This report is written by Tiger Research. Each chain has its own Lego bricks. What Fluent wants to explore is what will happen when all bricks can be assembled on the same baseplate.
Core Points
- The arms race is nearing its end; cross-VM composability will be the next main battlefield.
- Fluent's hybrid execution technology integrates EVM, SVM, and Wasm on the same chain, completely eliminating the need for cross-chain bridges.
- A good chain may not necessarily retain good applications. Fluent is building its own reputation layer, Prints, to prove its value.
1. The Performance War Ends, the Next Contest Begins
The competition in blockchain infrastructure started with performance—faster, cheaper, higher throughput. Today, this race is largely over. Dozens of public chains already exist, and except for extreme financial scenarios, performance is no longer a bottleneck.
Looking back, the true leap-forward breakthroughs in blockchain have never come from performance but from composability. The DeFi Summer of 2020 is the most powerful proof: lending protocols and exchange functions叠加 on each other, with liquidity mining built layer by layer on top. The modular, Lego-like拼接 was the biggest secret of that summer.
However, this composability has an invisible wall—it only works within the same virtual machine. Ethereum's bricks cannot be embedded into Solana, and Solana's bricks cannot be inserted into Ethereum. This barrier between virtual machines is the shackle that Fluent aimed to break from the very beginning.
2. The Lego Baseplate in Fluent's Vision
Fluent is a project dedicated to消除 virtual machine boundaries. Its core solution is called "hybrid execution"—enabling applications from different virtual machines to run together on the same chain.
Using Legos as an analogy: Ethereum's bricks are square, Solana's bricks are round. Both have their merits, but their specifications are inherently incompatible. Even if you want to connect Ethereum's lending application with Solana's trading application, they can only stay in their own boxes, unable to拼接.
Fluent is that unified baseplate. As an Ethereum L2, it inherits Ethereum's security foundation while starting anew at the execution layer. Architecturally, Fluent is similar to Ethereum L2s like Arbitrum and Base, until the execution phase where the real difference emerges.
There is only one difference: inside Fluent, contracts written for EVM, SVM, and Wasm coexist on the same chain, sharing the same state. Wasm (WebAssembly) was originally designed to run high-performance programs in browsers, capable of converting code written in various languages like Rust, C++, and TypeScript into a unified, universal format.
Fluent uses Wasm as a medium to compile all contracts into a common format called rWasm (reduced Wasm). Regardless of whether the bricks are square or round, they are all converted to the same specification, allowing free assembly on the same baseplate. This means Solidity contracts can directly call functions of Rust contracts—no cross-chain bridges, no message relays, all within a single transaction. Fluent calls this "hybrid execution."
Currently, hybrid execution between EVM and Wasm is already running on the testnet; SVM support has completed functional development and is in the performance optimization phase.
3. Speaking with Prints
A question arises: if you build a good chain, will it automatically attract quality applications?
The answer: No.
Hyperliquid is a vivid example. The team's self-built perpetual contract DEX is among the most dazzling success stories in crypto. The Web3 market was like night and day before and after Hyperliquid's emergence. Previously, teams relied on subsidy programs, recruiting external developers everywhere to build flagship applications; afterwards, a new paradigm quietly took shape: build it yourself, and let the results speak for themselves.
Following this trend, Fluent is building a product called Prints. Prints is a "reputation aggregator" that gathers scattered credit data from across the internet, identifying who are real users and who is trustworthy. In short, it is a reputation integration platform for the information finance era, consolidating ratings from multiple platforms into one place for a clear overview.
Currently, Prints has integrated Ethos Trust Score, Kaito Smart Follower data, and Talent Protocol developer ratings. A single indicator is easily manipulated, but forging data across multiple dimensions simultaneously is exponentially more difficult.
For users, Prints is a Web3 reputation resume—on one page, proving their credibility in various fields to the world. For developers, it is a reputation tool that can be directly embedded into applications.
