fluid
Fluid USDCDeFiB
fluid · Lending · Ethereum

Fluid USDC Lending is a base-layer lending market on Ethereum where users supply USDC via an ERC-4626 fToken (fUSDC) and earn yield from borrower interest, Fluid DEX trading fees, and revenue from protocols built on the Fluid Liquidity Layer. The market is governed on-chain by the FLUID token with multisig and timelock controls, and withdrawals are permissionless with per-block Automated Withdraw Limits.

AUM
$117m
Net APY
6.74%
Active Users
2k
Type
Lending
Network
Ethereum
B
Elevated RiskCeiling A-
AAAAAABBBBBBCCCCCCD
SCSKMPMLCPMICEPCEGFRTLCDT
CurrentPotential

This rating is based solely on publicly available information. DeFi protocol risk assessed across Security, Strategy and Operations on the AAA–D scale. The range from B to A- reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.

SCSSmart Contract Security88
KMPKey Management Permissions81
MMarket67
LLiquidity93
CCollateral48
PMProtocol Mechanics78
ICEInfra Counterparty Exposures87
PCEProtocol Counterparty Exposures83
GGovernance100
FRFinancial Resilience47
TLCTeam Legal Compliance90
DTDocumentation Transparency56
Updated May 26, 2026Detailed scoring breakdown ↗Challenge this rating ↗Learn about our ratings ↗
Performance
Assets Under Management · 30D▼ 41.79%
$117m
Over the last 30 days, the total value of Fluid USDC has dropped 41.79% with $83.85M in outflows.
Supply APY · 30D▲ 41.89%
6.74%
Over the last 30 days, the APY has increased from 4.75% to 6.74%.
Active Users · 30D▼ 0.26%
2k
Over the last 30 days, active users have decreased by 0.26%, reaching 1.5K wallets.
Market Details
ChainEthereum
Treasury$34.50M
Code AuditsPeckShield (pre-launch) ↗StateMind (core) ↗MixBytes (Vault Protocol, Jun 2024) ↗Cantina (DEX competition, Jan 2025) ↗MixBytes (DEX, Dec 2024) ↗MixBytes (Liquidity Layer) ↗StateMind (Liquidity Layer update, Oct 2025) ↗StateMind (PR validation, Mar 2026) ↗
Oracles UsedChainlink Price Feeds ↗Uniswap v3 TWAP (3 checkpoints) ↗Chainlink CCIP (FLUID cross-chain) ↗
Stated Withdrawal TimeInstant
Component Ratings
Contract Addresses
Smart Contract0x9Fb7...251B33
RatesAuth0x1e6B...CE6ba4
LimitsAuth0x38f0...3335aa
UserModule0x2e40...8C46aD
AdminModule0x53EF...8d261C
LendingFactory0x54B9...551D03
LendingResolver0x48D3...1a1569
TreasuryMultisig0x2884...884d09
Key Strengths
S1Extensive independent audit coverage from top firms including PeckShield, StateMind, MixBytes, and a Cantina audit competition, with all reports public.
S2Active Immunefi bug bounty with high maximum payout for critical findings and the lending protocol explicitly in scope.
S3On-chain token-holder governance with proposal threshold, quorum, multi-day voting, and a timelock, supplemented by a team multisig with an additional timelock that governance can override.
S4Per-block Automated Limits act as on-chain circuit breakers that throttle abnormal supply, withdraw, and borrow flows, demonstrated during the March 2026 Resolv stress event.
Key Risks
R1March 2026 Resolv incident generated material bad debt at Fluid after a stale oracle allowed a sharply depegged collateral to be borrowed against, exposing oracle update gaps for exotic collateral.
R2Treasury is highly concentrated in the native FLUID token with minimal stablecoin or major-asset diversification, leaving backstop liquidity reflexively tied to FLUID price.
R3Team multisig signer identities and threshold are not publicly disclosed, preventing external verification of signer independence.
R4No formally documented or tested incident response playbook is published — key rotation steps, on-call SLAs, and automated-allocation halt procedures are not publicly available despite an effective ad-hoc response to Resolv.

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