Fluent - One State for Every VM
An L2 for Blended Execution, Onchain Identity and Treasury‑backed Stablecoins
Every L2 picks a VM and optimizes for it. EVM chains attract Solidity developers. Solana attracts Rust. Teams that want both currently maintain separate deployments or route between them through bridges, which adds latency, splits liquidity, and introduces extra trust assumptions. Applications cannot enjoy the benefits of both.
Fluent launched mainnet on April 24 as a ZK rollup that compiles EVM, SVM, and Wasm contracts into a single intermediate layer, letting them share state and call each other atomically. Fluent Labs co-founder Dmitry Savonin described blended execution as removing the trade-offs when designing cross-environment applications, after more than 3 years of development to reach production readiness.
In this edition we look at what blended execution actually does, their launch structure, and the BLEND launch.
What is Blended Execution
Most multi-VM networks run separate execution environments in parallel. A message from an EVM contract to an SVM contract still goes through a handoff with different account models, different ABI formats, different execution semantics. You can bridge assets. You cannot call atomically.
Fluent uses rWasm, a low-level intermediate representation, to simulate EVM, SVM, and Wasm behaviors before compiling them for execution within a single shared state machine. A Solidity contract and a Rust contract live in the same state and can call each other in the same transaction. Developers write in whichever language fits their use case. The application composes at the execution layer rather than through message passing.
Mainnet launch, BLEND token and early apps
Fluent’s mainnet went live on April 24, accompanied by the release of its BLEND utility token.
The first is blended execution itself. 7 applications went live at mainnet including Vena, a lending protocol that adjusts interest rates based on a borrower’s reputation, and Yumi, a buy-now-pay-later service using reputation-based credit scoring.
Prints is Fluent’s reputation layer, live since January. It aggregates behavioral signals including Ethos scores and Kaito smart-follower data into programmable user profiles that applications can use to modulate risk and distribution without relying on traditional KYC. Vena and Yumi are the first production test of whether reputation-gated lending functions onchain. The inputs are external signals that can be gamed, and the credit models behind them are untested at any meaningful scale.
USDnr is a T-bill collateralized stablecoin built on M0 infrastructure through partner Nerona. $50M in liquidity was seeded to mint USDnr, with T-bill yield from the underlying reserves flowing back to the protocol.
The BLEND token functions as the network’s gas and governance asset with an initial supply of 1B. 1% was sold via public sale on Coinbase’s Sonar. BLEND holders can stake their tokens to earn protocol rewards and improve their reputation level in the Prints system.
The L2 Compounding Problem
Fluent raised $11.2M total, led by an $8M seed from Polychain Capital with Primitive, dao5, and others. It enters a market where Arbitrum, Base, and Optimism have years of developer relationships, tooling, and TVL compounding.
Winning developer share in that environment requires a use case that existing chains cannot replicate. Blended execution can be attractive if developers actually want to build cross-VM applications. It is not a differentiator if developers building on Solidity stay on Arbitrum and developers building in Rust stay on Solana.
If the network demonstrates that cross‑VM composability and reputation scoring unlock new applications or cost advantages, it could carve out a meaningful niche in the rollup ecosystem. But in a saturated L2 landscape where liquidity, incentives and network effects dictate winners, Fluent may have a
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cross-VM atomic calls only matter if devs actually want to build that way. thanks for the article