Fluid

Instadapp began by putting DeFi positions behind a DeFi Smart Account. Connectors let one account move through Maker, Compound, Aave and other systems; the account proxy and connector registry determined which actions were available.

In April 2021 the team deployed 100 million INST at 0x6f40…303eb and a Compound-style governor. At first the core team retained control while distribution and voting were prepared. The June launch allocated 55% to community, 23.79% to the current team, 12.07% to investors, 7.85% to future team and ecosystem work, and 1.27% to advisers.

The launch required 1% of supply to submit a proposal, 4% to reach quorum, roughly three days to vote and two days before execution. Token holders had to delegate voting power; a wallet balance alone did not cast a ballot.

IGP-1 passed in June 2021. It replaced a team multisig and ten-day lock with the governance timelock and moved the connector Chief role to governance. That was a concrete handover for the legacy DSA stack, not a timeless claim that every later Fluid deployment has no operator or emergency authority.

Fluid, introduced in October 2023, puts one Liquidity contract beneath approved products. fTokens provide ERC-4626 deposits; Vaults use oracle values for collateralized debt; the DEX lets smart collateral and smart debt earn swap fees while participating in a borrowing position.

The shared base reduces the need for each product to bootstrap a separate pool. It also gives configuration more weight. LendingFactory auths can update reward models and rebalancers, while Infinite Proxy admins can install or remove implementations for selectors. Token governance and operational permissions overlap but are not identical.

Legacy Instadapp continued as its own application. Fluid therefore describes a new protocol era by the same builders, not a deletion of DSAs or a conversion of every DSA position into Fluid liquidity.

The project renamed INST to FLUID in December 2024 without deploying a replacement Ethereum token. Etherscan labels 0x6f40…303eb as FLUID yet warns that name() and symbol() still return Instadapp and INST. The market identity changed faster than the proxy’s stored identifiers.

That proxy has a consequential master. Through InstaIndex, the master may change implementation, pause transfers, rename the token and mint up to 2% of supply after a 365-day interval. The advertised 100 million supply is the genesis amount and current policy figure, not a hard immutable ceiling in the reviewed implementation.

Governance began buybacks in October 2025 and initially directed all Ethereum mainnet revenue to market purchases while a tracking system was being built. Bought FLUID became a strategic reserve intended for governance, stability and growth. No pro-rata payout or holder redemption followed from that design.

In May 2026, the Resolv response proposed halting buybacks and taking treasury actions, including team-funded coverage reimbursable from future revenue. The post labels these as proposed measures, so it does not by itself establish their execution. It shows how an incident can prompt a change in the intended use of revenue.

The MiCA paper denies ownership, equity, creditor, profit-sharing and issuer redemption rights. Yet its description of product benefits also includes unrelated education and profile-theme language. Those passages do not match the lending-and-DEX system described in the technical documentation, so its legal rights disclosure should not be mistaken for a complete account of how Fluid works.