Fluid Review
Four audit firms, almost nothing else published
of 10
Fluid publishes a solid audit record from four named firms, but almost nothing else a borrower needs: fee values, collateral factors, liquidation penalties and governance are all left as contract fields with no documented values.
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Licence
BUSL-1.1, change date 19 Dec 2027; grant is education-only, production use prohibited
Fee fields
borrowFee exists; value not stated
Collateral fields
collateralFactor, liquidationThreshold, liquidationPenalty; values not stated
Governance
Not stated
Auditors
PeckShield, StateMind, MixBytes, Cantina
Scores
Each criterion carries equal weight. The overall score is the average of these 5 scores — (3.0 + 3.0 + 4.0 + 2.0 + 9.0) ÷ 5 = 4.2.
Pros
- Four auditing firms named across multiple reports: PeckShield, StateMind, MixBytes and Cantina
- Vault configuration structure is public, so the parameters that exist can be identified
- Contracts published openly for inspection
Cons
- Business Source License 1.1 whose grant permits educational use only and expressly prohibits production use
- Borrow fee, collateral factor, liquidation threshold and liquidation penalty exist as fields with no published values
- Governance and upgrade authority are not stated anywhere we could read
- No timelock is documented
The structure is public, the numbers are not
Fluid's vault resolver publishes the shape of its configuration — borrowFee, collateralFactor, liquidationThreshold, liquidationMaxLimit, withdrawalGap, liquidationPenalty. What none of the documentation does is state what any of them are set to. A reader can learn which levers exist without learning where any of them sit.
An unusually restrictive grant
The licence permits use for educational purposes only and expressly prohibits production use, including offering the work to third parties in a hosted or embedded manner, particularly in competition with Instadapp Labs. Even among the BUSL licences in this category, that is a narrow grant.
Where it does well
The audit record is genuine: PeckShield, StateMind on two reports, MixBytes on three covering vault, DEX and liquidity, and Cantina on the DEX. That is the one criterion where Fluid scores near the top.
How it compares
Compound
Timelock-controlled, with a lapsed licence date
Radiant Capital
72-hour timelock, no licence at all
Spark
Publishes the close factor that most protocols hide
Silo Finance
Liquidation fee fixed at deployment, forever
Aave
49 audit reports and a stated governance delay
Euler
Governance limits enforced permanently in code
Kamino
Publishes what it charges, per market
Venus Protocol
The most precisely documented governance delays
Morpho
GPL-licensed with published liquidation curve
Sources
Scored from published primary sources rather than hands-on use. Every figure above comes from one of the pages below, on the date shown. Manufacturers change prices and specifications without notice — if something here no longer matches the source, tell us and we will correct it.
- 1.Fluid — vault configuration structures — checked
- 2.Fluid — LICENSE — checked
- 3.Fluid — audits and security — checked
Frequently asked questions
What does Fluid charge?
A borrowFee field exists in the vault configuration, but no value is published in the documentation we could read on 24 July 2026.
Who governs Fluid?
Not stated. Neither the contracts overview nor the audits page describes who can change parameters or whether a timelock applies.
Nothing here is financial advice. Editorial policy · How we score · How we're funded.