Fluid opens DEX v2 beta with custom ranges and $50K borrow caps
Fluid has opened DEX v2 in a limited Ethereum beta, adding custom price ranges for Smart Collateral and Smart Debt under $50,000 per-asset borrowing caps.
DEFIETHEREUMNEWS
Sofia Marchetti
10/29/20261 min read
DeFi protocol Fluid opened version 2 of its decentralized exchange to users in a limited beta on Oct. 29, letting liquidity providers and borrowers set their own price ranges for positions that combine lending with trading, The Defiant reported.
The beta runs under tight limits. Governance proposal IGP-141, executed on Oct. 27, set a base withdrawal limit and a maximum borrowing limit of $50,000 each for ETH, USDC, USDT and WBTC. The caps apply to each new DEX v2 and money market contract on Ethereum and restrict how much those contracts can draw from Fluid's shared Liquidity Layer; they are not per-wallet allowances. Only three collateral pairs are available, USDC/ETH, USDC/USDT and WBTC/USDC, and new pool creation is switched off.
From one range to many
The existing Fluid DEX uses a single, automatically rebalancing range. Its Smart Collateral earns lending interest and trading fees while backing a loan, and Smart Debt earns trading fees that offset borrowing costs. Version 2 lets users choose ranges on both sides: providers can concentrate Smart Collateral within a price band while it still earns interest and secures a loan, and borrowers can place range orders with borrowed assets through Smart Debt.
The upgrade also adds hooks for custom logic and automation, built-in dynamic fees or custom fee algorithms, and onchain limit orders that keep earning lending interest until they fill. All of it runs through one shared contract on top of the Liquidity Layer. Fluid described the beta as open to try with tight limits and said it is verifying the full setup ahead of a public launch in the coming weeks, while integrating DEX v2 swaps.
Fluid's DEX handled about $3.84 billion in trading volume over the 30 days to Oct. 29, according to DefiLlama data, a figure that predates the new beta. The protocol also supplies the infrastructure behind Jupiter Lend on Solana, whose Smart Vaults use the same collateral and debt design.
Source: The Defiant, DefiLlama