{"investigation":{"slug":"fluent","entity_name":"Fluent","trust_score":27,"severity_base":null,"score_modifier":-18,"confidence":0.35,"status":"under_investigation","content_type":"investigation","summary":"Fluent is an Ethereum Layer 2 developed by Fluent Labs that combines Wasm, EVM and SVM execution; its BLEND token reportedly launched with mainnet in April 2026. An online post circulating in October 2026 lists chains as possible shutdown candidates, but no source reviewed shows an official shutdown or wind-down announcement for Fluent. Aggregator snapshots suggest low on-chain usage and a token well below its post-listing high, but reliable TVL and fee data could not be retrieved.","sections":[{"content":"A social post by @Oxvietnguyen (reportedly about 126K views, October 2026) allegedly lists Fluent among chains with near-zero 24h revenue, small TVL and large FDV declines. The post itself could not be located or verified. Searches of news sources found no report of a Fluent shutdown, wind-down or official announcement to that effect. For comparison, other recent shutdowns (e.g. Kadena, October 2025) were reported by news outlets, but no such coverage exists for Fluent in the sources reviewed. The rumour should be treated as unverified.","heading":"Shutdown rumour status","sources":[{"url":"https://www.cryptotimes.io/2026/06/26/sei-dex-oxium-to-shut-down-august-1-as-revenue-hits-critical-lows/","name":"Crypto Times: Sei DEX Oxium to shut down (context on 2026 shutdowns, no Fluent mention)","type":"news_article","credibility":2}],"severity":"medium"},{"content":"A CertiK Skynet project page snapshot (undated) showed roughly 700 active users and 1,861 transactions over seven days, a price of about $0.0685 and a market cap of about $13.59 million; it reported no TVL. An earlier snapshot referenced by a search summary cited about 7,500 weekly active users and 28,000 transactions, which would imply a sharp decline, but that figure is from a search summary and the snapshot dates are uncertain. DefiLlama could not be retrieved (HTTP 403), so TVL, fees and revenue figures are unverified. A promotional article claimed a treasury buyback of $65,173 but gave no transaction proof.","heading":"Usage, TVL and revenue","sources":[{"url":"https://v1.skynet.cdn.certik.com/projects/fluent","name":"CertiK Skynet: Fluent project page","type":"research","credibility":2},{"url":"https://www.coingabbar.com/en/crypto-currency-news/fluent-blend-token-surges-175-after-upbit-listing-whats-next","name":"CoinGabbar: Fluent BLEND surges after Upbit listing","type":"news_article","credibility":3}],"severity":"high"},{"content":"Fluent's native token BLEND (1 billion initial supply) reportedly launched alongside mainnet in late April 2026, with 10 million tokens (1%) sold in a public sale at $0.10. Upbit listed BLEND in KRW, BTC and USDT markets on April 29, 2026. Aggregator coverage reports a spike to roughly $0.23-$0.24 after the listing (reported figures are internally inconsistent). CoinLaunch lists an all-time high near $0.27. The CertiK snapshot shows about $0.0685, roughly 70-75% below that high, and below the $0.10 sale price. Vesting data on CoinLaunch indicates team, airdrop and sale allocations were fully unlocked from April 24, 2026, with some allocations still unlocking daily into August 2026. Commentary notes unlocked supply at TGE; this is analyst opinion and not verified.","heading":"Token performance (BLEND)","sources":[{"url":"https://onekey.so/blog/ecosystem/upbit-to-list-blend-trading-pairs-in-krw-btc-and-usdt-20260429162050/","name":"OneKey: Upbit to list BLEND trading pairs","type":"news_article","credibility":3},{"url":"https://www.coingabbar.com/en/crypto-currency-news/fluent-blend-token-surges-175-after-upbit-listing-whats-next","name":"CoinGabbar: Fluent BLEND surges after Upbit listing","type":"news_article","credibility":3},{"url":"https://coinlaunch.space/vi/projects/fluent-labs/vesting/","name":"CoinLaunch: Fluent Labs vesting","type":"research","credibility":3},{"url":"https://v1.skynet.cdn.certik.com/projects/fluent","name":"CertiK Skynet: Fluent project page","type":"research","credibility":2}],"severity":"high"},{"content":"The Block reported on February 19, 2025 that Fluent Labs raised $8 million across seed and seed-extension rounds led by Polychain Capital, with Primitive, dao5, Symbolic Capital, Builder Capital, Nomad Capital and Public Works, plus angels including Balaji Srinivasan and Mustafa