This report is written by Tiger Research. Every chain has its own Lego blocks. Fluent wants to explore what will happen when all blocks can be assembled on the same base.

Key Points

• The arms race in performance is nearing its end; cross-virtual machine composability will be the next battleground.
• Fluent's hybrid execution technology integrates EVM, SVM, and Wasm on the same chain, completely bidding farewell to 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 Battle for Performance Ends, Another Struggle Begins

The competition for blockchain infrastructure started with performance—faster, cheaper, and higher throughput. Today, this contest has essentially come to a conclusion. There are dozens of public chains on the market, and performance is no longer a bottleneck except in extreme financial scenarios.

Looking back at history, true breakthroughs in blockchain have never come from performance, but from composability. The summer of DeFi in 2020 is the strongest evidence: lending protocols and exchange functionalities stacked upon each other, liquidity mining built tier upon tier. The Lego-style module assembly was the biggest secret of that summer.

However, this composability has an invisible wall—it is only effective within the same virtual machine. Ethereum's blocks cannot fit into Solana, nor can Solana's blocks be plugged into Ethereum. The barriers between these virtual machines are the shackles that Fluent set out to break from the very beginning.

2. The Lego Base in Fluent's Vision

Fluent is a project born to eliminate virtual machine boundaries, with a core solution called "hybrid execution"—allowing applications from different virtual machines to run collaboratively on the same chain.

To use Lego as an analogy: Ethereum's blocks are square, and Solana's blocks are round. Both types of blocks have their advantages, but their specifications are inherently incompatible. Even if you want to connect Ethereum's lending application with Solana's trading application, they can only guard their boxes, unable to connect.

Fluent is that unified specification base. As an Ethereum L2, it inherits Ethereum's security foundation while establishing a separate execution layer. Architecturally, Fluent is similar to Ethereum L2s like Arbitrum and Base, only revealing true differences at the execution stage.

The difference is only one point: internally within 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, allowing code written in various languages like Rust, C++, and TypeScript to be transformed into a unified general format.

Fluent uses Wasm as a medium to compile all contracts into a common format called rWasm (Reduced Version of Wasm). Regardless of whether the blocks are square or round, they are all converted to the same specification, thus enabling free assembly on the same base. This means that Solidity contracts can directly call functions from Rust contracts—no cross-chain bridges, no message relays, all completed within a single transaction. Fluent calls this "hybrid execution."

Currently, hybrid execution between EVM and Wasm is running on the testnet; SVM support has completed functional development and is in the performance optimization stage.

3. Letting Prints Speak

The question arises: can creating a good chain automatically attract high-quality applications?

The answer is: no.

Hyperliquid is a vivid example. The perpetual contract DEX built by the team is among the most dazzling success stories in the crypto sector. The Web3 market has changed dramatically with the emergence of Hyperliquid. Previously, teams relied on subsidy programs to recruit external developers to create flagship applications; thereafter, a new paradigm quietly took shape: building themselves and using results to endorse themselves.

Riding the wave, Fluent is building a product called Prints. Prints is a "reputation aggregator" that consolidates scattered credit data across the internet to identify who are real users and who can be trusted. In short, this is a reputation integration platform for the information finance era, consolidating ratings from multiple platforms for a comprehensive view.

Currently, Prints has integrated Ethos trust scores, Kaito smart follower data, and Talent Protocol developer ratings. Single metrics can be easily manipulated, but fabricating multiple dimensions of data simultaneously becomes exponentially more difficult.

For users, Prints is a Web3 reputation resume—proving their credibility across various fields on a single page. 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 access Prints' reputation data, filter users that meet specific profiles, and use the "Perks" function to offer them early access rights or token benefits. Essentially, this is a platform for precise matches between developers and real users.

Adoption by third parties has already shown some signs. Vena Finance announced that it would introduce a reputation interest rate mechanism based on Prints data, offering better lending terms to high-credit users. Since the launch of this service, the number of registered users has reached about 40,000, and the developer API is also under rapid development.

Of course, Prints currently relies heavily on external services and has no independent reputation signals. To address this shortcoming, Fluent has established an internal feedback scoring system and plans to gradually incorporate more dimensions of data, such as predictive market performance, historical return strategies, and AI Agent reputations.

4. Ecological Landscape

Prints is still in its growth stage and will take time to evolve into a complete reputation system. Fluent is not waiting but is simultaneously advancing—building the ecosystem by incubating external developers. This mission is carried out through Fluent's own accelerator program: Blended Builders Club (BBC).

The first batch of five selected teams includes:

• Pump Pals: A social trading platform that makes community-driven collaborative trading a reality.
• Sprout: An automated yield optimization platform that intelligently matches investment strategies based on users' risk preferences.
• Buzzing: A prediction market platform where users can create their own markets and bet freely.
• Yumi Finance: On-chain credit infrastructure embedding credit scores in crypto cards, supporting buy now pay later.
• Blend Money: An on-chain savings platform that automatically executes yield strategies and currency hedges after users deposit in local currency.

Among them, Pump Pals, Sprout, and Buzzing have completed user testing on the testnet. It is worth mentioning that Fluent has a unique positioning for its testnet. On most chains, testnets are merely a breeding ground for airdrop volume: users mechanically repeat meaningless actions, while teams misinterpret inflated data as real demand.

Fluent redefines the testnet as a "feedback collection arena": users' genuine opinions directly reach development teams, driving product iteration. Users providing high-quality feedback accumulate reputation points in Prints and receive priority access to subsequent benefits. Applications are also not released all at once but appear in rotation every few weeks to ensure that each team can receive sufficient and focused feedback.

Beyond BBC, more forces are emerging in the ecosystem. Nerona is an on-chain asset management platform that integrates mobile applications, crypto cards, stablecoin yield, and lending functions. Previously, these functions were scattered, and funds were often idle; Nerona integrates them to keep funds continuously operational. By combining Prints' reputation data, the platform can offer differentiated interest rates and service terms based on users' credit profiles—similar to Vena Finance's reputation rate mechanism.

5. The Blueprint Fluent is Painting

Fluent is simultaneously advancing three things.

Firstly, the chain itself. Hybrid execution grants the ability for EVM, SVM, and Wasm applications to freely combine on the same chain. The technical direction is clear; EVM-Wasm hybrid execution has been running stably on the testnet. However, SVM integration is still in the optimization phase, and whether the three virtual machines can collaborate seamlessly in a mainnet environment remains to be verified.

Secondly, Prints. The design concept of aggregating multi-dimensional reputation signals and cross-verifying them is convincing—single metrics can be faked, but simultaneously fabricating multiple dimensions is an entirely different challenge. However, the integrated signal dimensions are still limited and largely reliant on external services. Whether Prints can develop its own reputation signals and form an internal verification loop remains to be seen.

Thirdly, the ecosystem. BBC is nurturing developers, and projects like Vena Finance and Nerona are attempting to link reputation with financial terms. However, most projects are still in their early stages, or even at the conceptual level. How each can achieve genuine user growth will require continued observation.

Fluent is still in its early days, but from the beginning, it has designed the chain, products, and ecosystem as an integrated structure, which itself sketches the outline of a completed form. Early execution is showing initial results: hybrid execution is operational on the testnet, and services based on Prints have already begun to land.

In the last cycle, dozens of L2s emerged one after another, yet most relied solely on performance metrics to make an impression, ultimately becoming neglected empty chains. Whether Fluent can escape this fate, the actual number of users and on-chain activity after the mainnet launch will be the most honest answer.

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