DeFi protocol Fluid and AGI3 Group have released a governance proposal announcing a strategic ecosystem partnership. Kinetic Group plans to acquire up to 10% of the total FLUID token supply via secondary market purchases and over-the-counter (OTC) trades, with the acquired tokens not sourced from the DAO treasury or team allocations. The Fluid Foundation will separately provide 5% of FLUID tokens to be held in custody at compliant private banks and institutional digital asset custodians in Switzerland, the EU, Hong Kong, and Singapore; these tokens will be locked for at least four years through 2030. As part of the strategic collaboration, AGI3 will grant a 2% equity stake to the Fluid Foundation, also locked for four years. AGI3 is an entity established by Kinetic Group, a private asset management firm regulated by the Dubai Financial Services Authority (DFSA), focused on building composite financial infrastructure spanning payments, banking, capital markets, and tokenization sectors. The partnership’s core product is AGI3 Markets, a permissioned DeFi instance for institutional users, equipped with KYC/AML checks, supporting lending and trading of real-world asset (RWA) classes including tokenized private credit, government bonds, commodities, equities, and corporate bonds. The two parties have agreed that all protocol revenue and incentive budgets generated by AGI3 Markets will be split on a 50/50 basis.
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Anthropic announces the launch of its Opus 5 AI model.
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LaaS is the most efficient way for institutions and asset issuers to bootstrap liquidity onchain at a fraction of the cost.
Fluid deploys, manages, and maintains DEX liquidity for partnered asset issuers using Fluid Liquidity Layer infrastructure— using its own capital, in a flat fee structure.
No inventory. No position management. No impermanent loss. Fully managed, end-to-end.
The Problem: Building Liquidity Is the Hardest Part of Launching an Asset OnchainLaunching a stablecoin, yield-bearing asset, or RWA onchain is only the beginning. The real challenge starts after launch: building deep, sustained DEX liquidity that lets holders enter, exit, and use the asset without meaningful slippage.
For most issuers, this means confronting a set of operational and capital challenges:
Inventory: Where does the liquidity come from?
Position management: Who monitors, rebalances, and adjusts?
Impermanent loss: Who bears the risk?
Strategy: What ranges, concentrations, and depth targets?
Solving these problems requires either building an in-house liquidity team, contracting external market makers, or providing significant inventory as an issuer — all expensive, complex, and operationally distracting from the core product.
Meanwhile, without deep secondary market liquidity, the asset itself struggles to scale. Holders face slippage. Loopers face wide spreads. New entrants lose confidence.
Bootstrapping liquidity is one of the hardest operational challenges for asset issuers coming onchain.
Introducing Fluid Liquidity as a ServiceFluid Liquidity as a Service (LaaS), solves this problem end-to-end.
Under a LaaS arrangement, Fluid will deploy, manage, and maintain DEX liquidity for partnered asset issuers using its own capital, in a flat fee structure.. The issuer commits no inventory and takes no operational lift. Fluid handles everything.
Currently, LaaS is available to support:
Stablecoins
Yield-bearing stablecoins
Select RWAs
Where the Liquidity Comes From
All capital deployed through LaaS comes exclusively from Fluid's USDC Lite Vault — a dedicated, isolated capital pool designed for actively managed LP strategies.
What Makes LaaS DifferentFour principles define how Fluid delivers liquidity as a service:
No Inventory
The issuer provides no capital. Fluid sources all liquidity needed for the position from its own balance sheet.
No Position Management
The issuer takes on no operational overhead. Fluid manages ranges, depth, and concentration through its proprietary systems.
No Impermanent Loss
The issuer bears no IL risk. Fluid deploys, manages, and takes risk on the strategy end-to-end.
Fully Managed, End to End
One integration. One flat fee. Deep, actively managed liquidity — from day one.
Frequently Asked Questions1. Do I need to provide any inventory? No. Fluid sources all liquidity needed for the position.
2. Do I take risk on the liquidity? For example, if there are losses, will I have to cover them?No. Fluid deploys, manages, and takes risk on the strategy.
3. How are fees charged? The end-to-end service is charged as a flat fee on the desired DEX liquidity amount. Fees can be streamed, paid monthly, or in lump sum — the arrangement is flexible and can be tailored to your preferences.
4. What assets can be supported?
Fluid can provide LaaS to any asset that meets its collateral listing requirements. This is evaluated on a case-by-case basis, with ultimate judgment determined by Fluid's risk team.
5. How will terms be formalized?
Legal contracts will be signed outlining the terms and expectations of both parties.
The Bigger Picture: Finance's Liquidity LayerFluid Liquidity as a Service is a natural extension of Fluid's mission: to be The Liquidity Layer for all Finance — the most capital-efficient infrastructure for onchain assets.
Fluid is:
The only one Liquidity Layer with a DEX, lending protocol and a LAAS infrastructure.
One of the most capital efficiency layers in DeFi (per Blockworks)
The #2 DEX by daily volume on Ethereum
A top-3 DeFi lending protocol
By combining lending, DEX, and now managed liquidity infrastructure into one protocol, Fluid enables every asset — from stablecoins to RWAs — to reach its full capital-efficient potential.
Get in TouchFluid LaaS is now live and accepting new partners.
If you're an asset issuer exploring institutional-grade DEX liquidity, we'd love to talk.
Reach out to explore what a Fluid LaaS facility could look like for your asset.
Eight years building in the ecosystem. Two years live. Zero funds lost.
That record sits behind everything we're announcing today: a comprehensive rebrand that positions Fluid as the Finance’s Liquidity Layer, alongside a product pipeline spanning institutional curation, Liquidity-as-a-Service, fixed-rate borrowing, a new DEX on Solana and more on Fluid DEX v2.
The new identity reflects the protocol itself, capital that moves efficiently across markets, applications and chains. It is designed to scale with everything we build next.
Why nowOver the past two years, we've built the most capital-efficient lending and trading infrastructure in decentralized finance: a single system where lending, borrowing, trading and more financial products operate on top of Fluid’s Liquidity Layer. What began as a protocol has become a platform that a global network of apps, vaults, and funds now builds on.
That efficiency is concrete. Fluid offers borrowers up to 95% LTV with the lowest liquidation penalties in DeFi — as low as 0.1% — and partial liquidations that unwind only what's needed to keep a position healthy, rather than closing it out wholesale. Innovations like Smart Collateral and Smart Debt. This structure draws deep, sticky demand, which lets us return competitive yields to lenders. And the resulting depth has made Fluid the leading venue for stablecoin and asset issuers as several major stablecoins now trade more volume on Fluid than anywhere else.
Finance's Liquidity Layer reflects that expanding mandate: serving not only retail DeFi participants, but institutional asset managers, stablecoin issuers, RWA platforms, and the next generation of onchain financial products.
From protocol to platformFluid powers the #2 DEX on Ethereum and provides the lending and liquidity infrastructure behind applications across multiple ecosystems.
The new identity is organized around a single principle: money and liquidity should move like fluid; finding the best path, flowing where the opportunity is, never sitting still when it could be working.
The infrastructure behind that principle is built for scale: thats why today, it powers lending infrastructure for partners including Jupiter Lend on Solana and Venus Flux on BNB Chain.
Apps, vaults, funds; All powered by Fluid's Liquidity Layer.
Institutional expansion: opening the infrastructureThe rebrand coincides with the opening of Fluid Curation Markets to qualifying institutional asset managers, Liquidity-as-a-Service (LaaS) and more.
Bitwise Asset Management is the first institutional firm to curate on Fluid — setting risk parameters and lending conditions across the ecosystem. In two months, their markets have drawn half a billion dollars in total supply. That's the clearest signal yet of what happens when institutional risk management meets a liquidity layer built for scale. Bitwise is one of several institutional collaborations in active development, with more expected in the near term.
The architecture is purpose-built for it: a unified liquidity layer, advanced risk-adjusted pricing, deep integration between lending and DEX infrastructure, and composable credit primitives. Custodied collateral support is also in development — letting institutions keep assets in off-chain custody while borrowing on-chain, bridging traditional finance's custody requirements with DeFi's capital efficiency.
What's coming to FluidSolana DEX v1 — In final audit, expected to launch this month. Fluid's DEX expands natively to Solana.
Liquidity-as-a-Service (LaaS) — The most efficient way to bootstrap liquidity onchain. Deep, stable-asset liquidity provisioning for partners, with no inventory management or LP requirements on their side. LaaS makes institutional-grade liquidity accessible at a fraction of the traditional cost.
Fixed-Rate Borrowing — Select any loan duration and lock in a fixed rate upfront, eliminating variable-rate exposure entirely. Genuine predictability in onchain borrowing for the first time, enabling serious capital planning for individuals and institutions alike.
DEX v2 — Development complete.
Learn more on what's coming soon here.
Custodied Collateral — Offchain custody, onchain borrowing. A direct bridge between traditional finance custody requirements and DeFi's capital-efficiency advantages.
Fluid Curation Markets — Opening the infrastructure to qualifying institutional asset managers. Curators set risk parameters and lending conditions across the Fluid ecosystem, turning the liquidity layer into programmable, professionally managed credit markets.
Eg. Bitwise is the first institutional firm to curate on Fluid through Jupiter Lend— with more collaborations in active development.
The Foundation Behind the RebrandThe rebrand is grounded in an important track record: zero user funds lost, across eight years of infrastructure building and 2 years live.
Security remains the protocol's highest priority. Maintained through dozens of completed audits, continuous security reviews, and ongoing formal verification with Certora on both EVM and Solana.
In parallel, Fluid is rolling out a significant oracle overhaul: per-key pricing configurations, token-type-driven source validation, multi-leg price feeds, deviation checks that halt operations when prices drift beyond set thresholds, and per-token pause controls. These materially improve resilience under exactly the extreme-market failure modes seen across DeFi during volatile periods.
Fluid by the numbers$240B+ cumulative DEX volume
#2 DEX by volume on Ethereum
Fastest DEX ever to reach $100B in cumulative trading volume
Loan-to-value ratios up to 95%
Liquidation penalties as low as 0.1% - Only liquidate what’s necessary to stay healthy
Zero user funds lost since inception
8 years of infrastructure. 2 years live.
Active across Ethereum, Solana, BNB Chain, and major EVM networks
Powering Jupiter Lend (Jupiter Exchange on Solana), Venus Flux (Venus protocol on BNB Chain). Built with Fluid Infrastructure.
... and more to come.
The rebrand, updated product interfaces, partner surfaces, and visual identity, is live.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Earn on USDThe most proven yield engine in DeFi now comes to stablecoinsFor four years, the Fluid Lite ETH Vault has been the biggest and most popular yield strategy on Ethereum, growing to roughly $2B in assets under management. That infrastructure has kept working through every market cycle.
Now we're bringing the infrastructure to stablecoins.
Fluid Lite USD delivers a fixed APR, cross-chain support, and the simplest user experience in DeFi. Just deposit. Earn. That's it.
What is Fluid Lite USD?Fluid Lite USD is an automated vault that pays a fixed rate with a minimum 6% APR on stablecoin deposits. The rate can go higher, and historically it's typically ranged between 8% and 10%. The 6% is the floor. Unlike variable-rate DeFi products where your returns swing with market volatility, Fluid Lite USD uses a governance-set fixed rate, so your yield stays predictable, every single day.
