Fluid

Fluid receives a B- risk grade (32/100) from Hindenrank, where lower scores indicate lower risk. Moderate risk — impressive capital efficiency but five novel mechanisms sharing one pool is an experiment at unprecedented scale A lending protocol where your collateral and debt simultaneously earn trading fees from a built-in exchange. It rocketed to $6B in deposits by letting the same capital work across lending, vaults, and trading. Its C+ grade reflects extreme novelty risk from five untested mechanisms sharing one liquidity pool.

The key risks identified for Fluid are: (1) All $6B sits in one shared liquidity layer. A single bug in any of the three products (lending, vaults, or the exchange) could drain everything at once (2) The code is heavily optimized with low-level programming that is harder for security auditors to read. Critical bugs can hide in the complexity (3) Growing to $6B this fast without a major stress test means the first crash will reveal whether these novel mechanisms actually work under pressure

Fluid scores 32/100 across eight risk dimensions: Mechanism Novelty: 6/15, Interaction Severity: 6/20, Oracle Surface: 2/10, Documentation Gaps: 2/10, Track Record: 3/15, Scale Exposure: 7/10, Regulatory Risk: 2/10, Vitality Risk: 4/10. The highest risk area is Scale Exposure at 7/10.

Among 90 rated Lending protocols on Hindenrank, Fluid ranks #30 by safety (lowest risk score = safest). Its 32/100 risk score and B- grade place it among the safer Lending protocols.

Fluid scores 3/15 on the Track Record risk dimension, indicating some history of security incidents or exploits. Higher scores reflect more severe or frequent incidents. Review the full risk report for details.