GreenETH

Watching. Mapping. Laughing.
You build. I connect the dots.
Sometimes I mint.

[Mardeni @Mardeni01]

Let's go through this properly:

"Fluid lost the war." Aave's TVL is $18.2B, down 60% from its $45.8B peak. Aave v3 loans are down 56% YoY. Jupiter Lend (powered by Fluid) is up 72% over the same year and holds 46% of all borrowing on Solana. That's not what losing looks like.

"Aave's side revenue beats Fluid's." We don't need to be #1 in TVL. We need every dollar to work harder, and it does, We have the highest utilization of a money market since inception. Fluid makes 2x more revenue per $1 of TVL than Aave (0.66% vs 0.33%), and that's on DefiLlama, which only counts our EVM markets. It misses Jupiter Lend, Venus Flux, and the Bitwise and Sentora instances. TokenTerminal counts them. Our total TVL is $4.2B.

We're verticalizing the stack to add more revenue sources on top of the same liquidity. Annualized revenue is $8.2M today and grows every month, and I expect it to multiply over the next two quarters with DEX v2, the Sui money market, custodian integrations, and new LaaS partners.

"$5M a year in incentives." They've been shut down. Every Fluid lending pool's rewards rate is 0, and it's verifiable onchain. All yield is paid by real borrow demand

"Liquidity is the moat." Agreed. ~77% of GHO's active DEX liquidity sits on Fluid, most of GHO-USDC volume is routed through Fluid.

"Fluid sacrificed treasury." Fluid made its users whole with its own money. Aave took a $160M bailout and a 30,000 ETH loan from Mantle to cover its Kelp bad debt, and it's paying that loan back out of future revenue for up to 3 years, idk what you are talking about.

"Complicated in the age of AI." Tokenized stocks are already live on Jupiter Lend. EVM is next, then DEX v2, then the official money market on Sui.

Winners keep winning. Look at the charts again.

Adding again that we absolutely love aave, we will all win together as an industry.

[Mardeni @Mardeni01]

September was @0xfluid’s highest-revenue month in the last two quarters.

LAAS is already adding ~$100K/month, while DEX V2, Sui, and custodian integrations are all going live this month.

The biggest catalysts haven’t even landed yet.

/fluid 🌊

[GreenETH @0xGreenETH]

@Crypto_Freedive @Dark_Emi_ https://t.co/zYEyBYFvSy

[Ethereum Institutional @ethereuminsti]

BlackRock has launched two tokenized money market funds.

The $6.2 billion BlackRock Select Treasury Based Liquidity Fund (BSTBL) now has a tokenized share class issued on @ethereum, with BNY as transfer agent and tokenization provider.

A second vehicle, BRSRV, launches alongside it, with Securitize as transfer agent and tokenization provider.

Both invest in cash, short-term US Treasuries, and overnight repo backed by Treasuries, and both intend to qualify as eligible reserve assets for permitted US payment stablecoin issuers under the GENIUS Act.

BlackRock at a glance:

→ Over $15 trillion in assets under management

→ More than $1 trillion overseen by its Cash Management business

→ Around $60 billion in stablecoin reserves already managed

The world's largest asset manager and the world's largest custodian are both building on Ethereum.

[GreenETH @0xGreenETH]

@DeFi_Made_Here 👀

[Fluid 🌊 @0xfluid]

New Era begins.

The Liquidity Layer For All Finance is here. 🌊

[Ethereum Foundation @ethereumfndn]

Behind the scenes with the EF's zkEVM team.

Bringing Zero-Knowledge technology closer to the Ethereum core protocol.

[Ethereum Institutional @ethereuminsti]

1/ Announcing Ethereum Institutional

An independent non-profit dedicated to accelerating the institutional adoption of Ethereum, its L2s, applications and overall ecosystem.

[GreenETH @0xGreenETH]

@binji_x @joshrudolf 👋🏼

[Fluid 🌊 @0xfluid]

https://t.co/xooZrf36yb

[Fluid 🌊 @0xfluid]

One of the world's largest crypto-native asset managers just curated a lending market on @jup_lend.

@Bitwise. @Ethena. Live on @Solana.

