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 Expenses Methodology

## 1. Overview

Instadapp expenses represent token incentive payments made by the protocol to users. This metric tracks the USD value of tokens distributed as rewards or incentives across Instadapp's various products including Fluid Fluid DEX, Fluid vaults, Fluid Lite asset management, and Jupiter lending. Currently, Instadapp operates no token incentive programs, so all expense values are zero by design.

## 2. Data sources

- **End-of-day token price feeds**: Used by the finalization macro for potential USD conversions (though not needed since values are zero)
- **Token metadata**: Token decimal information for potential value corrections (though not needed since values are zero)  
- **Fees model structure**: The dimensional framework from Instadapp's fees calculation, providing the timestamp, chain, and product structure for consistent reporting

## 3. Step-by-step calculation

### Component A: Token incentives determination
- **Purpose**: Establish the base token incentive amounts for all Instadapp products and chains
- **Logic**: Set `token_incentives` to zero for all records across all timestamps, chains, and products. This reflects Instadapp's current policy of not operating token reward or incentive programs. The dimensional structure (timestamp, product, chain combinations) is borrowed from the fees metric to ensure consistent reporting coverage across all active Instadapp products including Fluid Fluid DEX, Fluid vaults, Fluid Lite asset management, and Jupiter lending.
- **Key fields**: `token_incentives` (hardcoded to 0), `timestamp` (daily granularity), `chain_id` (ethereum, base, arbitrum, polygon, solana), `product_id` (Fluid DEX, Fluid Vault, Fluid Lite, Jupiter Lend)

### Component B: Token incentives processing
- **Purpose**: Apply standard metric processing to the zero token incentive values
- **Logic**: Process the zero values through the standard token incentives finalization pipeline. This includes schema standardization, timestamp alignment to daily boundaries, gap filling with zeros where no records exist, and chain availability filtering. The macro ensures complete time series coverage and consistent formatting even though all underlying values are zero.
- **Key fields**: `token_incentives` (remains 0), `timestamp_grain` (set to 'day'), validated schema fields

### Final aggregation
- **Combining components**: The processed token incentive values are passed directly through to the expenses calculation without modification
- **Currency conversion**: No conversion needed since all values are zero, though the framework supports USD conversion if incentive programs are introduced
- **Time aggregation**: Daily reporting boundaries maintained throughout the calculation
- **Final calculation**: Rename the `token_incentives` field to `expenses` and apply final metric processing including gap filling and chain filtering. The result is a complete time series of zero expense values across all Instadapp products and supported chains, maintaining consistency with other protocol metrics while reflecting the current absence of token incentive programs.

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

Total project operating and incentive expenses.

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Expenses

Expenses

Competitive landscape

Chain breakdown