Fluid, a DeFi (decentralized finance) protocol built by the Instadapp team, recorded average total value locked (TVL) of $3.4 billion in the second quarter of 2026, down 21.1% from the previous quarter but up 84.9% from a year earlier, according to Token Terminal. Active loans fell 15.1% sequentially to $1.5 billion but rose 92.9% year over year. Trading volume declined 37.3% to $18.1 billion, fees dropped 21.5% to $9.5 million and protocol revenue fell 29.3% to $1.8 million, although revenue remained 9.8% above the year-earlier level. Monthly active users decreased 43.8% to 70,700. Capital continued shifting toward Jupiter Lend, the Solana-based lending deployment operated in partnership with Jupiter, which averaged about $1.7 billion in TVL, nearly half of Fluid’s total, and grew sequentially to become its largest lending deployment. Outflows early in the quarter followed events involving Resolv and other third parties, but Fluid’s contracts were not attacked and related bad debt was covered by the treasury and other sources, leaving users without losses. During the period, Bitwise began managing the USDe market on Jupiter Lend, Liquidity-as-a-Service launched with an approximately $100 million sUSDai liquidity facility, and real-world asset (RWA) products including Huma PST were added to Fluid. The team said it would continue developing institutional-grade deployments, Jupiter DEX and expansion to Sui, using verticalized products and institutional partnerships to attract incremental capital and improve revenue efficiency.