On top of Prints, Fluent has also built Fluent Connect: developers can call Prints' reputation data to filter users matching specific profiles and定向发放 early access or token benefits through the "Perks" function. Essentially, it is a精准匹配 platform connecting developers with real users.
Third-party adoption is already emerging. Vena Finance announced it will introduce a reputation-based interest rate mechanism using Prints data, offering more favorable lending terms to high-credit users. Since its launch, the service has attracted about 40,000 registered users, and the developer API is under active development.
Of course, Prints currently relies heavily on external services and lacks its own reputation signals. To弥补 this shortcoming, Fluent has established an internal feedback scoring system and plans to gradually incorporate more dimensions of data, such as prediction market performance, yield strategy history, and AI Agent reputation.
4. Ecosystem Landscape
Prints is still growing and needs time to mature into a complete reputation system. Fluent is not waiting idly but is advancing in parallel—building its ecosystem by incubating external developers. This mission is carried out by Fluent's own accelerator program: Blended Builders Club (BBC).
The first five selected teams are:
- Pump Pals: A social trading platform making community-driven collaborative trading a reality.
- Sprout: An automated yield optimization platform that intelligently matches investment strategies to user risk preferences.
- Buzzing: A prediction market platform where users can create markets and place bets freely.
- Yumi Finance: On-chain credit infrastructure embedding credit scores into crypto cards, supporting buy-now-pay-later.
- Blend Money: An on-chain savings platform where users deposit in local currency, and the system automatically executes yield strategies and currency hedging.
Among them, PumpPals, Sprout, and Buzzing have completed user testing on the testnet. It is worth noting that Fluent has a different定位 for its testnet. On most chains, testnets are merely breeding grounds for airdrop farming: users mechanically repeat meaningless operations, and teams misinterpret inflated data as real demand.
Fluent redefines the testnet as a "feedback collection field": users' real opinions go directly to development teams, driving product iteration; users providing high-quality feedback accumulate reputation value in Prints and get priority access to subsequent benefits. Applications are not launched all at once but take turns every few weeks, ensuring each team receives sufficient and focused feedback.
Beyond BBC, more forces are emerging in the ecosystem. Nerona is an on-chain asset management platform integrating mobile apps, crypto cards, stablecoin yields, and lending functions. Previously, these functions were scattered, and funds were often idle; Nerona整合 them, keeping funds constantly working. Combined with Prints' reputation data, the platform can provide differentiated interest rates and service terms based on user credit profiles—similar to Vena Finance's reputation-based interest mechanism.
5. The Blueprint Fluent is Drawing
Fluent is advancing three things simultaneously.
First, the chain itself. Hybrid execution gives EVM, SVM, and Wasm applications the ability to combine freely on the same chain. The technical direction is clear, and EVM-Wasm hybrid execution is already running stably on the testnet. However, SVM integration is still in the optimization phase, and whether the three virtual machines can cooperate seamlessly in the mainnet environment remains to be verified.
Second, Prints. The design philosophy of aggregating multi-dimensional reputation signals and cross-verifying is convincing—a single indicator can be faked, but forging multiple dimensions simultaneously is much harder. However, the currently integrated signal dimensions are still limited and mostly rely on external services. Whether Prints can develop its own reputation signals and form an internal verification闭环 needs time to tell.
Third, the ecosystem. BBC is nurturing developers, and projects like Vena Finance and Nerona are experimenting with linking reputation to financial terms. But most projects are still in early stages, some even conceptual. How each achieves real user growth仍需继续观察.
Fluent is still early, but from the start, it has designed the chain, product, and ecosystem as an integrated structure, which itself outlines the雏形 of the final form. Early execution has shown initial results: hybrid execution is running on the testnet, and services based on Prints have begun to land.
In the last cycle, dozens of L2s emerged one after another, but most only relied on performance numbers for show, ultimately becoming deserted chains. Whether Fluent can escape this fate will be honestly answered by the real user numbers and on-chain activity after the mainnet launch.
