Swap / DEX·Ethereum · Arbitrum · Base · Polygon
Fluid
Instadapp's unified DeFi protocol. A single shared Liquidity Layer powers Lending (ERC-4626 fTokens), Vaults (single-collateral / single-debt with up to 95% LTV), and Fluid DEX, which uses Smart Collateral and Smart Debt — the *same* assets simultaneously serve as borrow collateral AND DEX liquidity, drastically improving capital efficiency.
- 01high-LTV borrowing (up to 95%)
- 02Smart Collateral / Smart Debt LPing
- 03ERC-4626 yield deposits via fTokens
- 04stablepair and LST-LST trading
- 05leveraged-LP and looping strategies
- pnpm add viem wagmi
| Variable | Scope | Description |
|---|---|---|
| NEXT_PUBLIC_ETH_RPC_URL | Client | Ethereum mainnet (or target chain) RPC URL used to query the Fluid Liquidity layer, Vaults, and DEX pools. |
Use Fluid for lending, borrowing, and DEX swaps backed by the shared Liquidity Layer. For lending, deposit into an ERC-4626 fToken (e.g. `fUSDC`) via `deposit(assets, receiver)` — yield comes from utilization in the Liquidity Layer. For borrowing, open a Vault position via `VaultT1.operate(nftId, newCol, newDebt, debtTo, colFrom)` which mints/updates an ERC-721 position; the same call adjusts collateral and debt atomically. For DEX, the `DexT1` (or vault-paired `DexT2/T3/T4`) pools use `Smart Collateral` and `Smart Debt` — collateral and debt assets in the lending layer also quote prices for swaps. Read pool reserves via `IFluidDexT1.getPricesAndExchangePrices()` and route through the Fluid `DexResolver`. Liquidations are atomic and run via the `LiquidationResolver`.
- ⚑Smart Debt swaps change the borrower's debt composition mid-position — depositors aren't affected, but vault users must understand that swaps against their pool can rotate which token they owe; oracle drift can flip a healthy position into liquidation range.
- ⚑Up-to-95% LTV is gross — liquidation penalties (typically 0.1%-1%) are extremely tight on Fluid by design, so even a small adverse price move can trigger atomic liquidation; never sit at max LTV.
- ⚑The shared Liquidity Layer means risk is shared across products — a bug or bad debt in one Vault or DEX pool can affect fToken redemption (in extreme cases utilization spikes block withdrawal).
- ⚑Vault positions are ERC-721 NFTs; transferring the NFT transfers the entire collateral+debt position, including any unclaimed rewards — clear them before transferring.
- ⚑DexT2/T3/T4 variants pair the DEX directly with a vault — depositing into these pools simultaneously LPs and opens a borrow position; APR display includes borrow cost which can flip net-negative.
- ⚑Oracle dependency: Vaults rely on Chainlink and on-chain DEX TWAPs; on chains with thin Chainlink coverage (e.g. some L2s), Fluid uses bespoke oracle adapters — verify which oracle a market uses before depositing.