Al-Bassam. The company had 17 core contributors at the time and claimed over 60 projects building on its network. Aggregator CoinLaunch additionally lists a $2.2 million strategic round (July 2025) and a $1 million public sale (April 2026), totalling about $11.2 million; these are lower-confidence figures. No reports of team departures, layoffs or runway problems were found.","heading":"Team and funding","sources":[{"url":"https://www.theblock.co/amp/post/341744/fluent-labs-raises-8-million-usd-polychain-capital-blended-execution-network","name":"The Block: Fluent Labs raises $8M led by Polychain","type":"news_article","credibility":2},{"url":"https://coinlaunch.space/projects/fluent-labs/fundraising/","name":"CoinLaunch: Fluent Labs fundraising","type":"research","credibility":3}],"severity":"low"}],"timeline":[{"date":"2025-02","event":"Fluent Labs announces $8M seed funding led by Polychain Capital","source":"The Block","source_url":"https://www.theblock.co/amp/post/341744/fluent-labs-raises-8-million-usd-polychain-capital-blended-execution-network"},{"date":"2025-08","event":"Public testnet reportedly launched","source":"CoinLaunch","source_url":"https://coinlaunch.space/projects/fluent-labs/token-economy/"},{"date":"2026-04","event":"Mainnet and BLEND token reportedly launched; public sale at $0.10","source":"MEXC News / PANews (via search summary)","source_url":"https://www.mexc.com/news/65489"},{"date":"2026-04","event":"Upbit lists BLEND in KRW, BTC and USDT markets; price spikes then retraces","source":"OneKey","source_url":"https://onekey.so/blog/ecosystem/upbit-to-list-blend-trading-pairs-in-krw-btc-and-usdt-20260429162050/"},{"date":"2026-10","event":"Social post alleges Fluent is a shutdown candidate; no official confirmation found","source":"Requester context (post not located)","source_url":"https://v1.skynet.cdn.certik.com/projects/fluent"}],"sources_used":[{"url":"https://www.theblock.co/amp/post/341744/fluent-labs-raises-8-million-usd-polychain-capital-blended-execution-network","name":"The Block: Fluent Labs raises $8M led by Polychain","type":"news_article","archive_url":null,"credibility":2,"archive_timestamp":null},{"url":"https://v1.skynet.cdn.certik.com/projects/fluent","name":"CertiK Skynet: Fluent project page","type":"research","archive_url":null,"credibility":2,"archive_timestamp":null},{"url":"https://www.coingabbar.com/en/crypto-currency-news/fluent-blend-token-surges-175-after-upbit-listing-whats-next","name":"CoinGabbar: Fluent BLEND surges after Upbit listing","type":"news_article","archive_url":"https://web.archive.org/web/20261008205820/https://www.coingabbar.com/en/crypto-currency-news/fluent-blend-token-surges-175-after-upbit-listing-whats-next","credibility":3,"archive_timestamp":"2026-10-08T20:58:20+00:00"},{"url":"https://onekey.so/blog/ecosystem/upbit-to-list-blend-trading-pairs-in-krw-btc-and-usdt-20260429162050/","name":"OneKey: Upbit to list BLEND trading pairs","type":"news_article","archive_url":null,"credibility":3,"archive_timestamp":null},{"url":"https://coinlaunch.space/vi/projects/fluent-labs/vesting/","name":"CoinLaunch: Fluent Labs vesting","type":"research","archive_url":null,"credibility":3,"archive_timestamp":null},{"url":"https://coinlaunch.space/projects/fluent-labs/fundraising/","name":"CoinLaunch: Fluent Labs fundraising","type":"research","archive_url":"https://web.archive.org/web/20261008205226/https://coinlaunch.space/projects/fluent-labs/fundraising/","credibility":3,"archive_timestamp":"2026-10-08T20:52:26+00:00"},{"url":"https://www.mexc.com/news/65489","name":"MEXC News: Fluent mainnet and BLEND launch","type":"news_article","archive_url":null,"credibility":3,"archive_error":"error:gone","archive_status":"unarchivable","archive_timestamp":null},{"url":"https://www.cryptotimes.io/2026/06/26/sei-dex-oxium-to-shut-down-august-1-as-revenue-hits-critical-lows/","name":"Crypto Times: Sei DEX Oxium shutdown","type":"news_article","archive_url":"http://web.archive.org/web/20260727061446/https://www.cryptotimes.io/2026/06/26/sei-dex-oxium-to-shut-down-august-1-as-revenue-hits-critical-lows/","credibility":2,"archive_timestamp":"2026-07-27T06:14:46+00:00"}],"source_tags":[],"addresses":[],"reviewed":false,"reviewed_by":null,"model_used":"claude-code-investigator","created_at":"2026-10-08T19:09:58.234299+00:00","updated_at":"2026-10-08T21:01:52.95103+00:00"},"source_quality":{"total":8,"tier1":0,"tier2":2,"tier3":0,"unrated":6},"follower_count":null}