No sudden drops. No chasing rates. Just stable, dependable earnings.
That makes Fluid Lite USD an ideal savings product for individual users, wallets, fintechs, and institutional distributors looking for reliable stable-yield infrastructure.
How it worksThe design is intentionally simple:
Deposit stablecoins into the vault
Earn a minimum 6% fixed APR
Withdraw anytime, with just a 0.05% withdrawal fee and no deposit fees
Because the rate is fixed rather than floating, your APR doesn't move when markets get volatile. The vault handles the strategy automatically. You don't need to manage positions, rebalance, or monitor anything.
Cross-chain by designFluid Lite USD is live on Ethereum, with cross-chain yield strategies spanning Arbitrum, Plasma, and Ethereum. That means the vault can source yield across multiple networks while keeping the user experience unified and simple.
The yield-bearing stablecoins behind the vaultFluid Lite USD initially supports three institutional-grade, yield-bearing stablecoins:
sUSDe — EthenaUSDe is a synthetic dollar backed by delta-hedged positions, making it one of the highest-yielding stablecoin-adjacent assets in DeFi. Its staked version, sUSDe, passes that yield through to holders.
syrupUSDC & syrupUSDT — Maple FinanceMaple Finance is an institutional-grade, onchain asset manager offering secured lending and yield products. Its syrup tokens bridge traditional finance with DeFi, bringing institutional credit strategies on-chain.
sUSDai — USDaisUSDai is a synthetic dollar designed to finance the physical infrastructure of AI, connecting real-world capital needs with on-chain yield.
By combining these assets under one automated, fixed-rate vault, Fluid Lite USD gives depositors diversified exposure to some of DeFi's most established yield sources without the complexity of managing each one directly.
Why fixed-rate mattersMost DeFi yield products advertise high APRs that evaporate the moment conditions change. Fixed-rate yield flips that model. With a governance-set rate, you know what you're earning before you deposit. That's exactly what wallets, fintechs, and institutions need to build dependable savings products on top of.
Vault details at a glanceMinimum 6% fixed APR (governance-set)
0.05% withdrawal fee
No deposit fees
Fully automated
Live on Ethereum, with cross-chain strategies across Arbitrum, Plasma, and Ethereum
Start earning todayFluid Lite USD brings four years of proven yield infrastructure to the stablecoins you already hold, with a fixed rate, cross-chain reach, and a deposit-and-earn experience that stays out of your way.
Deposit stablecoins. Earn a minimum 6% fixed rate. That's it.
Jefferies: Samsung is likely to follow SK Hynix’s example to list in the US via ADRs.
Jeff Kim, Head of Research at Jefferies, said Samsung is likely to follow SK Hynix in listing on the U.S. market via American Depositary Receipts (ADRs), which will boost the share price of the South Korean chipmaker whose valuation lags behind Micron. "Chip stocks are at a turning point. ADRs will serve as an important catalyst to drive their valuations," he added.
4 minutes ago
UBS and TD Cowen sharply raise Arm’s target price, betting on a revaluation of Arm’s AI data center CPU value.
Arm’s stock price pulled back this week alongside the high-valuation AI sector, though some Wall Street analysts say the correction does not alter the company’s long-term standing in AI data centers. UBS sharply raised Arm’s price target from $260 to $470, retaining its Buy rating; TD Cowen lifted its target from $265 to $475, also keeping a Buy recommendation. Both firms share the view that as agentic AI evolves, CPUs could gain greater importance in data center architectures, rather than GPUs continuing to monopolize the investment narrative. TD Cowen believes that over the long term, CPUs could hold a more strategic position in certain AI workloads. UBS, meanwhile, emphasizes that the real debate in the market centers on the revenue potential of Arm’s self-developed or independent CPU business. The bank projects Arm’s CPU-related revenue could reach around $14 billion by 2030, though the company itself has stated this business will not have a material impact on its finances until fiscal 2028. Arm’s strengths lie in low latency and energy efficiency—metrics that major cloud providers are increasingly prioritizing as they expand AI infrastructure. Even with its stock pulling back from recent highs in the short term, analysts still view Arm as one of the key beneficiaries of the server CPU upgrade cycle.
4 minutes ago
Crypto whale who profited over $23.77 million from BAT ICO liquidates 27,586 ETH
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Sources: Iraqi officials once considered withdrawing from OPEC, but current plans are to remain a member and pursue a higher quota.
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4 minutes ago
Kepler Cheuvreux raises ASML’s European share price target from €1,460 to €1,830.
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4 minutes ago
Stifel: U.S. economy in "overheated expansion" as AI investment cycle outweighs consumer pressure
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Sandisk's tokenized stock SNDK is now live on the Solana network.
According to official announcements, Sandisk’s tokenized stock SNDK has officially launched on Solana via Sunrise. SNDK is the tokenized stock representing SanDisk, the storage chip manufacturer. Users can now trade SNDK 24/7 through various wallets and applications within the Solana ecosystem, even when traditional stock markets are closed.
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Jiang Zhuoer: This round of Bitcoin bear market may bottom out in Q4 2026, with a target range of $42,000 to $44,000.
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The VIX Fear Index for the US stock market stands at 18.63 today, with fear sentiment intensifying in the crypto market.
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Bank of Japan Board Member: Should Accelerate Pace of Interest Rate Hikes If Upside Inflation Risks Intensify
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Crypto token M plunged over 80% in a short period, hitting a low near $0.5.
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5 minutes ago
Blockchain data infrastructure firm Cambrian has closed a $6 million funding round, jointly led by Franklin Templeton and Polychain Capital.
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The cryptocurrency market is showing signs of resilience, with Bitcoin $60,983 maintaining a relatively stable position. While it’s premature to celebrate, the halt in the continuous decline over the past week is encouraging. Cryptocurrency exchanges are actively participating in the dynamics of the market through both delisting and listing activities. Among them, Coinbase is notably adopting an aggressive stance towards new listings.
Altcoin Listing AnnouncementAt the time this article was prepared, Coinbase announced new listings for Fluid (FLUID) and World Mobile Token (WMTX). The listings are set to go live tomorrow, contingent upon meeting the necessary liquidity requirements and will include USD trading pairs. Following this announcement, FLUID Coin experienced a 5% increase in its value, while WMTX is displaying a smaller yet ongoing rise.
Exploring Fluid and World Mobile TokenFluid (FLUID) represents a new generation of decentralized finance (DeFi) platforms that allow users to access credit, vault, and decentralized exchange (DEX) strategies from a single interface. Its liquidity layer features automatic limits and protocols for credit and vaults, enhancing user experience with diverse functionalities. Meanwhile, World Mobile Token (WMTX) aims to establish a decentralized mobile network, specifically targeting regions that are disconnected from the internet. This initiative seeks to provide global connectivity solutions.
Coinbase’s proactive approach towards altcoin listing reflects a broader trend of crypto exchanges embracing market opportunities. Such moves not only invigorate the market but also introduce new investment possibilities for crypto enthusiasts. As the crypto landscape evolves, the listing of promising altcoins can play a crucial role in shaping the future of decentralized financial systems.
With each listing announcement, the market anticipates significant shifts in trader behavior and market dynamics. For investors, timing their moves according to these changes is key to maximizing potential returns.
The evolving strategies of exchanges like Coinbase highlight their commitment to fostering a diverse and robust crypto ecosystem. By continuously updating their platforms with new tokens, exchanges enable a wider reach and adaptability within the expanding digital currency space.
In conclusion, as altcoins like FLUID and WMTX make their debut on major exchanges, the spotlight remains on their market performance and long-term impact on the global crypto landscape. Observing these developments can offer valuable insights into the direction of cryptocurrency trends and consumer interest.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Risk Disclosure: Guides, news, articles and analyzes on Bitcoinsistemi.com do not constitute investment advice. Keeping in mind that Bitcoin and cryptocurrencies are high-risk products, you should do your own research for each investment decision. Otherwise, you may come to the point of losing your entire investment. In this context, you should know that you are responsible for the losses that may arise from all your transfers and transactions.
Bitcoinsistemi.com is a news site, does not provide investment advice and does not recommend investing in any projects or digital assets. In this context, the content and content authors on Bitcoinsistemi.com cannot be held responsible for the investment decisions you make.
PANews reported on November 25th that Coinbase will launch spot trading for Fluid (FLUID) and World Mobile Token (WMTX), according to an official announcement. In supported trading regions, the FLUID-USD and WMTX-USD trading pairs will open on or after 01:00 Beijing time on November 26, 2025, provided liquidity conditions are met. Fluid (FLUID) and World Mobile Token (WMTX) will be available for trading on the coinbase․.com website, the Coinbase app, and the Coinbase Advanced platform. Institutions can trade Fluid (FLUID) and World Mobile Token (WMTX) directly through the Coinbase exchange.
Analysis: Bitcoin miners face profit pressure, with around 20% of mining firms now operating below the break-even point.
Bitcoin miners' revenue continues to decline, with the current 7-day average daily income dropping to around $30 million, a notable pullback from the over $50 million level seen last summer. Meanwhile, on-chain transaction fee revenue has fallen to less than $250,000, accounting for an extremely small share of miners' total income. Data from JPMorgan Chase shows the average production cost is approximately $78,000, and Bitcoin’s price has remained below this level for five consecutive months — the longest such stretch in the current cycle. An estimated 20% of miners are already operating at a loss; some high-cost miners have begun frequently powering their mining rigs on and off in response to price fluctuations, leading to a stronger correlation between network hash rate difficulty and Bitcoin’s price. Additionally, Bitcoin’s mining difficulty was adjusted down by roughly 10% in the second week of June, marking the second pullback of the same magnitude this year. Publicly listed mining companies, meanwhile, are relying more on their balance sheets to sustain operations, selling over 32,000 BTC in the first quarter alone to cover operating costs. Analysts note that against the backdrop of continuously shrinking block subsidies and stagnant fee revenue, a recovery in miners’ profits will primarily depend on a rise in Bitcoin’s price.
1 seconds ago
Japan and South Korea's stock markets opened higher, with South Korea's KOSPI index rising 2.9% and SK Hynix surging 11%.
According to Bitget market data, the Nikkei 225 index opened 1.4% higher at 70114.09. South Korea’s KOSPI index rose 2.9%. South Korean stocks SK Hynix gained 11%, while Samsung Electronics rose 5%.
1 seconds ago
Trader Maji was liquidated on his 25x leveraged long Ethereum position, incurring $1.9 million in losses, and subsequently opened a new position.
According to monitoring by OnchainLens, Stanley Huang, known as "Machi Big Brother" (@machibigbrother), has had his 25x leveraged long Ethereum (ETH) position fully liquidated, incurring a loss of approximately $1.9 million. Notably, he opened a new 25x leveraged long ETH position immediately after the liquidation. Machi Big Brother’s cumulative historical losses exceed $35.4 million.
1 seconds ago
Micron posted strong quarterly results, with its quarterly revenue and next-quarter outlook significantly exceeding market expectations. Its stock surged nearly 16% in after-hours trading, driving a broad rally across the storage sector.