Powered by Fluid. 🧵

[Fluid 🌊 @0xfluid]

https://t.co/Cd8MHxuZy1

[GreenETH @0xGreenETH]

@WuBlockchain Now also live on L2 !
https://t.co/tN2Td2MJOI

[Fluid 🌊 @0xfluid]

The aWETH Redemption Protocol is now live on @Arbitrum and @Base.

After processing $400M+ in redemptions on Aave Ethereum, we're expanding to L2s.

This time, we’ll be opening up for all loopers to unwind while ETH lenders exit to LSTs.

How it works 🧵

[GreenETH @0xGreenETH]

@FranceCryptos @aave Pour ceux qui sont bloqués avec leur position ETH sur Aave, l'équipe de @0xfluid a créé une solution pour swap votre position vers wstETH ou weETH afin de redevenir liquide :
https://t.co/NXcLHF0NnT

[Fluid 🌊 @0xfluid]

Introducing aWETH Redemption Protocol

With ETH utilization at 100% on Aave, many lenders are currently unable to withdraw and face increasing risk if markets move.

aWETH Redemption Protocol allows ETH lenders to:

• Exit into wstETH or weETH
• Regain immediate liquidity
• Reduce exposure to liquidation risk

If you’re just lending ETH — you can fully exit.
If you have ETH collateral and another debt — your collateral is seamlessly swapped into wstETH or weETH while your debt remains the same.

We’re working alongside @LidoFinance , @ether_fi, @0xProject, @1inch,
@KyberNetwork, and other ecosystem partners to:
• Reduce systemic risk in DeFi
• Ease utilization pressure
• Support a healthier DeFi market

Our goal is simple: protect users while reinforcing the foundations of DeFi.

Capacity is initially limited to $1B in ETH.

https://t.co/VBIAT9FZyg

[GreenETH @0xGreenETH]

@beeshal @smykjain 🐐 🌊

[Fluid 🌊 @0xfluid]

Introducing aWETH Redemption Protocol

With ETH utilization at 100% on Aave, many lenders are currently unable to withdraw and face increasing risk if markets move.

aWETH Redemption Protocol allows ETH lenders to:

• Exit into wstETH or weETH
• Regain immediate liquidity
• Reduce exposure to liquidation risk

If you’re just lending ETH — you can fully exit.
If you have ETH collateral and another debt — your collateral is seamlessly swapped into wstETH or weETH while your debt remains the same.

We’re working alongside @LidoFinance , @ether_fi, @0xProject, @1inch,
@KyberNetwork, and other ecosystem partners to:
• Reduce systemic risk in DeFi
• Ease utilization pressure
• Support a healthier DeFi market

Our goal is simple: protect users while reinforcing the foundations of DeFi.

Capacity is initially limited to $1B in ETH.

https://t.co/VBIAT9FZyg

[GreenETH @0xGreenETH]

@Route2FI @0xfluid. Main catalyst is the launch of their V2 that is very soon as audits are done. And there are a lot of other bullish development in the pipeline. $FLUID 🌊

[lito @litocoen]

My essay on why $FLUID is going to $150 by August 2026.

Flows
Pantera which led their seed round in 2019 is finally down to like $300k in tokens after selling > $30m over past year. Was painful (and ruthless) but that's a lot of selling pressure removed now.

DEX V2 Launch
No one had Fluid on their radar when they launched DEX V1 but regardless they became the #2 DEX on Ethereum in a matter of weeks on some days even dethroning Uniswap. DEX V2 is a 10x improvement over V1 and is a week away of launching. It's been delayed again and again in order to do more audits - annoying in the moment but very glad it got audited like 5 times now. I can't think of a single reason why Fluid won't become the #1 DEX across the EVM given you can do exactly what you can do on competitors DEX's but with two key advantages:

1) your assets earn lending rates while being in the LP (so trading fees + lending rates)

2) you can borrow against your LP if you wish

This is a winning proposition every day of the week

BD & Expansion
The Fluid team has been incredible at finding inventive ways to expand despite being less well resourced than the incumbents like Aave & Morpho. Jupiter Lend its collab with Jupiter is on its way to become the #1 lending protocol on Solana with $1.2b in TVL (DEX isn't even deployed on Solana yet). A few months ago it has struck a similar deal with Venus on BNB. Venus Flux is now at 280m TVL and will soon become the #1 lending protocol on BNB. They work relentlessly to grow Fluid - I have rarely seen a team with as much grit as the Fluid team.

