Fluid

Fluid is Instadapp's protocol, and its distinguishing idea is that collateral does two jobs at once. Assets deposited as lending collateral also provide DEX liquidity, so the same capital earns trading fees while backing a loan instead of sitting idle.

DefiLlama tracks the lending and DEX sides separately, and both appear in the Base rankings. The efficiency has a cost worth understanding: collateral that is also an LP position changes composition as people trade against it, so what backs your loan is not quite what you deposited.