Why Taiwan fund company AppWorks invested in DeFi lending protocol Fluid.

AppWorks says it invested in Fluid for its team and its solution to DeFi's capital fragmentation, letting the same collateral secure loans and provide trading liquidity simultaneously. Fluid reported roughly 0.43% revenue per dollar of TVL in 26Q1, which AppWorks calls the highest among lending protocols. Founder Samyak Jain previously built Instadapp, which peaked around $12B TVL; after near-catastrophe during the 2022 LUNA collapse, he spent 18 months rebuilding lending from scratch. Fluid survived an ~$80M exploit in March 2026 and a April bank run, and grows via partnerships with Jupiter Lend and Venus Flux.

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