Fluid acts as a lending, vault, and DEX platform for seamless DeFi interaction.

Fluid is a non-custodial lending, vaults, and DEX protocol built by Instadapp. Instadapp was founded by Samyak Jain & Sowmay Jain and launched in 2018.

FLUID tokenholders own and govern the protocol. They currently earn a cut of the fees generated through Fluid lending, vault and DEX services. Instadapp's investors include Coinbase Ventures, Pantera Capital, Robot Ventures, etc.

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Fluid

# Fluid Earnings Methodology

## 1. Overview

Fluid earnings measures the protocol's net profit, calculated as total revenue minus expenses across all Fluid products. Revenue is aggregated from three main protocol components: Fluid (multi-chain lending, Fluid Vault, and Fluid DEX), Fluid Lite (asset management vaults), and Jupiter Lend, while any token incentive expenses are subtracted. Currently, no token incentive programs are active, so earnings equal total revenue.

## 2. Data sources

- **Blockchain events**: `LogOperate` and `LogCollectRevenue` events from `FluidLiquidity` contracts, `LogRebalance` events from `FluidVault` contracts, `Swap` events from `FluidDex` contracts, `LogSwap` events from `FluidDexLite` contracts, `collectRevenueLog` and `LogWithdrawFeeCollected` events from `Fluid Lite` contracts, `Operate` and `UpdateTokenConfig` from `Jupiter Lend` programs, and daily state snapshots from resolver contracts, covering Ethereum, Arbitrum, Base, Polygon, and 2 other chains
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Fluid protocol revenue

- **Purpose**: Calculate revenue from Fluid lending, Fluid Vault, and Fluid DEX products
- **Logic**: Three revenue streams are combined. First, liquidity layer revenue is calculated by taking daily snapshots of cumulative revenue from liquidity resolver contract calls, calculating day-over-day changes, and adding any collected revenue from `LogCollectRevenue` events. Second, Fluid Vault revenue is calculated by combining uncollected revenue (calculated from differences between Fluid Vault supply/borrow balances and liquidity layer balances) with collected revenue from `LogRebalance` events where collateral and debt amounts represent collected fees. Third, Fluid DEX revenue is calculated by multiplying the traded asset amount (either `amount_0` or `amount_1` depending on the trade direction `a_to_b`) by the trade fee rate to determine total fees, and then applying the pool's revenue cut percentage.
- **Key fields**: `revenue` from resolver data, `amount` from collection events, `collateral_amount` and `debt_amount` from rebalance events, `supply_token` and `borrow_token` from Fluid Vault constants, `amount_0` and `amount_1` from trade events, `trade_fee_rate` from pool configurations, and `revenue_cut` from pool configurations

### Component B: Fluid Lite protocol revenue

- **Purpose**: Calculate revenue from Fluid Lite asset management vaults
- **Logic**: Asset management yield and withdrawal fees are combined. Yield is calculated from both uncollected revenue (tracked through revenue variable changes in state data) and collected revenue from `collectRevenueLog` and `LogCollectRevenue` events. Historical fee rates from fee update events are applied to determine the protocol's share. Withdrawal fees are added from `LogWithdrawFeeCollected` events.
- **Key fields**: `unclaimed_revenue_amount` from state data, `amount` from collection events, `fee` from withdrawal events, and `fee_rate` from fee rate dimensions

### Component C: Jupiter Lend revenue

- **Purpose**: Calculate the protocol's share of revenue from the Jupiter Lend program on Solana
- **Logic**: Lending operations and rate updates are ordered chronologically to track active loan and supply balances. Interest is accrued on outstanding balances using the active interest rate model (either a single-kink or two-kink model) based on the time elapsed since the previous operation. Revenue is calculated as accrued interest multiplied by the protocol fee rate, with the protocol receiving 50% of the total Jupiter Lend revenue.
- **Key fields**: `borrow_amount` and `supply_amount` from `Operate`, `interest_accrued_this_period` from the interest calculation, and `fee` from token config updates

### Component D: Expense calculation

- **Purpose**: Calculate protocol expenses primarily from token incentive programs
- **Logic**: All values are explicitly set to zero across all time periods and product categories within the token incentives model, as no active token incentive programs are currently run.
- **Key fields**: `token_incentives` (always 0)

### Final aggregation

- **Combining components**: Revenue components are summed across all products (Fluid, Fluid Lite, and Jupiter Lend).
- **Currency conversion**: All asset amounts are converted to USD using end-of-day price feeds, with proper decimal adjustment based on asset metadata.
- **Time aggregation**: Data is aggregated to daily boundaries.
- **Final calculation**: Earnings are calculated as total revenue minus total expenses. Since expenses are currently zero, earnings equal total revenue from all protocol components.

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Net profit (also profits, net income, profitability) — revenue remaining after subtracting expenses.

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