Lending / DEX · FLUID · $0.81B TVL. Screen grades as of November 12, 2026: Solvency BB, Legitimacy A, Growth B. Instadapp lineage; capital-efficiency innovation; smart-debt design.
| Input / Grade | July 27, 2026 | November 12, 2026 |
|---|---|---|
| TVL | $0.7B | $0.81B |
| 12-month TVL change | -20% | -63% |
| Worst 90-day drawdown | 35% | 21% |
| Drawdown scored | 35% (90-day only, v1.0) | 63% (worse of 90-day and 12-month, v1.1) |
| Solvency (credit grade) | A · 71 | BB · 58.5 |
| Growth | B · 42.8 | B · 30.5 |
TVL figures: DefiLlama, parent-level listing. The July 27, 2026 TVL was an analyst estimate and may have used a narrower definition, so part of the TVL difference can be definitional. Only these three inputs were refreshed in the re-screen; sustainability, unlocks, risk, audits, team, delivery, governance, category share and momentum were left as the July 27, 2026 estimates.
Solvency screens at BB (58.5 / 100), previously A in the July 27, 2026 screen. The worst 90-day TVL drawdown is 21% and 12-month TVL change is -63%. TVL stability is scored on the 12-month decline of 63%, because it is worse than the latest 90 days. Sustainability ratio (2x), unlock pressure (8%) and risk quality (7 / 10) are carried over from July 27, 2026.
Legitimacy screens at A (71 / 100). No Legitimacy input was refreshed in the November 12, 2026 re-screen, so the grade is unchanged from July 27, 2026.
Growth screens at B (30.5 / 100), unchanged from the July 27, 2026 screen. TVL is $0.81B, -63% over twelve months (it was -20% at the previous screen). Category share (3%) and momentum (6 / 10) are carried over from July 27, 2026.
The credit grade is Solvency BB. Legitimacy is A and the Growth outlook is B; the weakest axis is Growth. These grades use TVL data as of November 12, 2026 and qualitative inputs from July 27, 2026.
The credit grade answers one question: can Fluid survive stress and pay its users back. Legitimacy (A) and the Growth outlook (B) are published beside it and are never averaged into it. Weakest axis: Growth.
Fluid, from the Instadapp lineage, is the screen's engineering standout among small caps: its unified liquidity layer lets the same capital serve lending and DEX functions simultaneously — 'smart debt' that earns trading fees while borrowed — arguably the most genuine capital-efficiency innovation of the cycle.
Solvency screens at A. Fee coverage (~2x), a comparatively shallow 20%… 35% drawdown profile, and a design whose liquidation engine is notably gas-light and robust. Unlocks (~8%) are the routine deduction for a token still distributing.
Legitimacy screens at A: a team with a decade of composability pedigree, strong audits, and delivery that matched its whitepaper claims. Governance (5/10) is the familiar young-token story.
Growth screens at B on the screen's harshest input — 3% category share in the brutal lending/DEX aggregate — despite the second-best momentum (6/10) in the small-cap cohort and only -20% TVL.
Composite B, but trajectory is the story: this is the small protocol large ones are copying. A full rating sooner rather than later would front-run the market's likely re-rating.
