Fluid Buyback Proposal: Strategic Analysis

We recently released a flashnote on Fluid where we provided a forward-looking valuation based on various scenarios.

In our bear, base, and bull case, we see Fluid generating between $40.2M and $61.5M in annualized revenue. Using Model 1, buybacks would range from $13.3M to $30M. This assumes the FDV is somewhere between $1.0B and $1.5B. With Model 2, buybacks are independent of FDV: depending on the market conditions, they could range from $16M to $36M. Finally, with a hybrid model buybacks would likely range somewhere between $15M and $30M.

Below we provide a sensitivity table on the buybacks relative to the total supply of the FLUID token.

As one can see, the buybacks could range anywhere from 0.67% to 6.0% of the total supply depending on the FDV. Realistically, buybacks would range somewhere between 2.0% and 3.0% of the total supply, annualized. To provide context, as of August 17th, 2025, Hyperliquid’s buyback strategy has reduced the tokens circulating supply by around 4%, annualized. When comparing Fluid to market-leading DEXs such as Uniswap and Raydium, it looks attractive on a P/S basis.