According to its official financial report, Micron Technology (MU.O) reported Q3 fiscal 2026 revenue of $41.456 billion, beating market expectations of $35.423 billion and surging from $9.301 billion in the year-ago period. The company issued Q4 fiscal revenue guidance of $50 billion, against market expectations of $42.915 billion. Micron CEO Sanjay Mehrotra stated: "Micron’s record-breaking Q3 fiscal financial results and stronger Q4 outlook reflect the strategic value of memory chips in the AI era. We believe our multi-year strategic customer agreements will significantly enhance the durability and predictability of Micron’s strong financial performance." Micron’s Q3 report showed net profit of $28.24 billion, or $24.67 per share, up from $1.89 billion, or $1.68 per share, in the same period last year. Excluding certain one-time items, Micron reported adjusted earnings per share (EPS) of $25.11, exceeding analysts’ consensus estimate of $20.86. Driven by the quarterly revenue and outlook that topped expectations, as of press time, Micron jumped 15.95% in post-market trading on the U.S. stock market, also lifting other memory stocks sharply: Seagate (STX) rose 10.21%, Western Digital (WDC) gained 12.31%, and SanDisk (SNDK) surged 15.77%.
1 seconds ago
Kalshi is reportedly seeking a new round of financing, with its valuation potentially rising to $40 billion.
According to a report from the U.K.’s Financial Times, prediction market platform Kalshi is in discussions with investors for a new funding round targeting a roughly $40 billion valuation, with a potential close as early as the third quarter of this year. The development follows Kalshi’s $1 billion financing round completed last month, which valued the firm at $22 billion, with backers including leading institutions such as Coatue, Sequoia Capital, Andreessen Horowitz, and Morgan Stanley. Data shows Kalshi’s trading volume last month surpassed $17 billion, a sharp jump from less than $5 billion a year prior, with approximately 65% of that volume stemming from sports-related prediction contracts.
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Polymarket integrates with Telegram via TON, enabling users to participate in prediction markets directly within the messaging app.
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Saturday, April 20 — The LayerZero cross-chain bridge for rsETH (a liquidity re-staking token from Kelp DAO) was hacked, marking the largest DeFi hack of 2026 to date. The attacker forged LayerZero cross-chain messages to withdraw 116,500 rsETH directly from the bridge contract, then deposited the tokens into Aave and other lending platforms to borrow WETH—creating significant uncollateralized bad debt risk. Below is a roundup of responses from major DeFi protocols to the rsETH hack: Aave has shared an update on the rsETH incident: rsETH on the Ethereum mainnet is fully collateralized. The token remains frozen on Aave V3 and V4, while WETH reserves are frozen in affected markets including Ethereum, Arbitrum, Base, Mantle, and Linea. Aave is actively verifying details and evaluating potential resolutions. Ethena has officially extended the suspension period for its LayerZero OFT cross-chain bridge. Additionally, the protocol released updated reserve proofs confirming its USDe stablecoin maintains a collateralization ratio above 100%. LayerZero stated it has fully grasped the rsETH vulnerability and has been collaborating with the Kelp DAO team on fixes since the hack occurred, while continuously monitoring the situation. All other applications remain secure, and the protocol will publish a comprehensive post-incident analysis report alongside Kelp DAO once all relevant information is compiled. Fluid announced the launch of its aWETH redemption protocol, which enables ETH borrowers to: redeem for wstETH or weETH (restoring liquidity immediately and reducing liquidation risk); redeem in full if they only borrowed ETH; or seamlessly convert ETH collateral to wstETH/weETH while keeping other debts intact. The protocol’s initial capacity is capped at $1 billion worth of ETH. Morpho has temporarily suspended its MORPHO LayerZero OFT cross-chain bridge on Arbitrum until the root cause of the rsETH incident is identified. The protocol noted its smart contracts are secure and operating normally; risk exposure is limited (only ~$1 million worth of ETH was borrowed using rsETH as collateral, spread across two isolated markets out of thousands total). Thanks to Morpho’s fully isolated market design, all other vaults remain unaffected. Curve Finance announced it has suspended its LayerZero infrastructure, impacting: CRV bridging from BNB, Sonic, Avalanche, Fantom, Etherlink, and Kava (bridging from other chains still uses native bridges); and crvUSD quick bridging (L2 slow bridging remains operational). Reserve issued an official update: Its DTF holders are unlikely to be affected. RSR stakers in the Reserve Protocol’s USD3 and eUSD may qualify for "first-loss capital" protection, though the impact is minimal and RSR’s overcollateralization is sufficient to cover any potential losses. ETH+ and bsdETH contain no rsETH collateral, making them zero-risk. As a precaution, Reserve has temporarily paused minting, rebalancing, and RSR unstaking for eUSD and USD3—redemption functionality remains operational. Maple Finance stated all USDT provided on Aave Mantle using syrupUSDT has been withdrawn. Its syrupUSDC and syrupUSDT products are not impacted by the rsETH exploit. Polygon has been actively monitoring the rsETH exploit. The Polygon chain, Agglayer, and entire ecosystem (including Katana and Vaultbridge) have not been impacted by the incident. EtherFi announced its protocol’s liquidity pool remains unaffected by the Kelp rsETH exploit, and pool users will not suffer any fund losses. Hyperliquid’s DeFi project Hyperwave announced it has temporarily suspended all LayerZero bridging of Hyperwave assets as a precautionary measure.
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PANews reported on May 12 that Resolv Labs announced on its X platform that it is advancing recovery efforts and has reached an agreement with Fluid, the main affected protocol. The protocol framework differentiates between pre- and post-event risk exposures: positions with positive net value before the event will be fully compensated by Resolv; bad debts incurred after the event will be shared equally by Resolv and Fluid. Settlement will be completed on May 11. Resolv stated that discussions with other protocols and counterparties are ongoing.
Author: PA一线
This content is for market information only and is not investment advice.
PANews reported on May 12th that Fluid released a post-incident analysis report on the Resolv incident. On March 22nd, attackers illegally minted approximately $80 million worth of uncollateralized USR through a compromised signature facility. Fluid's exposure to the protocol was approximately $100 million, resulting in approximately $21 million in bad debt. Fluid smart contracts were not affected, and other markets operated normally. The Fluid team suspended the affected markets within hours and ensured that no user funds were at risk. The team collaborated with Resolv to liquidate pre-incident positions, repaying approximately $70 million in debt within two days of the incident.
According to the solution reached by both parties, Resolv will bear 50% of the losses incurred by DEX liquidity providers before the incident. Of the remaining approximately $19.3 million in bad debt, Resolv will bear approximately $9.7 million, the Fluid governance treasury will bear $8.2 million, and the team will bear $1.5 million. All remaining USR tokens have been burned at the contract level. Fluid has suspended its buyback program, significantly reduced or eliminated FLUID emissions, and the foundation will temporarily suspend its monthly grant of $250,000 from March to June. Fluid stated that its smart contracts were never compromised, it has upgraded its oracles and pricing system, and will introduce legal agreements with asset issuers to establish enforceable claims.
Earlier today, Resolv Labs stated that it is working on recovery and has reached an agreement with Fluid, the main affected protocol .
TLDR: The March Resolv exploit minted $80M in uncollateralized USR, leaving Fluid with roughly $21M in bad debt. Bad debt was split among Resolv ($9.7M), Fluid’s treasury ($8.2M), and the core team ($1.5M) for full coverage. Fluid will pause FLUID buybacks and cut token emissions to prioritize treasury rebuilding and reduce sell pressure. Upcoming launches include a Solana DEX, DEX v2, fixed-rate borrowing, and custodied collateral for institutional clients. Fluid, a DeFi liquidity protocol, confirmed that the March Resolv exploit resulted in roughly $21 million in bad debt for the platform.
The attack involved the unauthorized minting of approximately $80 million in uncollateralized USR tokens. Fluid clarified that its own smart contracts were not compromised.
All losses have since been fully covered through a combination of contributions from Resolv, Fluid’s governance treasury, and the core team.
How the Bad Debt Was Resolved The exploit originated from compromised signing infrastructure within the Resolv ecosystem. A malicious actor used this access to mint uncollateralized USR tokens. Fluid had roughly $100 million in exposure to Resolv at the time of the attack.
Opportunistic actors then purchased discounted wstUSR tokens and posted them as collateral at inflated oracle prices.
They borrowed stablecoins against these positions and abandoned them, leaving residual bad debt on the protocol. Within hours, Fluid paused affected markets and secured external commitments to backstop the losses.
The $19.3 million in remaining bad debt was split among three parties. Resolv covered approximately $9.7 million, while Fluid’s governance treasury contributed $8.2 million. The team covered the remaining $1.5 million, to be reimbursed from future protocol revenue.
Treasury Adjustments and Emission Changes Following the incident, Fluid announced several steps to rebuild its treasury. The protocol will pause its FLUID token buyback program, having already repurchased around 1.3% of total supply. FLUID token emissions will also be significantly reduced or eliminated to cut sell pressure.
Additionally, the Foundation will forgo its planned $250,000 monthly allocation from March through June. This decision reflects the protocol’s focus on treasury recovery over discretionary spending. The goal is to sustain organic growth while restoring financial stability.
Fluid also addressed a separate issue involving its ETH Lite Vault. During the KelpDAO incident, ETH utilization neared 100% across major lending markets, temporarily blocking withdrawals.
The team deployed an aWETH redemption mechanism that processed over $440 million in redemptions, generating enough fees to fully offset losses from that period.
Upgraded Systems and Upcoming Products Fluid outlined several upgrades to its oracle and pricing infrastructure. The new system introduces per-key pricing, token classification, multi-source oracle feeds, and deviation checks that halt operations if prices shift beyond set thresholds. These changes are designed to improve risk management under extreme market conditions.
The protocol also plans to establish legal agreements with asset issuers. These agreements aim to create enforceable claims on underlying assets and enable recovery pathways when an asset loses its peg.
As Fluid noted in its post-mortem: “Recent events have shown that asset backing alone is insufficient without enforceable claims.”
On the product side, Fluid confirmed that DEX v2 is ready but will launch once market conditions improve. The Solana DEX is in its final audit stage, with a launch expected within six weeks.
Fixed-rate borrowing, Liquidity-as-a-Service, and custodied collateral products are also in development. These offerings target institutional clients who prefer to hold assets in custody while accessing DeFi liquidity.
Fluid stated that several institutional integrations are already underway, with the largest institutional market deployment expected imminently.
The protocol plans to co-design frameworks with traditional asset managers entering DeFi, offering technical and business development support alongside its liquidity infrastructure.
Fluid’s post-mortem exposed how DeFi fragility now extends far beyond direct smart contract vulnerabilities.
The Resolv incident began after compromised off-chain signature infrastructure minted nearly 80 million unbacked USR tokens using minimal collateral.
That imbalance quickly destabilized liquidity conditions as USR collapsed toward $0.0025 before partially recovering across secondary markets.
The pressure intensified once discounted wstUSR entered leveraged lending systems through outdated Oracle pricing. Fluid then absorbed roughly $19.3 million to $21 million in bad debt while managing almost $100 million in exposure.
Even so, emergency liquidity support fully restored protocol solvency and protected user funds.
Fluid’s TVL hovered near $965 million at press time, reinforcing how market confidence increasingly depends on operational coordination, oracle reliability, and real-time infrastructure resilience beyond audited code.
