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 $787M TVL; active development and multiple audits partially offset concentration risk A lending protocol where your collateral and debt simultaneously earn trading fees from a built-in exchange. It rocketed to $6B in deposits before settling around $787M, letting the same capital work across lending, vaults, and trading. Its C+ grade reflects elevated mechanism novelty risk from five untested mechanisms sharing one liquidity pool.

The key risks identified for Fluid are: (1) All $787M 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 and contracting to $787M means the first major stress test on the novel mechanisms is still ahead

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: 3/15, Scale Exposure: 7/10, Regulatory Risk: 2/10, Vitality Risk: 8/10. The highest risk area is Vitality Risk at 8/10.

Among 95 rated Lending protocols on Hindenrank, Fluid ranks #50 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 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.