Fluid

FLUID (formerly Instadapp, INST) is the governance token of Fluid, a DeFi protocol that combines interest-based lending, borrowing vaults and a DEX.

Fluid was built by the Instadapp team. Its core is a shared pool called the Liquidity Layer. Users deposit assets to earn interest paid by borrowers, borrowers lock collateral in vaults and take loans of up to 95% of its value, and a built-in exchange (DEX) trades against the same liquidity. DefiLlama showed about $976 million deposited and $760 million borrowed on 2 October 2026.

FLUID, formerly the INST token, gives votes in the DAO that governs the protocol and its treasury. Supply is capped at 100 million and the team says all tokens have vested; about 83.7 million were circulating in October 2026. Holding FLUID pays nothing directly. Protocol revenue funded token repurchases of about 1.3% of supply until they were halted in May 2026.

In 2026 Fluid took about $21 million of bad debt in the Resolv incident, covered by Resolv, the DAO treasury and the team. In July 2026 the Dubai-regulated Kinetic Group announced plans to acquire up to 10% of FLUID supply and to build permissioned institutional markets on Fluid.