Fluent is an Ethereum-based Layer 2 network that activated its mainnet and native BLEND token on Friday, launching a "hybrid execution" environment. Fluent says this environment enables applications written for different virtual machines to run on the same chain state.
On its launch day, the network secured $50 million in committed liquidity, forming the foundation of USDnr. In a statement provided to The Block, Fluent said that USDnr is a native stablecoin built by Fluent on the M0 infrastructure through its partner Nerona, with treasury bill yields from the underlying reserves accruing to the protocol.
According to the statement, Fluent’s core premise is that digital asset markets overly rely on attention to measure trust. To address this, the network integrates Prints—a reputation layer launched in January—that aggregates behavioral signals, including Ethos scores and Kaito smart follower data, into programmable user profiles.
The Fluent team says developers can use these profiles with Fluent Connect to identify services and distribute them to verified users.
The project's website Fluent defines mixed execution as a method of merging different virtual machines into a unified system to enable shared state management. Unlike the “multi-VM” approach that isolates environments, Fluent’s architecture uses rWasm (a low-level intermediate representation) to simulate the behavior of EVM, SVM, and Wasm, then compiles and executes these behaviors.
Dmitry Savonin, co-founder of Fluent Labs, stated in a declaration: "Hybrid execution is designed to achieve interoperability at the execution layer, allowing developers to design applications without compromise. We spent more than three years building this technology from the ground up. Seeing it run in production today is incredibly rewarding."
The project team stated that seven applications launched on the first day, including: Vena, a lending protocol that adjusts interest rates based on user reputation; Yumi, a "buy now, pay later" service that uses reputation for credit risk modeling; and Pulse Predictor, an on-chain polling protocol. Other applications launching on the first day include the fantasy sports game Pump Pals, the yield aggregation tool Blend, and the DeFi strategy management tool Sprout.
Token utility and funding rounds
The Fluent team describes BLEND as a utility token for network operations, including transaction fees, staking, and community signaling.
According to the project's token disclosure, BLEND is used for "user staking," allowing holders to earn ecosystem rewards and improve their reputation level on Prints. After the mainnet launch, "protocol staking" will enable holders to delegate their tokens to validator nodes to secure the network through FluentBFT, the protocol's decentralized consensus mechanism.
The project stated that BLEND tokens were issued via a public token sale on Coinbase’s Sonar platform between April 7 and 13. The sale distributed 10 million tokens, representing 1% of the initial supply, at a price of $0.10 per token, resulting in a fully diluted network valuation of $100 million. The initial supply of BLEND is set at 1 billion tokens.
The token allocation includes portions for ecosystem development, investors, the founding team, and community incentives. According to the team, the community airdrop will account for 0.71% of the initial supply and is scheduled to be distributed during the token generation event, with a 30-day claim period.
Coinbase recently announced its plan to list BLEND, allowing users in supported regions to generate deposit addresses for the token, but deposits can only be used after the asset issuer unlocks transfer functionality.
Fluent Labs has raised $11.2 million to date for network development. The $8 million seed round, led by Polychain Capital and including funds from Primitive, dao5, Symbolic Capital, Builder Capital, Nomad Capital, and Public Works, was completed in February 2025.
The company subsequently raised $2.2 million in a testnet round in July 2025 through Echo, Native Crypto, Q42, Wagmi VC, and TPC Ventures, followed by a $1 million public token sale in April 2026.