Fluid, as a lending protocol, has its core innovation in the conversion of debt into liquidity through the Smart Debt mechanism. This means that the traditional framework for analyzing lending ratios may not apply here. Many people often overlook the fundamental differences in the underlying architecture of such protocols when evaluating them—treating debt as a tradable asset in itself subverts the logic of conventional lending protocols. Therefore, merely using borrowing ratios to measure it can indeed lead to one-sided conclusions.