Fluid β Statistical Analysis
Fluid demonstrates high capital efficiency and substantial trading volumes, but critical security concerns (zero audits) and inconsistent TVL reporting significantly temper its overall quantitative standing.
Updated: Β· Data Window: 24h / 7d / 30d (varies by metric availability)
1. Market Overview
Fluid shows significant operational scale with a 24h volume of $270.8M and a robust 30d volume of $7.11B. The protocol's overall TVL, as reported by CoinGecko, stands at $702.7M, though GT Pool Reserves indicate a more concentrated $35.2M. The token's current market capitalization is $140.6M with a fully diluted valuation of $179.0M. Recent price performance has been negative, with a -29.76% change over 7 days.
2. Capital Efficiency
The protocol exhibits exceptionally high capital efficiency. The 24h Volume to CoinGecko TVL ratio is approximately 0.385, indicating a substantial portion of locked capital turns over daily. Over 30 days, the Volume to CoinGecko TVL ratio reaches approximately 10.12, suggesting the entire TVL turns over more than ten times within a month. For GeckoTerminal-reported pools, the 24h Volume of $26.3M against $35.2M GT Pool Reserves yields an impressive 0.747 ratio, highlighting intense trading activity within these specific liquidity pools.
3. Liquidity & Pair Spread
Fluid lists 36 coins across 45 trading pairs, suggesting a relatively low number of pairs per asset (average 1.25). This indicates that liquidity might be concentrated in specific, high-demand pairs rather than widely distributed. The top trading pairs (USDC / ETH, USDC / USDT, syrupUSDC / USDC, sUSDai / USDC, sUSDai / USDT) confirm this concentration around stablecoins and major assets, likely serving as a core function for efficient stable-swaps and base asset trading. The 'Oldest Pool Created' date is listed as 2024-12-17, which is anomalous given the protocol's historical data.
4. Chain Dominance
Fluid operates across multiple variants including Default Ethereum and Default Arbitrum. However, the provided financial data aggregates all metrics (TVL, Volume, Fees) without a granular breakdown per chain. Therefore, it is not possible to quantitatively determine the dominant chain in terms of TVL or trading volume from the available dataset.
5. Analyst Verdict
Fluid demonstrates strong market traction through its high trading volumes (monthly $7.11B) and exceptional capital efficiency (30d Volume/TVL over 10x). User activity in GT pools is robust, with 247 active users generating $26.3M in 24h volume. However, the protocol carries significant risks: it reports 0 audits and an N/A Trust Score, which are critical red flags for a DEX. Furthermore, there are notable discrepancies in reported TVL ($702.7M vs $35.2M), and the token has experienced substantial negative price action over the past 7 days (-29.76%). The low MCap/TVL (0.2) and FDV/TVL (0.25) ratios might suggest undervaluation relative to locked capital, but this must be weighed against the security concerns and recent market performance.