Fluid (Instadapp)
Last changed 2026-10-10 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 44 → 58. Problems weighed by who is responsible: incidents the subject suffered −12, concerns that are not fraud −12, problems around the subject, caused by others −1.4; legitimacy credit long-running +10; a recent unresolved incident −2.3; fact-check adjustments (−8) now shown as page reliability, not in the score. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -12 |
| Incidents it suffered (e.g. hacks) | -12 |
| Problems around it, caused by others | -1.4 |
| Long-running | +10 |
| Recent unresolved incident | -2.3 |
| Sum | 47 |
Score: 58/100 (kept between 0 and 100)
How scoring works →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
7 entities · 60 linked investigations- Ethereum→mentioned with→Coinbase(60%)
- Resolv→mentioned with→Coinbase(65%)
- Resolv→mentioned with→Ethereum(60%)
- Fluid (Instadapp)→mentioned with→Resolv Labs(80%)
- Resolv→mentioned with→Fluid (Instadapp)(80%)
- Resolv→mentioned with→Resolv Labs(80%)
- Resolv Labs→mentioned with→Ethereum(60%)
- Polygon→mentioned with→Ethereum(70%)
- Polygon→mentioned with→Coinbase(60%)
- Resolv Labs→mentioned with→Resolv(80%)
- + 8 more
Timeline(13 events)
August 2019
Instadapp releases its first DeFi product, a bridge between MakerDAO and Compound for optimizing lending and borrowing rates.
BingX explainer2021
Pantera Capital and Coinbase Ventures invest in Instadapp as part of a $24.5 million total fundraise.
Messari project page22 March 2026
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 Hack11 May 2026
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 Forum12 May 2026
Fluid announces resolution of Resolv bad-debt situation: ~$19.3 million absorbed by Resolv, treasury, and team.
Bitget News27 May 2026
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 Times28 May 2026
$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 Times31 May 2026
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
- slot 457793290 · hash BuNAUPBYS6YStWm3iTXbujUYQcuuW9pHJdRayCgR5Mz5
- slot 455367835 · hash 91z3sJAaP7bJ9nWQCqVzZ6CYYWLqRiFdn1gF4gJV8bTo
- slot 443512657 · hash AHVT8TTrJUMaDSe1XNLBSyYp8xgzsBkdW6CQ27YeJd6e
- slot 443512652 · hash Fe9S4t1hJQE7HNsp5tCsc7LhcXGG93EztcpUomLjeBbL
- slot 426633487 · hash 7s7S9fASH2DsgsNeDuBwq1bVQT5BVe9LYsfhReybKNaH
This investigation is cryptographically anchored to the Solana blockchain (5 decisions). 17 of 19 cited source URLs have an Internet Archive snapshot.
model: claude-code-investigator
generated: 6/15/2026, 12:23:45 PM
last updated: 10/10/2026, 6:47:50 PM
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