Back in August, I said that @0xfluid is priced more like a niche or "forgotten" protocol. But now, monthly active users are going parabolic, $FLUID buybacks are in full swing, and V2 is coming. 🧵

II. @0xfluid is the culmination of years of hard work by the @Instadapp team. Their journey began in 2018, even before the term "DeFi" was coined. Since then, they've built a protocol that has attracted $4.3B in TVL, making it the 16th largest protocol in DeFi.

III. "It's not impressive." They've used almost no incentives to grow their TVL. All the activity is generated by having a sticky product with an incredible mechanism design and PMF.

IV. At its core, @0xfluid operates on a unified liquidity model. "What does this mean?" Instead of isolating lending, vaults, and trading into separate silos, @0xfluid connects them through a single Liquidity Layer.

VI. One of the upcoming enhancements is Fluid V2, which expands @0xfluid's design space by introducing new Range Order types. These allow users to make both sides of a lending transaction productive, enabling collateral and debt positions to contribute to liquidity and earn fees.

VII. - Smart Collateral Range Orders allow users to deposit collateral within a specified price range, similar to @Uniswap V3. In addition to earning trading fees, the liquidity earns a lending APR and remains valid as collateral. - Smart Debt Range Orders extend this idea to borrowing. Users can create range orders with borrowed assets, earning a trading APR while maintaining a debt position.