Instadapp CEO Sowmay Jain says Fluid, a DeFi protocol created by his company, is a worthy competitor for Uniswap. In a recent post, Jain highlighted Fluid’s achievements, calling it the fastest-growing DEX in DeFi.
Fluid has been swinging between #3 and #6 in DEX volume rankings on Ethereum over the past few weeks… with just 3 pools and barely 3 weeks since launch.
Fastest-growing DEX out there—100% organic, no rewards, no incentives. The community is absolutely electric—saw Aave folks…
— Sowmay Jain — e/acc (@sowmay_jain) November 18, 2024
Jain says that Fluid has ranked between the third and sixth DEX by volume on Ethereum over the past few weeks. He noted that Fluid achieved this with only three pools, after only three weeks on mainnet.
Jain emphasized that Fluid’s achievements come from 100% organic users who do not receive any extra rewards. He cited significant growth in INST purchases, including from users on other blockchains.
Fluid’s Rapid Growth
In the meantime, according to Jain, INST’s Fully Diluted Value (FDV) surged from $100 million to $350 million in three weeks. Despite this achievement, the crypto stakeholder believes the solution is undervalued, citing other projects whose volumes are similar to Fluid’s.
Nonetheless, he predicts more achievements for Fluid, considering the various solutions the DEX is yet to launch, including volatile crypto pairs that he expects to boost the platform’s trading volume. Jain believes launching the volatile pairs would catapult Fluid higher up in the DEX rankings and behind Uniswap on the volume charts.
Data from Messari, a crypto market intelligence platform, shows that Uniswap’s daily trading volume at the time of writing was $1.69 billion, higher than several top DEX’s, including those outside the Ethereum network. Therefore, Instadapp’s Fluid has its work cut out if it wants to compete with Uniswap for the top DEX position.
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