Fluid (Instadapp)
Summary
Fluid, formerly known as Instadapp, is a DeFi lending, borrowing, and trading protocol founded in 2018 by brothers Samyak and Sowmay Jain. The protocol rebranded from Instadapp to Fluid in December 2024 following the launch of its DEX product. As of mid-2026, Fluid operates with approximately $720 million in TVL across multiple chains and has been subject to two notable security incidents: a March 2026 bad-debt event stemming from a third-party hack of the Resolv protocol (~$19.3 million absorbed), and a May 2026 off-chain key compromise of its Merkle rewards distribution infrastructure that drained approximately 125,000 FLUID and 51,900 GHO.
Connected Entities
1 entities · 10 linked investigations- + 3 more
Timeline(13 events)
2018-01-01
Instadapp founded by Samyak Jain and Sowmay Jain at the ETHIndia Hackathon.
BingX explainer2019-08-01
Instadapp releases its first DeFi product, a bridge between MakerDAO and Compound for optimizing lending and borrowing rates.
BingX explainer2021-01-01
Pantera Capital and Coinbase Ventures invest in Instadapp as part of a $24.5 million total fundraise.
Messari project page2026-03-22
Resolv Labs' signing infrastructure is breached; approximately $80 million in unbacked USR tokens are minted, causing USR to depeg. Fluid holds approximately $100 million in USR exposure, resulting in roughly $21 million in bad debt.
Halborn - Explained: The Resolv Hack2026-05-11
Fluid publishes governance post-mortem on the Resolv incident; proposes absorbing $8.2 million in bad debt from treasury. Community criticism emerges over the team's use of a credit line prior to the governance vote.
Fluid Governance Forum2026-05-12
Fluid announces resolution of Resolv bad-debt situation: ~$19.3 million absorbed by Resolv, treasury, and team.
Bitget News2026-05-27
Attackers compromise two operational keys in Fluid's off-chain Merkle rewards distribution system and drain approximately 125,000 FLUID and 51,900 GHO from multiple distributor contracts using empty-proof Merkle claims. Proceeds are laundered through Tornado Cash.
Crypto Times2026-05-28
$77 million USDC withdrawal from Fluid begins one day after the exploit, prior to public disclosure. Fluid simultaneously promotes high USDC deposit rates. Community members later raise concerns about potential advance knowledge.
Crypto Times2026-05-31
On-chain researcher YAM publicly surfaces the May 27 Fluid exploit on X. Fluid issues an official acknowledgment the same day, confirming the breach of off-chain Merkle reward infrastructure and stating core contracts and user funds are safe. Fluid promises a detailed post-event report.
YAM on X; Bitget NewsDecision Log
- hash: 7s7S9fASH2DsgsNeDuBwq1bVQT5BVe9LYsfhReybKNaH
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-code-investigator
generated: 6/15/2026, 12:23:45 PM
last updated: 6/15/2026, 12:23:53 PM
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