TLDRBitwise and Jupiter Launch Isolated USDe Market on SolanaUSDe Gains Dedicated Lending Support Through Fluid IntegrationGet 3 Free Stock Ebooks Jupiter has partnered with Bitwise to launch an isolated USDe lending market on Solana. Bitwise will curate the dedicated USDe pool within Jupiter Lend for institutional participants. The USDe market will operate separately from Jupiter Lend’s main liquidity layer. The structure aims to manage risk and support institutional capital participation. Fluid protocol will provide collateral and lending infrastructure for the isolated pool. Jupiter has partnered with Bitwise to launch an isolated USDe lending market on Solana. The firms announced the initiative on Wednesday and confirmed institutional access. The structure separates USDe liquidity and integrates Fluid for lending infrastructure support.
Jupiter confirmed that Bitwise will curate a dedicated USDe market on Jupiter Lend. The platform will isolate this market from its main liquidity layer to manage risk. The firms said the structure aims to support institutional capital with controlled exposure.
Bitwise will oversee market parameters while Jupiter provides the lending framework. The setup marks the first time an institutional asset manager curates a market on Jupiter Lend. The companies stated that this approach strengthens risk management and capital efficiency.
The isolated pool will function independently from other lending markets on the platform. As a result, liquidity risks from other assets will not affect the USDe market. The partners said this design aligns with institutional compliance standards.
Jonathan Man, Head of DeFi Strategies at Bitwise, addressed the launch. He said, “Jupiter and Fluid have built unique infrastructure for efficient lending markets.” He added that the design provides deep liquidity and risk-mitigating features.
USDe Gains Dedicated Lending Support Through Fluid Integration The initiative integrates Fluid protocol to supply collateral and lending infrastructure. Fluid will support collateral management and borrowing operations within the isolated pool. The firms confirmed that this integration enhances operational efficiency.
The new market allows users to earn yield on USDe within Jupiter Lend. USDe functions as a synthetic asset that maintains a stable value target. Ethena Labs issues the token and oversees its underlying structure.
Guy Young, CEO of Ethena Labs, commented on the development. He said, “USDe is an institutional-grade savings product, built for scale.” He added that the combined infrastructure creates an efficient USDe market ready for DeFi adoption.
USDe launched in early 2024 and expanded rapidly across crypto markets. By mid-2025, it ranked as the third-largest stablecoin by market capitalization. The asset attracted institutional participation during its early growth phase.
However, USDe later declined in market rankings after volatility pressures. A crypto market crash on Oct. 10 exposed decoupling risks linked to the asset. Market data showed fluctuations in USDe’s price stability during that period.
Jupiter and Bitwise did not disclose specific yield rates for the market. They confirmed that the structure will operate under defined collateral parameters. The companies stated that the market is now live on Solana.
PANews reported on May 14th that, according to The Block, Solana ecosystem infrastructure provider Jupiter has commissioned Bitwise to create a segregated, dedicated lending market for USDe on Jupiter Lend. This marks the first time an institutional asset management firm has curated a market on Jupiter Lend. The market will be segregated from Jupiter Lend's existing liquidity layer to mitigate risk for institutional capital. Jupiter is also leveraging the decentralized protocol Fluid to provide lending and collateral infrastructure support. Jonathan Man, Head of DeFi Strategy at Bitwise, stated that the design offers deep liquidity and risk mitigation features. Guy Young, CEO of Ethena Labs, the issuer of USDe, stated that USDe is an institutional-grade savings product built for scale.
Fluid cleaned up its share of the Resolv USR exploit bad debt the way a fast-moving team does: a single multisig pulled roughly $8M of USDC and USDT out of the shared liquidity layer through a pre-approved credit line, swept thousands of scattered bad-debt positions into one address, and balanced the books. The matching $8.2M treasury commitment that’s supposed to repay the credit line is locked in restricted positions that need a governance vote to unlock. That vote was posted to the forum days later, with the on-chain action already done.
The protocol stayed solvent. No user deposit was touched. TVL is holding around $970M. The cleanup worked.
Then an on-chain researcher started pulling the transaction trail apart, and the story stopped being about Resolv.
It is May 17, 2026 as I write this. The governance proposal is still being debated, the on-chain criticism is still landing on X, and the numbers below will keep moving for a while yet. The structural argument underneath them is what this piece is about.
Fluid is the lending-and-DEX protocol that grew out of InstaDapp, now operating under its own FLUID token and DAO. The architectural premise is a single shared liquidity layer that every Fluid subprotocol (lending vaults, DEX, DEX Lite) borrows from, rather than maintaining its own siloed pools. Suppliers deposit assets once and earn from utilization across every market that draws on the layer.
That design has obvious capital-efficiency upside. It also concentrates risk in a specific way: subprotocols that can pull from the layer hold permissioned credit lines, and a Guardian multisig can pause access in an emergency. The team multisig is the load-bearing piece in that setup.
The credit line at the center of this story was originally approved by governance for Fluid DEX Lite, a gas-optimized swap router launched in August 2025 that uses the liquidity layer as its inventory source. It is a permissioned, uncollateralized facility: an approved address can draw USDC and USDT out of the shared pool against the protocol’s credit rather than against posted collateral. In May 2026, the team multisig drew on this same facility to consolidate bad-debt positions left behind by the Resolv depeg.
The Underlying Incident: A Quick Recap In late March 2026, an attacker compromised Resolv Labs’ off-chain signing infrastructure and minted approximately 80 million unbacked USR through a broken completeSwap() flow. USR depegged hard, and roughly $25M of extracted value got dumped through DEX liquidity. The full breakdown is in our Resolv USR exploit post.
Fluid had about $100M of USR exposure when the depeg hit, mostly through lending markets where USR and its wrapped variants were supplied as collateral against USDC and USDT borrows. When USR collapsed, ~$21M of positions went underwater and turned into bad debt sitting against the protocol. Fluid’s own contracts were not exploited. Oracles, pricing logic, and validation were upgraded immediately after the incident. The damage was downstream of a counterparty failure, not internal.
On May 12, 2026, Fluid announced the resolution. The $21M loss was split three ways:
Resolv: ~$9.7M (the issuer absorbing the largest share) Fluid governance treasury: ~$8.2M Fluid core team: ~$1.5M, reimbursed from future protocol revenue Roughly $19.3M was repaid in full, with the team fronting its $1.5M slice in cash now and the protocol committed to reimbursing it from future revenue. The remaining malicious USR was burned at the contract level; healthy positions remained redeemable directly via Resolv.
The split itself was uncontroversial. Most observers treated it as a pragmatic outcome that kept users whole. The fight that broke out this week is about how the treasury’s $8.2M share got onto Fluid’s balance sheet on-chain.
The Proposal on the Table On May 11, 2026, the Fluid team posted “Post-Mortem, Treasury Actions, and Forward Strategy Following Resolv Incident” to the governance forum. It bundles four things:
A formal post-mortem of the Resolv incident, including the loss split. Treasury actions for the $8.2M contribution: transferring the treasury’s full balance of iETHv2 deposit tokens, plus ancillary positions like fGHO, from the treasury’s DeFi Smart Account to the team multisig so the multisig can liquidate them and repay the credit line it drew against the liquidity layer. Financial restructuring: an immediate halt to FLUID buybacks (the program had bought back roughly 1.3% of supply and was judged ineffective for price support), a significant reduction in FLUID emissions, and a four-month suspension of the $250k/month Foundation grant covering March through June 2026. Security and roadmap changes: a detailed oracle overhaul (per-key pricing, multi-leg feeds, deviation checks, per-token pause bits, sequencer-uptime guards on L2), legal agreements with asset issuers for enforceable claims in depeg scenarios, a delay on the DEX v2 launch, continuation of the Solana DEX v1 launch (~6 weeks out, audits wrapping), and a forward product slate that includes Liquidity-as-a-Service, fixed-rate borrowing, custodied collateral, and institutional onboarding. The proposal does not introduce new spending. It formalizes the asset movements needed to settle a position the team multisig already opened. As of writing, the forum thread has minimal direct engagement; the live debate has migrated to X.
What Actually Happened On-Chain The critique that ignited the past two days came from on-chain researcher @jpn_memelord, who walked the transactions and posted a step-by-step thread. The mechanics below are reconstructed from that thread and the founder’s reply on X; addresses called out in the original posts can be cross-checked against any Ethereum explorer.
The Resolv depeg left ~$8M of bad debt spread across thousands of individual lending positions on Fluid (collateral marked down faster than the loans against it). Cleaning this up position-by-position would have been slow, expensive in gas, and visible to users on a market-by-market basis. The team multisig instead drew USDC and USDT directly from the liquidity layer, using the pre-approved DEX Lite credit line, and consolidated the bad debt into a single address. The thousands of small unhealthy positions were repaid; one large debit sat against the multisig instead. The treasury’s own assets (the iETHv2 deposits and ancillary positions described in the proposal) were not immediately accessible at full value. iETHv2 sits in a vault currently subject to restrictions that effectively require governance action to fully liquidate. The treasury’s liquid balance was closer to $5.3M than the headline $8.2M figure. The May 11 proposal is the governance step that resolves that mismatch: move the restricted treasury assets to the multisig so they can be unwound and used to repay the credit line. The critique was never that any of this was hidden. The on-chain footprint was visible from the first block. The objection is that the credit-line draw happened before the governance vote that authorizes it. Until the treasury assets are unlocked and applied, the outstanding balance against the liquidity layer effectively sits on the shoulders of USDC and USDT suppliers, whose deposits are the source of the funds the multisig used.
Critics argue this constitutes a change in the risk profile that suppliers signed up for: they consented to lending into a credit facility scoped to DEX Lite expansion, not to short-term bad-debt cleanup. Net-neutral over the lifetime of the operation, yes. Risk-neutral at every point along the way, less obviously.
Why the Treasury Wasn’t Simply Available Much of the X argument turns on a detail that’s easy to miss: a DAO treasury denominated in productive assets is not the same thing as a treasury denominated in cash.
Most of Fluid’s treasury value sits in iETHv2 deposit tokens, claims against an ETH position in one of Fluid’s v2 lending vaults. That position was earning yield, which is the whole reason it was structured that way. But a deposit token isn’t a stablecoin you can hand over to repay USDC and USDT borrows; it has to be redeemed through the vault, and per the proposal that withdrawal path is currently restricted and needs governance unlock. Smaller positions like fGHO need to be converted to GHO and then routed.
You can defend either of two positions here.
Position A (team): pre-positioning treasury in productive assets is good capital management; nobody anticipated needing to pull eight figures of liquid stables in a hurry; the credit line was the cleanest tool to bridge the gap until governance can unlock the assets formally. Net effect: nothing leaves the protocol, the books balance, users are protected, and the multisig is acting as an intermediary on its own balance sheet rather than spending fresh money.
Position B (critics): a treasury that requires governance unlock to be deployed in an emergency is, for the duration of that unlock, closer to a designated future contribution than to ready cash. The $8.2M headline figure overstated what was actually available. Using a DEX-Lite-scoped credit facility to paper over the gap stretched the definition of “pre-approved” past what suppliers had reason to expect.
Both positions are defensible. The interesting question is which one the precedent set this week will look like, twelve months from now, when the next emergency lands.
