Fluid

Fluid receives a C+ risk grade (36/100) from Hindenrank, where lower scores indicate lower risk. Moderate-high risk — sophisticated shared-liquidity architecture with five novel mechanisms at $945M TVL; two security incidents in 14 months (March 2025 Resolv exposure and May 2026 key compromise) partially offset by active development and multiple audits A lending protocol where your collateral and debt simultaneously earn trading fees from a built-in exchange. With $945M in deposits across five chains, the same capital works across lending, vaults, and trading. A May 2026 key compromise of off-chain rewards infrastructure — the second security incident in 14 months — marks an operational security gap. The C+ risk grade reflects both mechanism novelty risk and recurring operational incidents.

The key risks identified for Fluid are: (1) All $945M 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) A May 2026 off-chain key compromise drained 125K FLUID and 51.9K GHO from the rewards infrastructure — the second security incident in 14 months, signaling gaps in operational key management (3) The code is heavily optimized with low-level programming that is harder for security auditors to read. Critical bugs can hide in the complexity

Fluid scores 36/100 across eight risk dimensions: Mechanism Novelty: 6/15, Interaction Severity: 6/20, Oracle Surface: 2/10, Documentation Gaps: 2/10, Track Record: 5/15, Scale Exposure: 5/10, Regulatory Risk: 2/10, Vitality Risk: 8/10. The highest risk area is Vitality Risk at 8/10.

Among 99 rated Lending protocols on Hindenrank, Fluid ranks #51 by safety (lowest risk score = safest). Its 36/100 risk score and C+ grade place it in the middle tier of Lending protocols.

Fluid scores 5/15 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.