$FLUID continues to look attractive here.
I added to my position again this week, mainly for two reasons.
First, the valuation still looks discounted against comparable DeFi protocols:
→ $FLUID: 2.2x P/F
→ $JUP: 4.2x
→ $MORPHO: 4.2x
→ $AAVE: 4.4x
Second, Fluid just introduced a potentially meaningful new revenue stream through Liquidity-as-a-Service.
The model is fairly simple:
Fluid uses its own balance sheet to provide DEX liquidity for stablecoins, yield-bearing stablecoins, and RWA issuers. In return, the issuer pays Fluid a fixed fee.
The issuer does not need to provide capital or take on impermanent-loss risk.
The first agreement is already live: a $100M liquidity facility for @USDai_Official’s sUSDai, funded entirely by Fluid.
Not starting from zero here, since around 60% of sUSDai’s TVL is already deposited on Fluid, and governance has now approved its expansion to Ethereum mainnet.
This could bring more stablecoin supply and larger institutional liquidity providers into the market.
Fluid plans to bring the same model to Jupiter Lend on Solana next.
The part I find most interesting is that this is not just another roadmap item. Fluid has already secured a named, nine-figure commitment.
It adds a new revenue line on top of the protocol’s existing lending and DEX fees, while $FLUID still trades at roughly half the P/F multiple of its closest peers.