The Founder’s Pushback Fluid founder Samyak Jain (@smykjain) responded on X, and the team-account @0xfluid backed the framing. The argument, in short:
The credit-line draw was internal accounting, not new spending. The multisig consolidated bad debt; assets balanced out at the protocol level; the move did not extract money from the system. The governance proposal had been drafted days earlier. The team accelerated its posting in response to the criticism rather than because the underlying plan changed. The DEX Lite credit line was a pre-existing governance grant, and using a multisig with permissioned access for an emergency cleanup was within the scope of how that role was designed. Some of the criticism, in the team’s read, is downstream of rival-protocol community politics rather than substantive risk analysis. The last point tends to land badly in DeFi governance. Accusing critics of bad faith is sometimes correct and almost always counterproductive. The substantive answer (“the multisig consolidated debt, nothing left the protocol”) is stronger on its own.
The Numbers Worth Holding On To Strip out the X noise and there’s a clean set of figures.
Item Value Pre-incident Fluid USR exposure ~$100M Bad debt from Resolv depeg ~$21M Resolv contribution ~$9.7M Fluid treasury contribution ~$8.2M Core team contribution (deferred) ~$1.5M Total repaid up front ~$19.3M Liquid treasury at time of cleanup ~$5.3M Treasury assets requiring governance unlock bulk in iETHv2 + ancillary fGHO Credit-line draw from liquidity layer ~$8M in USDC + USDT Foundation grant suspended $250k/month × 4 months FLUID supply previously bought back ~1.3% Current TVL ~$970M FLUID price drawdown from ATH ~93% from $24.40 The two figures that should make a careful reader pause are the liquid treasury balance ($5.3M) versus the headline treasury contribution ($8.2M), and the credit-line draw of roughly $8M in USDC and USDT against the liquidity layer. The first says the treasury was smaller than the announcement implied. The second says the gap was bridged through a pre-existing credit facility rather than a fresh authorization. Everything controversial about this story sits between those two numbers.
What This Says About DeFi Governance There’s a recognizable shape here, and we’ve written about it before in Aave’s governance crisis and the broader question of how decentralized “decentralized governance” actually is. An operationally competent core team holds the keys that matter. An emergency creates time pressure. The team acts. The formal process catches up afterward. And the resulting argument is about whether “catches up afterward” counts as governance at all.
The structural tension is real and not unique to Fluid. Modern DeFi protocols are not, in practice, governed by 14-day voting cycles on every operational decision. They are governed by a thin layer of permissioned roles that can move quickly, sitting on top of a broader DAO that ratifies, audits, or revokes those roles. The argument is over how thin that layer should be, what triggers it has to clear before acting, and how much of the post-facto ratification can be drafted by the same people who took the action.
A few honest observations:
The pragmatic case is strong. Distributed governance is slow. An $8M cleanup that requires a 14-day Snapshot vote is an $8M cleanup that gives the market 14 days to short the FLUID token and short USR-adjacent assets, while bad debt accrues interest on the protocol’s side. The team’s instinct to consolidate and balance the books before the news cycle peaked is operationally defensible. The transparency case is also strong. USDC and USDT suppliers consented to a credit facility scoped to one purpose. Repurposing it for another, even with the intent to repay, broadens what “permissioned access” can be used for without consulting the people whose deposits sourced the funds. Future suppliers will price that ambiguity into the yield they demand, or simply route capital elsewhere. Precedent compounds. If “pre-approved credit line, drawn by multisig, ratified later” lands as an acceptable emergency procedure, the boundary of acceptable emergency procedures has moved. The next protocol facing a similar choice can point at this one. Norms drift that way, one defensible decision at a time. Neither side of this debate is obviously stupid. Both are arguing about a real trade-off that hasn’t been satisfactorily resolved anywhere in DeFi.
Uncomfortable Questions Why did the team multisig hold this much operational authority in the first place? Pre-approved credit lines for specific subprotocols are not unusual. Pre-approved credit lines that can be repurposed for ad-hoc cleanup are a different category. If the answer is “the role was always intended to cover emergencies,” the role’s documented scope should say so. If the answer is “the scope was narrow but we used it broadly under stress,” that’s worth saying explicitly.
What is the actual unlock mechanism for iETHv2? The proposal references restricted treasury assets but does not detail the mechanics that prevent immediate access. For depositors and suppliers trying to reason about how much of any DAO treasury is genuinely available in a crisis, that mechanism matters more than the headline number on the dashboard.
Where does the precedent end? Could the same credit line be drawn against tomorrow for an emergency that the DAO would not have authorized in advance? The team’s answer is no, but the answer that matters is the structural one: what stops it?
How does this interact with the Fluid Foundation proposal? Fluid is in the middle of transferring IP and protocol assets to a Cayman Islands foundation, with InstaDapp employees on the board, governed by DAO votes. The foundation is the legal entity that will eventually hold the multisig keys. If the practical pattern is that the team acts and the DAO ratifies, the foundation structure makes that pattern legally cleaner, not more constrained. That’s either a feature or a problem depending on which side of this week’s argument you’re on.
What is the right design for emergency capital? The useful medium-term outcome of this incident would be a structured emergency facility: capped in size, scoped explicitly to bad-debt cleanup, refilled by a defined rule, and ratifiable in a single short vote. A facility like that would let future cleanups happen without re-litigating the boundaries of pre-approved roles every time. Whether the team or the community drives that work is itself a governance question.
What’s Likely to Happen Next The governance proposal will probably pass. The treasury actions described in it are the cleanest path to closing the credit-line draw and restoring the books to a fully governance-ratified state. Rejection would force a new proposal and leave the credit line drawn against the liquidity layer in the interim, which is a worse outcome for the suppliers the critics are nominally defending.
The buyback pause, emissions cuts, and Foundation grant suspension will likely face less debate. Pulling sell pressure off the token while confidence is fragile is what most protocols do after a drawdown like this. The four-month grant suspension also cuts near-term spending while the treasury rebuilds, which is part of why it’s easy to ratify.
The DEX v2 delay is a tell. DeFi spent April watching the KelpDAO rsETH exploit drain $292M out of Aave through a single forged LayerZero packet, and confidence in cross-protocol composability hasn’t fully rebuilt. Postponing a major DEX launch into that backdrop reads as cautious market timing, not a Fluid-specific weakness.
The longer-term consequence is harder to see. Fluid’s core product fundamentals are intact: the shared liquidity layer, the lending markets, the DEX integration. The protocol absorbed a nine-figure indirect hit from an upstream counterparty and emerged solvent, with users whole and TVL stable. That is a real engineering and operational achievement.
But the part that fed this week’s argument is not unique to Fluid and will not be the last time we see it. Speed versus process, permissioned credit lines used for purposes broader than their origin envisioned, governance votes that follow rather than precede the action they authorize. The next protocol to hit this kind of incident will look at how Fluid handled it, see that the cleanup worked, and either copy the playbook or build the structured emergency facility that makes the playbook unnecessary.
Which way that goes is the actual governance question. The proposal posted on May 11 only settles whether the iETHv2 actually moves.
PANews reported on June 1st that, according to BlackHart, the reward distribution mechanism of the DeFi project Fluid on Ethereum was exploited, resulting in the theft of approximately $215,000 in assets. Fluid employs a Merkle reward list mechanism where one key initiates and another approves. The attacker possessed both operating private keys, submitted and approved a list of rewards to be distributed only to themselves, and then used a null proof to complete the claim. The stolen assets came from three reward distributors, including 112,883 FLUID, 47,903 GHO, and a small amount of cbBTC, which were later exchanged for ETH and transferred via Tornado Cash. Fluid's lending market, vault, DEX, and user deposits were unaffected. The team replaced the compromised key and transferred the remaining reward funds within approximately 10 hours, but the public statement only mentioned that reward claims were temporarily suspended, without mentioning details of the private key leak and the loss.
From DEX v1 to v2: A Quick RecapFluid DEX v1 launched on October 29, 2024, introducing powerful financial primitives: Smart Collateral and Smart Debt. Within just three months, it became the fastest-growing DEX and the second biggest DEX on Ethereum.
Before we even shipped v1, the architecture and roadmap for DEX v2 were already being laid down. This post dives deep into what makes DEX v2 the foundation for any type of AMM.
Architecture OverviewAt its core, Fluid DEX v2 runs on a singleton contract built atop the Fluid Liquidity Layer. This unified structure enables infinite composability while massively improving capital efficiency and gas usage as well as allowing cross-collateralization.
Governance can deploy infinite DEX types, each with its own logic and math, supporting every known AMM model and allowing for the creation of new ones.
On launch, DEX v2 will support 4 major DEX types:
Type 1: DEX v1 Smart Collateral
Type 2: DEX v1 Smart Debt
DEX v1 codebase will be ported to DEX v2 with minimal updates to allow better gas efficiency and some new features.
Type 3: Smart Collateral Range Orders
Like Uniswap v3 range orders, but enhanced — the liquidity earns lending APR by default and can be used as collateral.
Type 4: Smart Debt Range Orders
Create range orders on the debt side by borrowing assets - a completely new primitive.
More DEX types are in the works - including one focused on building the most advanced perpetuals system ever seen on-chain.
Focus on OpennessDEX v2 is built with modularity and permissionless expansion in mind. It will support:
Fully Permissionless Smart Lending Pools
Anyone can deploy Smart Collateral-based DEXes with no debt features.
Conditionally Permissionless Smart Collateral
Anyone can deploy Smart Collateral pools as allowed by governance (eg: users can deploy their own ETH-USDC pool and use that pool’s range order as collateral by default)
Conditionally Permissionless Smart Debt
Anyone can deploy Smart Debt pools as allowed by governance (eg: users can deploy their own USDC-USDT pool and use that pool debt range order with whitelisted collaterals)
Conditionally Permissionless Smart Collateral and Smart Debt
Anyone can deploy multiple Smart Collateral range orders and Smart Debt range orders as allowed by governance (eg: users can deploy wBTC-USDT and sUSDe-USDC as Smart Collateral and borrow ETH-USDC and USDC-USDT as Smart Debt)
In the future, Fluid will allow for fully permissionless Smart Collateral and Smart Debt, allowing users and protocols to create any kind of collateral and debt positions.
DEX featuresDEX v2 goes far beyond standard AMM capabilities:
Smart Collateral Range Orders
By default, LP positions earn lending APR.
Smart Debt Range Orders
A completely new primitive, allowing LPs to create strategies that were not possible before.
On-Chain Dynamic Fees
DEX v2 inbuilt Dynamic Fee or Custom Algorithm via Hooks.
Hooks (Inspired by Uniswap v4)
Custom logic and automation for DEX interactions.
Flash Accounting (Inspired by Uniswap v4)
Boosts gas efficiency for CEX-DEX arbitrage and complex flows.
On-Chain Limit Orders
Limit orders earn lending APR while waiting to be filled.
DEX v1 supports
Everything that DEX v1 does, but in a more gas-efficient way.
Strategy ExamplesDEX v2 allows LPs to combine Smart Collateral and Smart Debt to build advanced positions with built-in leverage, yield, and flexibility.
Here are a few examples:
Multiple Smart Collateral and Smart Debt range orders:
Borrowing against the Smart Collateral:Smart LP strategy: Convert $1 into $10:Stable ETH Strategy: Max Leverage Loop (convert $1 into $39)Combination of Range Orders and Normal CollateralsWith DEX v2 primitives, LPs can invent entirely new yield and trading strategies — or automate them using hooks and composable contracts.
ConclusionFluid DEX v2 isn't just a product upgrade — it's a leap forward in AMM design.
