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 Tradeable pairs Methodology

## 1. Overview

Tradeable pairs measures the number of unique asset pairs available for trading on the decentralized exchange. It reflects the number of direct swap routes offered by the project. The metric is calculated by aggregating unique trading pools deployed across Fluid DEX and Fluid DEX Lite. The growth and expansion of the protocol's trading infrastructure is evaluated by tracking the historical deployment of these unique trading pools.

## 2. Data sources

- **Blockchain events**: `LogSwap` events from `FluidDexLite` contracts, pool state records from Fluid DEX and Fluid DEX Lite contracts, and transaction metadata, covering Ethereum, Base, Arbitrum, Polygon, and 2 other chains

## 3. Step-by-step calculation

### Component A: Fluid DEX pool extraction

- **Purpose**: Extract unique trading pairs deployed on Fluid DEX
- **Logic**: Pool state records are parsed to extract the pool address, asset addresses, and the fee tier. Native asset addresses are normalized to their wrapped equivalents (such as WETH on Ethereum, Base, and Arbitrum, WPOL on Polygon, and WBNB on BNB Chain). For each pool, the record with the lowest fee tier is retained to identify unique trading pairs.
- **Key fields**: `account_address`, `token0_address`, `token1_address`, `fee_tier`

### Component B: Fluid DEX Lite pool extraction

- **Purpose**: Extract unique trading pairs active on Fluid DEX Lite
- **Logic**: `LogSwap` events from `FluidDexLite` contracts are parsed to decode swap data, including the Fluid DEX identifier and swap directions. These events are joined with transaction metadata and Fluid DEX Lite pool state records to map each swap to its corresponding pool address and underlying assets.
- **Key fields**: `pool_address`, `token0_address`, `token1_address`, `swapData`

### Component C: First appearance tracking and cumulative aggregation

- **Purpose**: Identify when each trading pair first became active and calculate the cumulative count over time
- **Logic**: The unique pool addresses from both Fluid DEX and Fluid DEX Lite are combined. The first appearance of each unique pool address is determined per chain. The number of new pools appearing for the first time is aggregated on a daily basis. Missing days are filled with zeros, and a cumulative sum of the daily new pool counts is calculated chronologically per chain to represent the total tradeable pairs available.
- **Key fields**: `timestamp`, `chain_id`, `account_address`

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

Number of unique token pairs available for trading on the exchange.

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Tradeable pairs

Tradeable pairs

Competitive landscape

Chain breakdown