Future Product Roadmap
Alongside DEX v2 Fluid will launch a 'Lite USD' vault. Similar in nature to its ETH Lite vault which has been running for years with a best in class track record and 75,000 ETH in TVL the USD vault will run leveraged strategies across all the Fluid deployments in a way that only the Fluid team can deliver. Many people are attracted by yields on Fluid but find it either too complex or don't want to actively manage. The vault will also smoothen out rates across chains.

Moreover, they have hinted at new protocols being in progress, built on the same liquidity layer aimed at onboarding RWA's and launching an insurance protocol to enable looping.

It's been a crazy journey. I've called this token when it was at $1, it went to $9 and 2 years later i've almost round tripped it despite the team having made progress i could only have dreamt of - markets have been rough. But the time is ripe now, I have finally gotten to my target allocation and I'm ready for this baby to rip.

[DMH 🦇🔊🌊 @DeFi_Made_Here]

I've moved on from my role with Fluid... and I step into the director role at Fluid Foundation.

Upon governance approval, Fluid will become a fully DAO-owned protocol. However, a DAO cannot have employees, nor can it directly meet AML, KYC, banking, and regulatory requirements when interacting with off-chain counterparties without compromising the decentralized governance that token holders have today. This is why we are proposing the establishment of the Fluid Foundation.

The Foundation will act as a recognized legal entity serving the protocol. It will not have traditional owners; instead, it will operate through custodians and directors responsible for administering it in line with its defined purpose.

The Foundation’s constitution and intent are to serve the protocol and ensure Fluid’s long-term sustainability. Its funding and mandates will come exclusively from DAO grants, and token holders will retain full oversight over objectives, budgets, and major decisions - just as they do today.

Alongside the Foundation, the Fluid team is committing all intellectual property, including frontend domains, smart contracts, and related assets, to the Foundation. Rather than remaining with the team or early contributors, for the first time, token holders will get real, enforceable control over Fluid’s IP.

We are also proposing a $250k monthly operational budget, distributed as a DAO grant to the Foundation. This will cover growth, engineering, risk, security, finance, marketing, and operational functions required to maintain and scale the protocol.

I also want to share what we have been working on in recent months and what we aim to achieve this year.

DEX v2 private audits are now completed, and the @sherlockdefi contest will conclude around March 10th. We plan to launch v2 immediately afterward. As I have mentioned before, we believe v2 has the potential to become the largest DEX in DeFi by volume across all chains this year.

We are actively working with multiple institutions, both those already operating in DeFi and those preparing to come on-chain. They are not satisfied with the current DeFi offerings (name me 1 big name institution market that grew to a considerable size), as simply depositing into a vault or relying on a curator operating within a limited system is not good enough for them. Institutional onboarding is a lengthy process, involving extensive compliance and legal coordination that can take six months or longer, but we are now close to onboarding our first partners.

This year, our goal is to achieve more than we have in the past two years combined: more protocols, more integrations, and more supported assets. The first protocol we plan to launch is the Lite USD vault, expected as soon as this week.

On February 26th, we are launching Venus Flux on @BNBCHAIN in partnership with our dear partner @venusprotocol. We believe our deployment on BNB Chain will become one of Fluid’s largest and most important markets.

Following the DEX v2 launch, we also plan to introduce an insurance protocol designed to provide additional protection for lenders. More details will be shared soon.

Our deployment on Solana @jup_lend is growing extremely fast! We are launching many more products on Juplend and aiming to make it the biggest protocol on Solana this year.

We are also working on a lot of off-chain initiatives (on top of our conversations with institutions I already mentioned). Can not share yet, as all of them a) take a lot of time until rolled out b) are yet to be finalized, but the internal goal for this year is $50b TVL, and we are doing our best to reach that.

Stay Fluid 🌊

[Mardeni @Mardeni01]

ETH dropped to $1.74k and this user got wiped out for $3.37M, liquidated at 82.4% LT + a $150,000 penalty/fee.

On @0xfluid, that position would still be alive. Fluid has the highest LTs in DeFi with ETH/USDT at 92%.

And if the same amount got liquidated on Fluid, the penalty would be ~$33.7k, 4.5x cheaper.

Stop getting rekt, migrate to Fluid 👉 https://t.co/3UlI2zp07R