With unmatched flexibility, a robust architecture for growth, and the introduction of financial logic that simply wasn’t possible before, DEX v2 positions Fluid as the frontrunner to become the most dominant AMM in DeFi.
Want to explore more? Join our Discord and follow us on Twitter — we’ll be sharing technical docs, live demos, and upcoming DEX types over the next few weeks.
Grand Cayman, Cayman Islands, June 23rd, 2026, Chainwire
Sui aims to transition more of Bitcoin’s $1.2T market cap into verifiable, productive onchain products.
Hashi, Sui’s native bitcoin finance primitive, gains more institutional support ahead of the scheduled launch of its global testnet this July.
Sui, where money moves as freely as messages, announced today that Cumberland, Fluid, and SwissBorg have joined the Hashi ecosystem, Sui’s native bitcoin finance primitive, weeks ahead of its scheduled global testnet launch this July. The expanding coalition addresses a critical bottleneck in crypto: solving the persistent capital inefficiency by unlocking over a trillion dollars of immobile BTC into DeFi safely.
Previous market cycles demonstrated the systemic dangers of relying on opaque, centralized credit intermediaries such as Celsius, Voyager, and Genesis to generate utility from dormant assets. Hashi replaces centralized balance-sheet trust with verifiable smart contract logic.
But with a strict separation for safety by design, Bitcoin remains securely on the native Bitcoin blockchain. Sui smart contracts handle the cryptographic and programmatic rights to enable its use as financial collateral.
“Hashi was built to unlock the productive use of Bitcoin at a scale the industry hasn’t seen before,” Adeniyi Abiodun, Co-Founder and Chief Product Officer of Mysten Labs, the original contributor to Sui. “We believe Bitcoin will become one of the largest sources of collateral in finance as the world moves onchain, and Hashi provides the foundation to make that possible on Sui.”
Built for Institutional Bitcoin Finance
Hashi is a foundational primitive setting a new standard for how builders can create bespoke, Bitcoin-backed financial products with risk parameters and loan terms that are fully verifiable onchain. In just a few weeks’ time, institutions, custodians, wallet providers, and developers can begin freely testing the infrastructure that will support Bitcoin-backed lending, borrowing, and credit origination on Sui.
Expanded Institutional Support
Three new powerhouses join the growing Hashi ecosystem, broadening support for institutional liquidity providers, market makers, and digital asset platforms:
Cumberland: One of the digital asset industry’s largest institutional market makers, Cumberland joins the Hashi ecosystem to evaluate the protocol’s structural frameworks and prepare for eventual onchain liquidity provisioning. SwissBorg: A European wealth management app with over one million users, is exploring opportunities to connect its network of European high-net-worth Bitcoin holders and liquidity providers to Hashi, creating new pathways for Bitcoin-backed borrowing and lending. Fluid: A major DeFi lending protocol with a strong record of efficient, safe trades, is now building in preparation for mainnet institutional services. Fluid’s participation would provide institutional-grade lending markets and deepen access to Bitcoin-backed credit on Sui. These new builders join an industry-leading group of infrastructure providers, custodians, and DeFi protocols already working together to build a native Bitcoin financial ecosystem on Sui.
“Bitcoin is the world’s most liquid digital asset, but without native utility, it remains an off-chain asset,” said Paul Kremsky, Global Head of Business Development at Cumberland. “Hashi is exciting because it introduces a transparent, institutional-grade framework for BTC-backed credit that will replace synthetic workarounds with a product we are excited to use ourselves.”
“Our community has consistently sought native ways to lend and borrow against their Bitcoin,” said Cyrus Fazel, Founder & CEO at SwissBorg. “We’re thrilled to see Hashi delivering innovative solutions that make this a reality.”
“The next phase of the industry’s growth will come from bringing larger pools of capital onchain through infrastructure institutions can actually trust,” said Samyak Jain, Co-Founder & CEO at Fluid. “Hashi gets this right: Bitcoin stays on its native chain while verifiable contracts make it productive as collateral. Fluid’s lending infrastructure is built to turn that into deep, capital-efficient Bitcoin-backed credit markets on Sui.”
These additions expand the growing consensus of many partners announced earlier this year that Sui is where Bitcoin finance will take flight, thanks to Hashi:
Custody & Wallet Access
BitGo: Institutional custody clients. Blockdaemon, Cobo, Fordefi (by Paxos): Institutional wallet and infrastructure providers. Cubist: Cross-chain collateral infrastructure and transfer engine. Ledger: Retail/institutional self-custody. SwissBorg: UHNW European retail/institutional asset management and wallet interface. Lending, Trading & Liquidity Providers
Bullish: Institutional digital asset platform supplying liquidity. Cumberland: Leading institutional crypto market maker and liquidity provider. Erebor: OCC-chartered bank providing liquidity. FalconX: Institutional prime brokerage supplying liquidity. DeFi & Lending Applications
AlphaLend, Bluefin, Current, Scallop, Suilend: Native DeFi protocols enabling retail lending and borrowing on day one. Fluid: Connecting lending, borrowing, liquidity and more financial products into a capital-efficient system. Navi: One of Sui’s largest and longest running DeFi protocols slated for Hashi lending. Vaults & Asset Management
Concrete by Blueprint Finance: Yield-infrastructure vault platform. Inveniam Capital: Real-World Asset (RWA) yield strategies. Wave Digital Assets LLC: SEC-registered investment adviser working with industry partners to facilitate the issuance of Bitcoin-collateralized bonds. Index Oracle, Insurance & Security Auditing
CF Benchmarks: Crypto index provider distributing pricing data via oracles. Soter Insure: Native, Bitcoin-denominated institutional insurance. Asymptotic, Certora, OtterSec: Smart contract security and formal verification auditors. The activation of the global testnet this July represents the ultimate rehearsal for fully changing Bitcoin Finance. This sandbox environment is designed for institutional engineers, Sui protocols and developers, and custody partners to test integration parameters, stress-test the code under simulated market volatility, and verify cryptographic integrity ahead of mainnet release.
Technical documentation and testnet access configurations will be hosted at https://www.sui.io/hashi.
About Sui
Sui, where money moves as freely as messages, is a next-generation Layer 1 blockchain built for scalable finance and global payments. Founded by the core team behind Meta’s stablecoin initiative and powered by an object-centric model, Sui makes assets, permissions, and user data programmable and ownable. Sui’s primitives offer builders everything they need to create high-performance payments and financial applications, including instant agentic payments. Users can learn more at sui.io.
Grand Cayman, Cayman Islands, June 23rd, 2026, Chainwire
Sui aims to transition more of Bitcoin’s $1.2T market cap into verifiable, productive onchain products.
Hashi, Sui’s native bitcoin finance primitive, gains more institutional support ahead of the scheduled launch of its global testnet this July.
Sui, where money moves as freely as messages, announced today that Cumberland, Fluid, and SwissBorg have joined the Hashi ecosystem, Sui’s native bitcoin finance primitive, weeks ahead of its scheduled global testnet launch this July. The expanding coalition addresses a critical bottleneck in crypto: solving the persistent capital inefficiency by unlocking over a trillion dollars of immobile BTC into DeFi safely.
Previous market cycles demonstrated the systemic dangers of relying on opaque, centralized credit intermediaries such as Celsius, Voyager, and Genesis to generate utility from dormant assets. Hashi replaces centralized balance-sheet trust with verifiable smart contract logic.
But with a strict separation for safety by design, Bitcoin remains securely on the native Bitcoin blockchain. Sui smart contracts handle the cryptographic and programmatic rights to enable its use as financial collateral.
“Hashi was built to unlock the productive use of Bitcoin at a scale the industry hasn't seen before,” Adeniyi Abiodun, Co-Founder and Chief Product Officer of Mysten Labs, the original contributor to Sui. “We believe Bitcoin will become one of the largest sources of collateral in finance as the world moves onchain, and Hashi provides the foundation to make that possible on Sui.”
Built for Institutional Bitcoin Finance
Hashi is a foundational primitive setting a new standard for how builders can create bespoke, Bitcoin-backed financial products with risk parameters and loan terms that are fully verifiable onchain. In just a few weeks’ time, institutions, custodians, wallet providers, and developers can begin freely testing the infrastructure that will support Bitcoin-backed lending, borrowing, and credit origination on Sui.
Expanded Institutional Support
Three new powerhouses join the growing Hashi ecosystem, broadening support for institutional liquidity providers, market makers, and digital asset platforms:
Cumberland: One of the digital asset industry's largest institutional market makers, Cumberland joins the Hashi ecosystem to evaluate the protocol’s structural frameworks and prepare for eventual onchain liquidity provisioning. SwissBorg: A European wealth management app with over one million users, is exploring opportunities to connect its network of European high-net-worth Bitcoin holders and liquidity providers to Hashi, creating new pathways for Bitcoin-backed borrowing and lending. Fluid: A major DeFi lending protocol with a strong record of efficient, safe trades, is now building in preparation for mainnet institutional services. Fluid's participation would provide institutional-grade lending markets and deepen access to Bitcoin-backed credit on Sui. These new builders join an industry-leading group of infrastructure providers, custodians, and DeFi protocols already working together to build a native Bitcoin financial ecosystem on Sui.
“Bitcoin is the world’s most liquid digital asset, but without native utility, it remains an off-chain asset,” said Paul Kremsky, Global Head of Business Development at Cumberland. “Hashi is exciting because it introduces a transparent, institutional-grade framework for BTC-backed credit that will replace synthetic workarounds with a product we are excited to use ourselves.”
“Our community has consistently sought native ways to lend and borrow against their Bitcoin,” said Cyrus Fazel, Founder & CEO at SwissBorg. “We’re thrilled to see Hashi delivering innovative solutions that make this a reality.”
“The next phase of the industry's growth will come from bringing larger pools of capital onchain through infrastructure institutions can actually trust," said Samyak Jain, Co-Founder & CEO at Fluid. “Hashi gets this right: Bitcoin stays on its native chain while verifiable contracts make it productive as collateral. Fluid's lending infrastructure is built to turn that into deep, capital-efficient Bitcoin-backed credit markets on Sui.”
These additions expand the growing consensus of many partners announced earlier this year that Sui is where Bitcoin finance will take flight, thanks to Hashi:
Custody & Wallet Access
BitGo: Institutional custody clients. Blockdaemon, Cobo, Fordefi (by Paxos): Institutional wallet and infrastructure providers. Cubist: Cross-chain collateral infrastructure and transfer engine. Ledger: Retail/institutional self-custody. SwissBorg: UHNW European retail/institutional asset management and wallet interface. Lending, Trading & Liquidity Providers
Bullish: Institutional digital asset platform supplying liquidity. Cumberland: Leading institutional crypto market maker and liquidity provider. Erebor: OCC-chartered bank providing liquidity. FalconX: Institutional prime brokerage supplying liquidity. DeFi & Lending Applications
AlphaLend, Bluefin, Current, Scallop, Suilend: Native DeFi protocols enabling retail lending and borrowing on day one. Fluid: Connecting lending, borrowing, liquidity and more financial products into a capital-efficient system. Navi: One of Sui’s largest and longest running DeFi protocols slated for Hashi lending. Vaults & Asset Management
Concrete by Blueprint Finance: Yield-infrastructure vault platform. Inveniam Capital: Real-World Asset (RWA) yield strategies. Wave Digital Assets LLC: SEC-registered investment adviser working with industry partners to facilitate the issuance of Bitcoin-collateralized bonds. Index Oracle, Insurance & Security Auditing
CF Benchmarks: Crypto index provider distributing pricing data via oracles. Soter Insure: Native, Bitcoin-denominated institutional insurance. Asymptotic, Certora, OtterSec: Smart contract security and formal verification auditors. The activation of the global testnet this July represents the ultimate rehearsal for fully changing Bitcoin Finance. This sandbox environment is designed for institutional engineers, Sui protocols and developers, and custody partners to test integration parameters, stress-test the code under simulated market volatility, and verify cryptographic integrity ahead of mainnet release.
