Fluid Wrapped Staked ETH
FWSTETH
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
FWSTETH (Fluid Wrapped Staked ETH) serves as an internal collateral wrapper and receipt token for wstETH within the Fluid DeFi protocol, developed by the established Instadapp team. The protocol demonstrates strong active development (8.0/10) with verified on-chain governance, ongoing upgrades, and an extensive multi-firm audit history from PeckShield, StateMind, MixBytes, and Cantina (7.5/10). Tokenomics are standard for a mint/burn receipt asset without insider allocations or emissions (6.0/10). However, the token exhibits distinct limitations in adoption and market integration: it has roughly 190 holders, narrow community forum participation (4.0/10), and negligible standalone secondary market liquidity compared to primary liquid staking wrappers (4.5/10). No qualifying red-flag events, exploits, or regulatory actions directly targeting FWSTETH or Fluid were identified, resulting in an uncapped weighted score of 6.2/10.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Fluid Wrapped Staked ETH (FWSTETH)
FWSTETH (Fluid Wrapped Staked ETH) is a wrapper and receipt token operating on the Ethereum blockchain, created by the Instadapp team for the Fluid protocol. The token functions as an internal collateral asset within the Fluid ecosystem by wrapping Lido's Wrapped Staked ETH (wstETH). It uses a mint-and-burn mechanism governed by deposits and withdrawals of the underlying asset, with its economic value and yield tied directly to wstETH staking returns.
The Fluid protocol operates with active governance threads and scheduled protocol upgrades. While the underlying protocol infrastructure—including its Liquidity Layer, Vaults, and DEX mechanisms—has undergone audits by firms such as PeckShield, StateMind, MixBytes, and Cantina, independent audit coverage specifically focused on the FWSTETH wrapper contract is not documented in public listings.
FWSTETH exhibits constrained market integration, characterized by near-zero standalone liquidity and a limited user base of approximately 190 holders. Regarding protocol risks, the ecosystem experienced a security incident in May 2026 that was addressed via a published post-mortem. Additionally, the protocol suffered a treasury impact resulting from a counterparty loss following the depeg of Resolv USR.