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first_img Fluid Q2 TVL dropped to 3.4 billion USD, with revenue decreasing by 29% quarter-on-quarter

According to a report by Token Terminal, the DeFi protocol Fluid, developed by the Instadapp team, released data for the second quarter of 2026. The average TVL for the quarter was $3.4 billion, a decrease of 21.1% quarter-on-quarter, but an increase of 84.9% year-on-year; active loans were $1.5 billion, down 15.1% quarter-on-quarter, but up 92.9% year-on-year; trading volume was $18.1 billion, down 37.3% quarter-on-quarter; fees were $9.5 million, down 21.5% quarter-on-quarter; protocol revenue was $1.8 million, down 29.3% quarter-on-quarter, but up 9.8% year-on-year; monthly active users were 70.7 thousand, down 43.8% quarter-on-quarter.The capital structure continues to lean towards Jupiter Lend, which collaborates with Solana, with an average TVL of about $1.7 billion, accounting for nearly half and achieving quarter-on-quarter growth, becoming the largest lending deployment. At the beginning of the quarter, there was an outflow influenced by third-party events such as Resolv, but the Fluid contract was not attacked, and related bad debts were covered by the treasury and others, with no loss of user funds. During this period, Bitwise began managing the USDe market on Jupiter Lend, Liquidity-as-a-Service was launched with approximately $100 million in sUSDai liquidity facilities, and RWA-related assets such as Huma PST were also integrated into Fluid.The team stated that they will continue to promote institutional-level deployments, Jupiter DEX, and Sui expansion, introducing incremental capital and improving revenue efficiency through vertical products and institutional collaborations.

hot_img Upbit and Bithumb's revenue in the first half of the year both dropped by about 50%, as the South Korean cryptocurrency trading market continues to shrink

According to The Block, South Korea's two major cryptocurrency exchanges, Upbit and Bithumb, released their financial reports for the first half of 2026. Affected by the sluggish cryptocurrency market, both exchanges experienced a significant decline in revenue and profit.Upbit's parent company, Dunamu, reported a revenue of 408.1 billion won (approximately 289 million USD) in the first half of the year, a year-on-year decrease of 49.1%; operating profit was 111.5 billion won, a year-on-year decrease of 79.7%; and net profit was 108.4 billion won, a year-on-year decrease of 74.1%. Bithumb reported a revenue of 168.8 billion won in the first half of the year, a year-on-year decrease of 48.7%; operating profit was 14.9 billion won, a year-on-year decrease of 83.4%, and a net loss of 108.7 billion won, compared to a net profit of 55 billion won in the same period last year.During the reporting period, Bitcoin fell from about 90,000 USD to 60,000 USD, and Ethereum dropped from 3,000 USD to about 1,600 USD. The strong rise in the semiconductor sector of the domestic stock market in South Korea attracted a large amount of capital out of the cryptocurrency market. The total trading volume of the five licensed exchanges in the second quarter decreased by 49.5% year-on-year to 146.43 billion USD.Despite the pressure on performance, both exchanges are still advancing capital operations: Dunamu is conducting a share swap with Naver Financial and plans to go public on NASDAQ within five years after completion; Bithumb plans to improve its internal control system in 2026 and submit a pre-listing application in 2027, aiming to complete its IPO in 2028.
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