Technical documentation and testnet access configurations will be hosted at https://www.sui.io/hashi.
About Sui
Sui, where money moves as freely as messages, is a next-generation Layer 1 blockchain built for scalable finance and global payments. Founded by the core team behind Meta’s stablecoin initiative and powered by an object-centric model, Sui makes assets, permissions, and user data programmable and ownable. Sui’s primitives offer builders everything they need to create high-performance payments and financial applications, including instant agentic payments. Users can learn more at sui.io.
Sui aims to transition more of Bitcoin’s $1.2T market cap into verifiable, productive onchain products.
Main TakeawaysHashi is scheduled to launch its global testnet this July. This critical operational checkpoint allows builders to prep and battle-test new financial services before full mainnet deployment.Liquidity giant Cumberland, digital asset platform SwissBorg, and decentralized lending and DEX protocol Fluid have joined the ecosystem, alongside 20+ marquee partners unveiled earlier this year, including BitGo, Blockdaemon, Bullish, Erebor Bank, FalconX, and Ledger.Marquee expansions announced as Hashi takes aim at more than $1 trillion of dormant Bitcoin capital, creating the foundation for Bitcoin-backed financial markets at institutional scale.Today, Cumberland, Fluid, and SwissBorg have joined the Hashi ecosystem, Sui’s native bitcoin finance primitive, weeks ahead of its scheduled global testnet launch this July. The expanding coalition addresses a critical bottleneck in crypto: solving the persistent capital inefficiency by unlocking over a trillion dollars of immobile BTC into DeFi safely.
Previous market cycles demonstrated the systemic dangers of relying on opaque, centralized credit intermediaries such as Celsius, Voyager, and Genesis to generate utility from dormant assets. Hashi replaces centralized balance-sheet trust with verifiable smart contract logic.
But with a strict separation for safety by design, Bitcoin remains securely on the native Bitcoin blockchain. Sui smart contracts handle the cryptographic and programmatic rights to enable its use as financial collateral. These contracts undergo comprehensive formal verification, mathematically proving they behave as specified.
“Hashi was built to unlock the productive use of Bitcoin at a scale the industry hasn't seen before,” Adeniyi Abiodun, Co-Founder and Chief Product Officer of Mysten Labs, the original contributor to Sui. “We believe Bitcoin will become one of the largest sources of collateral in finance as the world moves onchain, and Hashi provides the foundation to make that possible on Sui.”
Built for Institutional Bitcoin FinanceHashi is a foundational primitive setting a new standard for how builders can create bespoke, Bitcoin-backed financial products with risk parameters and loan terms that are fully verifiable onchain. In just a few weeks’ time, institutions, custodians, wallet providers, and developers can begin freely testing the infrastructure that will support Bitcoin-backed lending, borrowing, and credit origination on Sui.
Expanded Institutional SupportThree new powerhouses join the growing Hashi ecosystem, broadening support for institutional liquidity providers, market makers, and digital asset platforms:
Cumberland: One of the digital asset industry's largest institutional market makers, Cumberland joins the Hashi ecosystem to evaluate the protocol’s structural frameworks and prepare for eventual onchain liquidity provisioning.SwissBorg: A European wealth management app with over one million users, is exploring opportunities to connect its network of European high-net-worth Bitcoin holders and liquidity providers to Hashi, creating new pathways for Bitcoin-backed borrowing and lending.Fluid: A major DeFi lending protocol with a strong record of efficient, safe trades, is now building in preparation for mainnet institutional services. Fluid's participation would provide institutional-grade lending markets and deepen access to Bitcoin-backed credit on Sui.These new builders join an industry-leading group of infrastructure providers, custodians, and DeFi protocols already working together to build a native Bitcoin financial ecosystem on Sui.
“Bitcoin is the world’s most liquid digital asset, but without native utility, it remains an off-chain asset,” said Paul Kremsky, Global Head of Business Development at Cumberland. “Hashi is exciting because it introduces a transparent, institutional-grade framework for BTC-backed credit that will replace synthetic workarounds with a product we are excited to use ourselves.”
“Our community has consistently sought native ways to lend and borrow against their Bitcoin,” said Cyrus Fazel, Founder & CEO at SwissBorg. “We’re thrilled to see Hashi delivering innovative solutions that make this a reality.”
“The next phase of the industry's growth will come from bringing larger pools of capital onchain through infrastructure institutions can actually trust," said Samyak Jain, Co-Founder & CEO at Fluid. “Hashi gets this right: Bitcoin stays on its native chain while verifiable contracts make it productive as collateral. Fluid's lending infrastructure is built to turn that into deep, capital-efficient Bitcoin-backed credit markets on Sui.”
These additions expand the growing consensus of many partners announced earlier this year that Sui is where Bitcoin finance will take flight, thanks to Hashi:
Custody & Wallet Access
BitGo: Institutional custody clients.Blockdaemon, Cobo, Fordefi (by Paxos): Institutional wallet and infrastructure providers.Cubist: Cross-chain collateral infrastructure and transfer engine.Ledger: Retail/institutional self-custody.SwissBorg: UHNW European retail/institutional asset management and wallet interface.Lending, Trading & Liquidity Providers
Bullish: Institutional digital asset platform supplying liquidity.Cumberland: Leading institutional crypto market maker and liquidity provider.Erebor: OCC-chartered bank providing liquidity.FalconX: Institutional prime brokerage supplying liquidity.DeFi & Lending Applications
AlphaLend, Bluefin, Current, Scallop, Suilend: Native DeFi protocols enabling retail lending and borrowing on day one.Fluid: Connecting lending, borrowing, liquidity and more financial products into a capital-efficient system. Navi: One of Sui’s largest and longest running DeFi protocols slated for Hashi lending. Vaults & Asset Management
Concrete by Blueprint Finance: Yield-infrastructure vault platform.Inveniam Capital: Real-World Asset (RWA) yield strategies.Wave Digital Assets LLC: SEC-registered investment adviser working with industry partners to facilitate the issuance of Bitcoin-collateralized bonds.Index Oracle, Insurance & Security Auditing
CF Benchmarks: Crypto index provider distributing pricing data via oracles.Soter Insure: Native, Bitcoin-denominated institutional insurance.Asymptotic, Certora, OtterSec: Smart contract security and formal verification auditors.The activation of the global testnet this July represents the ultimate rehearsal for fully changing Bitcoin Finance. This sandbox environment is designed for institutional engineers, Sui protocols and developers, and custody partners to test integration parameters, stress-test the code under simulated market volatility, and verify cryptographic integrity ahead of mainnet release.
Technical documentation and testnet access configurations will be hosted at https://www.sui.io/hashi.
Huma Finance's PayFi asset ($PST), backed by real-world payments, now accesses DEX liquidity and borrowing on Fluid through a single integration. PST is among the first assets leveraging Fluid's Liquidity as a Service infrastructure — designed to bring scalable liquidity to real-world assets.
Huma Finance, the leading PayFi network providing on-chain liquidity for global payment financing, today announced that PST — its USDC-denominated yield primitive backed by real-world payment flows — is now live on Fluid.The launch leverages Fluid, one of the top decentralized exchanges and lending venues on Ethereum and the world's most capital-efficient Liquidity Layer for finance. This partnership combines Huma's PayFi yield primitive with Fluid's composable liquidity layer and Chainlink's institutional-grade cross-chain infrastructure and oracles, enabling PST to be deposited, borrowed against, and looped natively on Fluid from day one.
Since inception, Huma has facilitated over $14 Billion in payment volume with zero credit defaults, delivering institutional-grade USDC yield sourced from real-world payment financing activities including cross-border prefunding, trade finance, settlement liquidity, and credit card receivable financing. With this launch, Ethereum DeFi users can now borrow USDC and USDT against PST, or loop their PST positions natively on Fluid.
Through a single integration with Fluid, PST accesses DEX liquidity, borrowing markets, and looping mechanics in one infrastructure layer. PST is among the first assets leveraging Fluid's Liquidity as a Service platform — Fluid's institutional infrastructure designed to bring scalable, composable liquidity to real-world assets. The single-integration model gives RWA issuers a unified deployment path: one connection, three composability surfaces.
The integration is supported by Chainlink, whose oracles provide institutional-grade pricing for PST, while CCIP — secured by Decentralized Oracle Networks with a minimum of 16 independent node operators per bridge lane — connects PST across chains. Together, this gives lending markets, vault curators, and structured product venues the infrastructure to integrate PST with institutional-grade reliability.
About Huma: Huma Finance is the first PayFi network, providing on-chain liquidity for global payment financing. The network has processed more than $13 Billion in payment volume with zero credit defaults to date. PST, Huma's PayFi Strategy Token, is the network's USDC-denominated yield primitive, backed by real-world payment financing flows including cross-border prefunding, trade finance, settlement liquidity, and credit card receivable financing. Learn more at huma.finance.
About Fluid: Fluid is the world's most capital-efficient Liquidity Layer for finance that can support an entire ecosystem of financial products on top of it. Connects lending, DEX, borrowing, stablecoin markets and more financial products into one efficient system. Learn more at fluid.io.
About Chainlink: Chainlink is the industry-standard oracle platform bringing the capital markets onchain and the market leader powering the majority of decentralized finance (DeFi). The Chainlink stack provides the essential data, interoperability, compliance, and privacy standards needed to power advanced blockchain use cases for institutional tokenized assets, lending, payments, stablecoins, and more. Since inventing decentralized oracle networks, Chainlink has enabled tens of trillions in transaction value and now secures the vast majority of DeFi. Learn more at chain.link.
For more information about the partnership and related investment opportunities, visit:
Huma Finance: https://huma.finance/
Fluid: https://fluid.io/
Chainlink: https://chain.link/
PST contract on ETH mainnet: 0x22aE3D9a738471f405169Af055d31c687087d4c7
Explore PST Market on Fluid: https://fluid.io/dashboard/1?token0Address=0x22ae3d9a738471f405169af055d31c687087d4c7
Sui aims to transition more of Bitcoin’s $1.2T market cap into verifiable, productive onchain products.
Hashi, Sui’s native bitcoin finance primitive, gains more institutional support ahead of the scheduled launch of its global testnet this July.
Sui, where money moves as freely as messages, announced today that Cumberland, Fluid, and SwissBorg have joined the Hashi ecosystem, Sui’s native bitcoin finance primitive, weeks ahead of its scheduled global testnet launch this July. The expanding coalition addresses a critical bottleneck in crypto: solving the persistent capital inefficiency by unlocking over a trillion dollars of immobile BTC into DeFi safely.
Previous market cycles demonstrated the systemic dangers of relying on opaque, centralized credit intermediaries such as Celsius, Voyager, and Genesis to generate utility from dormant assets. Hashi replaces centralized balance-sheet trust with verifiable smart contract logic.
