Instadapp

Instadapp was founded in 2019 by brothers Sowmay and Samyak Jain, aggregating positions across DeFi protocols into one smart-account dashboard, backed early by Coinbase Ventures, Pantera and Standard Crypto.

It issued the INST governance token in 2021, launched Fluid in 2024 to merge lending, a DEX and vaults into one liquidity layer, and migrated the token to FLUID that December.

Fluid's pitch is that the same deposit earns lending interest and swap fees at once; in 2025 it entered Solana through Jupiter, whose Jupiter Lend quickly became its largest deployment.

In May 2026 third-party events around Resolv produced about $21 million of bad debt, and June brought a $215,000 key-compromise exploit; contracts held and users lost nothing, but buybacks paused.

Q2 average TVL was $3.4 billion, down 21% on the quarter, with $1.8 million of protocol revenue, down 29%; FLUID near $1.04 is 80% below its yearly high as the team pivots to institutions and Sui.

In the second quarter of 2026 Instadapp's Fluid averaged $3.4 billion of TVL, down 21.1% quarter on quarter but still up 84.9% year on year, with $1.5 billion of active loans, $18.1 billion of volume, $9.5 million of fees, $1.8 million of protocol revenue and 70,700 monthly active users. Jupiter Lend, the Solana lending protocol built with Jupiter, averaged about $1.7 billion and grew over the quarter, making it the largest deployment at nearly half the total.

Instadapp saw outflows early in the quarter followed third-party events including Resolv, but Fluid's contracts were not attacked, bad debt was covered by the treasury and users lost nothing. Bitwise began managing a USDe market on Jupiter Lend, Liquidity-as-a-Service deployed about $100 million of sUSDai facilities, and real-world assets such as Huma PST were integrated. On June 1 a rewards distribution contract on Ethereum lost about $215,000 after two operational keys were compromised, involving 112,883 FLUID and 47,903 GHO, while lending markets, the treasury and the exchange were unaffected.

Instadapp plans three launches for Q3: AGI3, a permissioned Fluid instance built with Kinetic, a regulated asset manager in the UAE, to bring regulated institutional capital on-chain; a Solana deployment of Fluid DEX issued and distributed through Jupiter; and expansion to Sui, with the goal of becoming that network's institutional-grade DeFi protocol and delivering its first institutional credit market. Liquidity-as-a-Service has closed more than $100 million in commitments and can supply up to $500 million of DEX liquidity per facility. The next phase targets net-new capital from institutions and asset issuers, alongside a full rebrand.

Samyak Jain is co-founder and chief executive. He dropped out of a computer science programme, and after winning the ETHIndia hackathon with his brother in 2018 he founded Instadapp and led the design of DSA smart accounts.

Sowmay Jain is a co-founder who has left. He dropped out of a finance programme, started as a Quora finance writer and self-taught derivatives trader, co-founded Instadapp in 2018 and later founded Bhindi AI.

Igor Lymar is chief technology officer, starting his career in blockchain and Solidity engineering. He owns the Fluid lending, vault and DEX module contracts and drives multi-chain deployment.

Thrilok Kumar is chief product officer. He started out in DeFi interface design and community operations and has carried the overall solution architecture from the DSA era through Fluid and Fluid Lite.

DMH (@DeFi_Made_Here) is chief operating officer, operating under a pseudonym in governance. His career began in DeFi research and business development and in December 2025 he submitted the security budget proposal.