Fluid Protocol is an over-collateralized, decentralized borrowing platform within the Fuel ecosystem. It allows users to borrow USDF, a stablecoin soft-pegged to the USD, by depositing collateral without paying interest. Inspired by Liquity, Fluid supports multiple collateral types and features a fixed collateral ratio (135%), partial liquidations, and governance-free fiscal policy. It aims to provide capital efficiency while maintaining user security with no recovery mode.