But with a strict separation for safety by design, Bitcoin remains securely on the native Bitcoin blockchain. Sui smart contracts handle the cryptographic and programmatic rights to enable its use as financial collateral.
“Hashi was built to unlock the productive use of Bitcoin at a scale the industry hasn’t seen before,” Adeniyi Abiodun, Co-Founder and Chief Product Officer of Mysten Labs, the original contributor to Sui. “We believe Bitcoin will become one of the largest sources of collateral in finance as the world moves onchain, and Hashi provides the foundation to make that possible on Sui.”
Built for Institutional Bitcoin Finance
Hashi is a foundational primitive setting a new standard for how builders can create bespoke, Bitcoin-backed financial products with risk parameters and loan terms that are fully verifiable onchain. In just a few weeks’ time, institutions, custodians, wallet providers, and developers can begin freely testing the infrastructure that will support Bitcoin-backed lending, borrowing, and credit origination on Sui.
Expanded Institutional Support
Three new powerhouses join the growing Hashi ecosystem, broadening support for institutional liquidity providers, market makers, and digital asset platforms:
Cumberland: One of the digital asset industry’s largest institutional market makers, Cumberland joins the Hashi ecosystem to evaluate the protocol’s structural frameworks and prepare for eventual onchain liquidity provisioning. SwissBorg: A European wealth management app with over one million users, is exploring opportunities to connect its network of European high-net-worth Bitcoin holders and liquidity providers to Hashi, creating new pathways for Bitcoin-backed borrowing and lending. Fluid: A major DeFi lending protocol with a strong record of efficient, safe trades, is now building in preparation for mainnet institutional services. Fluid’s participation would provide institutional-grade lending markets and deepen access to Bitcoin-backed credit on Sui. These new builders join an industry-leading group of infrastructure providers, custodians, and DeFi protocols already working together to build a native Bitcoin financial ecosystem on Sui.
“Bitcoin is the world’s most liquid digital asset, but without native utility, it remains an off-chain asset,” said Paul Kremsky, Global Head of Business Development at Cumberland. “Hashi is exciting because it introduces a transparent, institutional-grade framework for BTC-backed credit that will replace synthetic workarounds with a product we are excited to use ourselves.”“Our community has consistently sought native ways to lend and borrow against their Bitcoin,” said Cyrus Fazel, Founder & CEO at SwissBorg. “We’re thrilled to see Hashi delivering innovative solutions that make this a reality.”“The next phase of the industry’s growth will come from bringing larger pools of capital onchain through infrastructure institutions can actually trust,” said Samyak Jain, Co-Founder & CEO at Fluid. “Hashi gets this right: Bitcoin stays on its native chain while verifiable contracts make it productive as collateral. Fluid’s lending infrastructure is built to turn that into deep, capital-efficient Bitcoin-backed credit markets on Sui.”
These additions expand the growing consensus of many partners announced earlier this year that Sui is where Bitcoin finance will take flight, thanks to Hashi:
Custody & Wallet Access
BitGo: Institutional custody clients. Blockdaemon, Cobo, Fordefi (by Paxos): Institutional wallet and infrastructure providers. Cubist: Cross-chain collateral infrastructure and transfer engine. Ledger: Retail/institutional self-custody. SwissBorg: UHNW European retail/institutional asset management and wallet interface. Lending, Trading & Liquidity Providers
Bullish: Institutional digital asset platform supplying liquidity. Cumberland: Leading institutional crypto market maker and liquidity provider. Erebor: OCC-chartered bank providing liquidity. FalconX: Institutional prime brokerage supplying liquidity. DeFi & Lending Applications
AlphaLend, Bluefin, Current, Scallop, Suilend: Native DeFi protocols enabling retail lending and borrowing on day one. Fluid: Connecting lending, borrowing, liquidity and more financial products into a capital-efficient system. Navi: One of Sui’s largest and longest running DeFi protocols slated for Hashi lending. Vaults & Asset Management
Concrete by Blueprint Finance: Yield-infrastructure vault platform. Inveniam Capital: Real-World Asset (RWA) yield strategies. Wave Digital Assets LLC: SEC-registered investment adviser working with industry partners to facilitate the issuance of Bitcoin-collateralized bonds. Index Oracle, Insurance & Security Auditing
CF Benchmarks: Crypto index provider distributing pricing data via oracles. Soter Insure: Native, Bitcoin-denominated institutional insurance. Asymptotic, Certora, OtterSec: Smart contract security and formal verification auditors. The activation of the global testnet this July represents the ultimate rehearsal for fully changing Bitcoin Finance. This sandbox environment is designed for institutional engineers, Sui protocols and developers, and custody partners to test integration parameters, stress-test the code under simulated market volatility, and verify cryptographic integrity ahead of mainnet release.
Technical documentation and testnet access configurations will be hosted at https://www.sui.io/hashi.
About Sui
Sui, where money moves as freely as messages, is a next-generation Layer 1 blockchain built for scalable finance and global payments. Founded by the core team behind Meta’s stablecoin initiative and powered by an object-centric model, Sui makes assets, permissions, and user data programmable and ownable. Sui’s primitives offer builders everything they need to create high-performance payments and financial applications, including instant agentic payments. Users can learn more at sui.io.
[PRESS RELEASE – Grand Cayman, Cayman Islands, June 23rd, 2026]
Sui aims to transition more of Bitcoin’s $1.2T market cap into verifiable, productive onchain products.
Hashi, Sui’s native bitcoin finance primitive, gains more institutional support ahead of the scheduled launch of its global testnet this July.
Sui, where money moves as freely as messages, announced today that Cumberland, Fluid, and SwissBorg have joined the Hashi ecosystem, Sui’s native bitcoin finance primitive, weeks ahead of its scheduled global testnet launch this July. The expanding coalition addresses a critical bottleneck in crypto: solving the persistent capital inefficiency by unlocking over a trillion dollars of immobile BTC into DeFi safely.
Previous market cycles demonstrated the systemic dangers of relying on opaque, centralized credit intermediaries such as Celsius, Voyager, and Genesis to generate utility from dormant assets. Hashi replaces centralized balance-sheet trust with verifiable smart contract logic.
But with a strict separation for safety by design, Bitcoin remains securely on the native Bitcoin blockchain. Sui smart contracts handle the cryptographic and programmatic rights to enable its use as financial collateral.
“Hashi was built to unlock the productive use of Bitcoin at a scale the industry hasn’t seen before,” Adeniyi Abiodun, Co-Founder and Chief Product Officer of Mysten Labs, the original contributor to Sui. “We believe Bitcoin will become one of the largest sources of collateral in finance as the world moves onchain, and Hashi provides the foundation to make that possible on Sui.”
Built for Institutional Bitcoin Finance
Hashi is a foundational primitive setting a new standard for how builders can create bespoke, Bitcoin-backed financial products with risk parameters and loan terms that are fully verifiable onchain. In just a few weeks’ time, institutions, custodians, wallet providers, and developers can begin freely testing the infrastructure that will support Bitcoin-backed lending, borrowing, and credit origination on Sui.
Expanded Institutional Support
Three new powerhouses join the growing Hashi ecosystem, broadening support for institutional liquidity providers, market makers, and digital asset platforms:
Cumberland: One of the digital asset industry’s largest institutional market makers, Cumberland joins the Hashi ecosystem to evaluate the protocol’s structural frameworks and prepare for eventual onchain liquidity provisioning. SwissBorg: A European wealth management app with over one million users, is exploring opportunities to connect its network of European high-net-worth Bitcoin holders and liquidity providers to Hashi, creating new pathways for Bitcoin-backed borrowing and lending. Fluid: A major DeFi lending protocol with a strong record of efficient, safe trades, is now building in preparation for mainnet institutional services. Fluid’s participation would provide institutional-grade lending markets and deepen access to Bitcoin-backed credit on Sui. These new builders join an industry-leading group of infrastructure providers, custodians, and DeFi protocols already working together to build a native Bitcoin financial ecosystem on Sui.
“Bitcoin is the world’s most liquid digital asset, but without native utility, it remains an off-chain asset,” said Paul Kremsky, Global Head of Business Development at Cumberland. “Hashi is exciting because it introduces a transparent, institutional-grade framework for BTC-backed credit that will replace synthetic workarounds with a product we are excited to use ourselves.”
“Our community has consistently sought native ways to lend and borrow against their Bitcoin,” said Cyrus Fazel, Founder & CEO at SwissBorg. “We’re thrilled to see Hashi delivering innovative solutions that make this a reality.”
“The next phase of the industry’s growth will come from bringing larger pools of capital onchain through infrastructure institutions can actually trust,” said Samyak Jain, Co-Founder & CEO at Fluid. “Hashi gets this right: Bitcoin stays on its native chain while verifiable contracts make it productive as collateral. Fluid’s lending infrastructure is built to turn that into deep, capital-efficient Bitcoin-backed credit markets on Sui.”
These additions expand the growing consensus of many partners announced earlier this year that Sui is where Bitcoin finance will take flight, thanks to Hashi:
Custody & Wallet Access
BitGo: Institutional custody clients. Blockdaemon, Cobo, Fordefi (by Paxos): Institutional wallet and infrastructure providers. Cubist: Cross-chain collateral infrastructure and transfer engine. Ledger: Retail/institutional self-custody. SwissBorg: UHNW European retail/institutional asset management and wallet interface. Lending, Trading & Liquidity Providers
Bullish: Institutional digital asset platform supplying liquidity. Cumberland: Leading institutional crypto market maker and liquidity provider. Erebor: OCC-chartered bank providing liquidity. FalconX: Institutional prime brokerage supplying liquidity. DeFi & Lending Applications
AlphaLend, Bluefin, Current, Scallop, Suilend: Native DeFi protocols enabling retail lending and borrowing on day one. Fluid: Connecting lending, borrowing, liquidity and more financial products into a capital-efficient system. Navi: One of Sui’s largest and longest running DeFi protocols slated for Hashi lending. Vaults & Asset Management
Concrete by Blueprint Finance: Yield-infrastructure vault platform. Inveniam Capital: Real-World Asset (RWA) yield strategies. Wave Digital Assets LLC: SEC-registered investment adviser working with industry partners to facilitate the issuance of Bitcoin-collateralized bonds. Index Oracle, Insurance & Security Auditing
CF Benchmarks: Crypto index provider distributing pricing data via oracles. Soter Insure: Native, Bitcoin-denominated institutional insurance. Asymptotic, Certora, OtterSec: Smart contract security and formal verification auditors. The activation of the global testnet this July represents the ultimate rehearsal for fully changing Bitcoin Finance. This sandbox environment is designed for institutional engineers, Sui protocols and developers, and custody partners to test integration parameters, stress-test the code under simulated market volatility, and verify cryptographic integrity ahead of mainnet release.
Technical documentation and testnet access configurations will be hosted at https://www.sui.io/hashi.
About Sui
Sui, where money moves as freely as messages, is a next-generation Layer 1 blockchain built for scalable finance and global payments. Founded by the core team behind Meta’s stablecoin initiative and powered by an object-centric model, Sui makes assets, permissions, and user data programmable and ownable. Sui’s primitives offer builders everything they need to create high-performance payments and financial applications, including instant agentic payments. Users can learn more at sui.io.
