Fluid Lending (Plasma)
Takes as collateral: ether
A deployment of Fluid Lending that takes ether only, beside the 4 that take bitcoin: Arbitrum, Base, Ethereum, Polygon
Credit secured by ether is never added to credit secured by bitcoin. An account holding both is shown as a bound in each view and added to neither.
10 of 10 criteria researched. What the criteria are →
Markets — as served, not a venue rate
One row per market, as the venue publishes them. These are market rates: combining them into a single venue rate is a weighting across this venue's markets, and choosing one here would be a methodology decision taken in a web page.
No BTC market rows are served for this venue. It runs contracts, so the absence is this dataset’s, not the venue’s.
Price
What does credit cost here, and how is the price formed?
| Rate formation | algorithmic_utilisationsourceFluid Liquidity 0x52Aa899454998Be5b000Ad077a46Bbe360F4e497 on Plasma (chain 9745) — one rate per token, a function of that token's utilisation across EVERY vault and protocol drawing on the layer (not the single vault's): algorithmic_utilisation. The rate curve itself was not read. |
|---|---|
| Term structure | open_endedsourceFluid vaults on Plasma (chain 9745) — a position is an NFT with collateral and debt; operate() carries no maturity and the position persists until repaid or liquidated. |
| Rate certainty | variablesourceFluid Liquidity 0x52Aa899454998Be5b000Ad077a46Bbe360F4e497 on Plasma (chain 9745) — a vault's borrow rate is the Liquidity layer's rate for the borrowed token, recomputed from that token's utilisation, times the vault's rate magnifier; nothing is fixed at origination. |
Quality
What stands behind a position, and what can change under the reader?
| Oracle dependency | singlesourceFluid VaultFactory 0x324c5Dc1fC42c7a4D43d92df1eBA58a54d13Bf2d on Plasma (chain 9745) — each vault names ONE oracle contract for its collateral against its debt (read per vault from Fluid's API, 2026-09-30). A vault takes one collateral and lends one asset, so a position depends on its own vault's oracle and no other. What each oracle contract aggregates was not read. |
|---|---|
| Default & liquidation | thresholdsourceFluid vaults on Plasma (chain 9745) — three per-vault ratios: the collateral factor (the most that can be borrowed), the liquidation threshold (a position above it can be liquidated, at the vault's liquidation penalty) and the liquidation max limit (a position above it is absorbed by the vault rather than liquidated on the market). Read per vault from Fluid's API, 2026-09-30; the values for each bitcoin vault are in the collateral cell. |
| Custody & backing | protocol_custodialsourceFluid Liquidity 0x52Aa899454998Be5b000Ad077a46Bbe360F4e497 on Plasma (chain 9745) — every vault's constantsView() names this one contract, which holds the tokens of all 42 vaults on the chain; a depositor holds a position NFT, not the asset. |
| Recourse | non_recoursesourceFluid vaults on Plasma (chain 9745) — liability is bounded by the position's collateral. A position past the liquidation max limit is absorbed by the vault (its collateral and debt taken onto the vault's own account); no function pursues the borrower. |
| Track record | 3 months observedsourceDerived from the first aggregator observation this dataset holds for the venue (defi_rates_llama, 2026-05-31; the registry holds no first_date for it). This is a LOWER BOUND on the venue's age, not the age itself: a venue trading long before the aggregator began listing it reads short here. The observer is the aggregator, not the venue's own contracts. Not typed, and not a claim about the venue's longevity. |
Composition
Who and what makes up this market?
| Collateral accepted | BTC vaults (0): nonesourceFluid VaultFactory 0x324c5Dc1fC42c7a4D43d92df1eBA58a54d13Bf2d on Plasma (chain 9745) (registry/resolution/2026-09/fluid.json; roots: Instadapp fluid-contracts-public deployments.md). The vault factory reports 42 vaults; Fluid's API lists 32, 0 with a bitcoin-symbol supply token, read 2026-09-30. No single-collateral bitcoin vault carries $1,000 or more of debt. ⚠ BOUND: a vault Fluid's API does not list is not found. |
|---|---|
| Book depth & concentration | unknown (no per-venue counterparty count exists in this registry or in the comparison payload, so depth and concentration cannot be established. This is a gap in THIS DATASET, not in the venue, and is a different value from `undisclosed`, which would mean the venue does not publish it.) |
| Observability | price: partial — Observed through the aggregator (DefiLlama). The aggregator's rows are each pool's published borrow and supply rates as it reports them — not a read of the venue's own contracts, and not checked against one. As of 2026-10-01. quantity: partial — Observed through the aggregator (DefiLlama): its supplied and borrowed amounts per pool. The venue holds no bitcoin, so it is in no figure. As of 2026-10-01. composition: none — Not obtainable from an aggregator — composition is loan-level and requires event ingestion, which is not planned for this venue. |
What the loans are denominated in
Not yet established for this venue — which is not the same as dollars.
