Better keep an eye on what's happening with $FLUID if you’re into proper DeFi plays. There’s been clear institutional accumulation. @nansen_ai just alerted me that Apollo Capital bought $514k worth of $FLUID and now holds $1.16M, about 0.18% of supply. Apollo also holds $PENDLE, $AAVE, $EUL and $SPK. I also see that @luggisdoteth has been adding to his position and now holds almost $10M worth in $FLUID tokens. Top PnL wallets recently scooped up $113k, spread across 18 addresses. These profitable wallets are holding or adding, not selling. Performance wise, @0xfluid's DEX is right now leading Ethereum in stable swap volumes, as noted by @NaveenCypto. The team has a 50/50 revenue split partnership with @JupiterExchange for Solana expansion, and Jupiter Lend is already in private beta, powered by Fluid’s architecture. This will be their first major non-EVM deployment into Solana’s DeFi ecosystem (I can't name another project with similar size and potential). The $10M annual revenue milestone is also approaching. Once reached, it triggers an algorithmic buyback where up to 100% of revenue can be used for token buybacks when price is low. The team is on pace to hit it soon. The MC/FDV gap exists because the treasury holds around 30% of supply. But do keep in mind that the $FLUID token is fully vested, making the real FDV around $440M. And if the buybacks start, this can have a very juicy effect on the supply. For those unfamiliar, Fluid combines lending, borrowing, trading, yield generation, automated execution, and its own oracle network. They aim to make DeFi cheaper, faster, and less risky by keeping everything in one place. Seems to me that institutions are positioning heavily ahead of these catalysts.