products.
The first true Cross Margining system in Defi.
Any combination of Collaterals, Debt and DEX LP positions can be used.
Excited to see what other teams can build on top of it. Capital efficient, risk minimised yield on BTC, Gold and equities are low hanging fruit.
DM me to join us for our Q3 Quarterly next week, where we'll be introducing both DEX v2 and the new Money Market.
woke up to this little notification
For active LPs it's one of the most exciting things coming up imo
High level, Fluid DEX v2 offers you the following:
1) Cross margin your LP positions
Various collaterals contribute to one unified account health factor
Collateral
├ ETH / USDC LP
├ Gold
├reUSD
⇣
1 unified health factor
⇡
Debt
└ USDT / USDC LP
2) Earn money market rates on top of trading fees
ETH / USDC LP earns you:
+ trading fees based on liquidity provided
+ underlying money market rates (currently ~6% on USDC, ~1.6% on ETH)
This means even when out of range your capital works!
3) Leverage up your LPing, while the debt itself contributes to your LPing liquidity
Step 1 -> put 10k into ETH / USDC LP as collateral
Step 2 -> borrow 5k ETH / USDC debt *as an LP position*
Step 3 -> resupply that 5k as ETH / USDC LP collateral
Result:
10k collateral LP
+ 5k debt LP
+ 5k resupplied collateral LP
= 20k active DEX liquidity on 10k capital provided + 15K capital earning your money market lending yield - 5k costing you prevailing funding rates
Fluid DEX v2 unlocks a new frontier in terms of capital efficiency and AMMs
I like the prudent rollout described in the proposal
Looking forward to track the progress closely over the next 12 months
prediction f09702b7857167bd5a7687b0dfb26b138a6a932ee9ae716e5b1c5ca4fd4a707f
beeshal 🌊 retweeted
A lot is happening at @0xfluid and DEX v2 is getting closer to launch 👀
▪️ A governance proposal to set initial limits for DEX v2 is live
▪️ On Sui, Fluid will power the lending layer for Hashi, bringing Bitcoin-backed loans to Anchorage Digital users
▪️ On Solana, it powers Jupiter Lend, a $2B+ market, and JupLend DEX, close to $1B in volume in its first 2 months. Fluid's half of Jupiter Lend revenue goes to the base:0x61e030a56d33e8260fdd81f03b162a79fe3449cd DAO treasury 🧐
All this while revenue grew 22% in Q3 and Fluid is already one of the largest DEXs on EVM.
imho a very interesting phase is coming for Fluid.
beeshal 🌊 retweeted
woke up to this little notification
For active LPs it's one of the most exciting things coming up imo
High level, Fluid DEX v2 offers you the following:
1) Cross margin your LP positions
Various collaterals contribute to one unified account health factor
Collateral
├ ETH / USDC LP
├ Gold
├reUSD
⇣
1 unified health factor
⇡
Debt
└ USDT / USDC LP
2) Earn money market rates on top of trading fees
ETH / USDC LP earns you:
+ trading fees based on liquidity provided
+ underlying money market rates (currently ~6% on USDC, ~1.6% on ETH)
This means even when out of range your capital works!
3) Leverage up your LPing, while the debt itself contributes to your LPing liquidity
Step 1 -> put 10k into ETH / USDC LP as collateral
Step 2 -> borrow 5k ETH / USDC debt *as an LP position*
Step 3 -> resupply that 5k as ETH / USDC LP collateral
Result:
10k collateral LP
+ 5k debt LP
+ 5k resupplied collateral LP
= 20k active DEX liquidity on 10k capital provided + 15K capital earning your money market lending yield - 5k costing you prevailing funding rates
Fluid DEX v2 unlocks a new frontier in terms of capital efficiency and AMMs
I like the prudent rollout described in the proposal
Looking forward to track the progress closely over the next 12 months
prediction f09702b7857167bd5a7687b0dfb26b138a6a932ee9ae716e5b1c5ca4fd4a707f
beeshal 🌊 retweeted
ethereum:0x6f40d4a6237c257fff2db00fa0510deeecd303eb initiated governance proposal to launch DexV2 in private beta.
The beta would start with lower limits and a small set of tokens to check that everything works as intended before raising limits and adding more assets.
DexV2 is just arround the corner.
beeshal 🌊 retweeted
Jupiter Lend Revenue up only .
Growing consistently .
50% of this goes to $FLUID
@JupiterExchange X @0xfluid
beeshal 🌊 retweeted
ethereum:0x6f40d4a6237c257fff2db00fa0510deeecd303eb has been one of DeFi’s strongest performers over the past 30 days.
I wrote about Fluid’s comeback for a reason. Still stand by that thesis.
The comparison is in the chart below. If you want to dig into the thesis, check out my “Fluid Catalyst for Comeback” article.
beeshal 🌊 retweeted
$FLUID is the best performing DeFi token over the last 30 days.
