The beta interface lists $USDC/$ETH, $USDC/$USDT and WBTC/$USDC collateral pairs. New pool creation remains disabled, and the team says it is integrating DEX v2 swaps before the broader public launch.
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Custom Ranges for Collateral and Debt
Fluid’s existing DEX already lets users put collateral and debt to work as trading liquidity. Its v1 design uses a single auto-rebalancing range: Smart Collateral can earn lending interest and trading fees while backing a loan, while Smart Debt earns trading fees to offset borrowing costs.
The v2 design adds individually chosen ranges to both sides. Liquidity providers can concentrate a Smart Collateral position within a selected price band while continuing to earn lending interest and use it as collateral. Borrowers can create range orders using borrowed assets through Smart Debt.
Fluid also lists hooks—custom logic and automation for DEX interactions—alongside built-in dynamic fees or custom fee algorithms. Its onchain limit orders are designed to earn lending interest while waiting to be filled. The engine runs through a single shared contract atop Fluid’s Liquidity Layer.
The rollout builds on an exchange that recorded about $3.84 billion in trading volume over the preceding 30 days, according to DefiLlama data retrieved Oct. 29. That figure covers Fluid DEX overall, not the new beta.
Fluid also supplies the infrastructure behind Jupiter Lend on Solana. Its August update described Jupiter’s Smart Vaults as using the same Smart Collateral and Smart Debt architecture. The relationship has since extended to USDGO trading liquidity through Jupiter Lend and Fluid, as The Defiant previously reported.
For DEX v2, Fluid’s beta page says the team is verifying the full setup ahead of a public launch “in the coming weeks.”