Backing chain
Each link from what this venue takes as collateral down to the bitcoin it rests on, in order, with how each link was established.
How a chain is read, and what it does not claim
backing_chain: the ordered claims standing between a creditor and the coins, each link derived from a sourced fact already held and carrying it in `derived_from` — the custody cell, the venue's borrow card, or wrapper_registry.yaml for who holds the bitcoin behind a token. A `representation` link has one branch per token the venue takes; branches are alternatives, not a sequence. A link nobody has established is shown with status `incomplete` and names what is missing — it is never dropped, because a missing link omitted makes a long chain look short. `undisclosed` means the party does not publish it; `incomplete` means this dataset has not established it. NEVER SCORED AND NEVER COUNTED: no length, link count or ranking is published, and none should be derived — chain length and link transparency are orthogonal (ETP-backed margin is the longest chain here and every link of it is regulated). `recourse` is what the creditor holds beyond the chain. ⚠ Tokens are identified BY SYMBOL: the wrapper registry is not keyed by chain or address, so every `representation` link carries a `deployment` step that is incomplete — whether a token is native to the chain of the venue or a bridge receipt (one more link) is not established — and a symbol the registry knows to name a different token on a venue is shown unresolved, not given that wrapper's holders.
- contract_escrow established — the protocol contract — the collateral is escrowed and neither the operator nor the borrower can move it
source
attribute · custody_model = protocol_custodialFluid Liquidity 0x52Aa899454998Be5b000Ad077a46Bbe360F4e497 on Plasma (chain 9745) — every vault's constantsView() names this one contract, which holds the tokens of all 42 vaults on the chain; a depositor holds a position NFT, not the asset. - representation incompleteno curated BTC representation is held for this venue (markets / metadata / collateral_asset)
source
The generic axis set
Identical for every venue, identically computed. An axis that cannot be computed here renders its reason — never silently omitted, because an omitted axis says it was not considered. A figure that covers only part of what the axis asks is marked, with what it leaves out beneath it. Collateral, debt and the borrow and lend rates are the tiles at the top of this page.
| Utilisation (venue roll-up) | unknown (this venue has no market rows in the rates payload yet) |
|---|---|
| Intermediation margin | unknown (this venue has no market rows in the rates payload yet) |
| Trailing realised average (7/30/90d) | unknown (no per-venue time series is held, so a trailing figure would be a single reading dressed as an average) |
| Rate volatility (30/90d) | unknown (no per-venue time series is held, so a trailing figure would be a single reading dressed as an average) |
| Spread to the pair aggregate | unknown (this venue has no market rows in the rates payload yet) |
| Spread to matched Treasuries | unknown (this venue has no market rows in the rates payload yet) |
| Origination flow | unknown (needs loan-level history, which is held for Morpho Blue only) |
| Repayment flow | unknown (needs loan-level history, which is held for Morpho Blue only) |
| Aggregate and distributional LTV | unknown (needs loan-level history, which is held for Morpho Blue only) |
| Residence distribution | unknown (needs loan-level history, which is held for Morpho Blue only) |
| Liquidation incidence | unknown (needs loan-level history, which is held for Morpho Blue only) |
| Top-10 concentration share | unknown (needs loan-level history, which is held for Morpho Blue only) |
There is no score on this page and none will be added. The criteria are published and versioned before any venue is measured against them, and this venue's row is produced by the same pipeline as every other.
Access routes
Unknown (not surveyed yet). No one has looked for an MCP server for this venue. That is not the same as having looked and found none, and this row will not say the second while meaning the first. The listing criteria are published.
Ask for this by machine
| REST | GET https://api.bitcoincreditstack.com/v1/market/venues/fluid_lending_plasma |
|---|---|
| MCP | get_venue({ venue_id: "fluid_lending_plasma", collateral: "eth" }) |
The same figures, the same names and dates. Connect your AI →
How this venue compares depends on what you'd borrow, for how long, against what. That's a question for your AI, with this data behind it.
https://mcp.bitcoincreditstack.com/mcp