Who's buying?
Gossip says someone keeps TWAPing it on CEXs :)
But the fundamentals look good:
• Best weekly revenue in 4 months
• $1.77B active loans, now the 3rd largest onchain money market
• Jupiter Lend: 6 biggest fee days in a row ($1.14M from Oct 11 - 17)
Not all green tho as buybacks are paused while the treasury rebuilds.
Big catalyst is DEX V2: soft launch is live now. Polygon first for testing, Ethereum this month
Also Fluid will launch on Sui: Hashi mainnet launches with $500M in capital backing, and Anchorage Digital joining
FLUID been one of my longest conviction trade since... years
beeshal 🌊 retweeted
We have spent last week in US and might have accidentally solved the biggest challenge for _____ onchain liquidity 🌊
beeshal 🌊 retweeted
Been looking at revenue-generating projects across crypto lately.
First deep dive: @0xfluid . From the vault whitepaper to the audits, plus a few questions to the team.
imo a genuinely original protocol in DeFi and still priced like the market hasn’t noticed.
1⃣ What it does
▪️ Smart Collateral: collateral earns lending yield and trading fees at the same time
▪️ Smart Debt: debt becomes DEX liquidity, so trading fees reduce what you owe
2⃣ Traction
▪️ $234B cumulative DEX volume, built almost entirely on pegged pairs
▪️ Per Fluid, over half of Ethereum volume in stable and correlated pairs runs through it
▪️ Powers Jupiter Lend, a $2B+ market on Solana with a 50/50 revenue split
▪️ Also powers JupLend DEX, close to $1B in volume after less than 2 months with only 5 pairs
3⃣ The numbers
▪️ Revenue grew 22% quarter over quarter in Q3, to $7.3M annualized
▪️ Revenue already hit ~$18.5M annualized in Aug 2025, so there is room to run
▪️ Public revenue charts don’t include its liquidity-as-a-service fees yet
▪️ Trades at a lower revenue multiple than Aave, Kamino and Compound
▪️ 100M fixed supply, vesting fully ended, no scheduled unlocks
4⃣ Buybacks
Fluid already bought back ~1.3% of supply. Buybacks are paused while the treasury is rebuilt after covering bad debt from the Resolv stablecoin exploit, and the team says they will return.
5⃣ What’s next
DEX v2 is expected to launch in the coming weeks, bringing Fluid’s model to volatile pairs, where fees are much higher.
On @SuiNetwork , Fluid will power the lending layer for Hashi, bringing Bitcoin-backed loans to Anchorage Digital users.
The team expects these launches, new liquidity deals for asset issuers and custodian integrations to multiply revenue in Q4.
‼️ imho the tech is proven and the catalysts are lined up. Q4 could be the quarter where it shows up in revenue.
beeshal 🌊 retweeted
Thrilled to see solana:72puLt71H93Z9CzHuBRTwFpL4TG3WZUhnoCC7p8gxigu make its official DeFi debut on @Solana via @JupiterExchange!
As part of the OSL family, USDGO brings OCC-regulated stability straight to chain with live liquidity powered by @0xfluid. 🚀
USDGO is making its DeFi debut, and it’s starting on Jupiter.
$USDGO is the stablecoin from OSL (a Hong Kong listed & licensed digital asset platform, HKEX: 863), issued by Anchorage Digital Bank, N.A., a federally chartered bank regulated by the OCC.
For its first step into DeFi, @usdgo_official chose Solana and Jupiter.
Trading liquidity is now live on Jupiter Lend’s AMM, powered by @0xfluid’s Liquidity-as-a-Service, so USDGO is tradable onchain from day one.
beeshal 🌊 retweeted
USDGO is making its DeFi debut, and it’s starting on Jupiter.
$USDGO is the stablecoin from OSL (a Hong Kong listed & licensed digital asset platform, HKEX: 863), issued by Anchorage Digital Bank, N.A., a federally chartered bank regulated by the OCC.
For its first step into DeFi, @usdgo_official chose Solana and Jupiter.
Trading liquidity is now live on Jupiter Lend’s AMM, powered by @0xfluid’s Liquidity-as-a-Service, so USDGO is tradable onchain from day one.
beeshal 🌊 retweeted
USDGO chooses Jupiter Lend and Fluid for its DeFi debut 🌊
The OCC-regulated stablecoin from OSL (HKEX: 863) is now live, with trading liquidity on Jupiter Lend’s AMM powered by @0xfluid's Liquidity-as-a-Service.
Regulated dollars, now onchain.
This quoted post is unavailable.
beeshal 🌊 retweeted
major milestone:
last week, Jupiter Lend became the largest lending market on @solana 🥳
extremely proud of the team, extremely grateful to our LPs, and extremely excited about what comes next for @jupiter_earn
onwards and upwards
