NAVI Protocol Initiates wUSDC To USDC Migration On Sui Network
In Brief
NAVI protocol announced a streamlined migration plan that allows users to convert wrapped USDC to the native version on Sui network.
Decentralized finance (DeFi) and liquidity protocol native to the Sui network, NAVI announced a streamlined migration plan that allows users to convert wrapped USDC to the native version on Sui.
The protocol now offers several features, including the creation of a new native USDC liquidity pool, allowing users to deposit and borrow with USDC while phasing out wrapped USDC (wUSDC).
NAVI has also introduced an Autopilot migration process, facilitating the conversion of wUSDC to native USDC within the NAVI application. When users select the wUSDC pool, they will receive a prompt informing them about the transition and providing the option to convert their wUSDC to USDC. This approach ensures that users are aware of the migration process during their interaction with the pool.
During the deposit or withdrawal of wUSDC, users will be prompted to convert to USDC with a one-click option. On their account overview page, wUSDC balances will be clearly highlighted with a direct conversion button. If wUSDC is used as collateral, NAVI will also provide a one-click flash loan option to enable the conversion of the position.
NAVI To Leverage DeepBook, Facilitating One-Click Conversions
In order to improve the user experience during the migration process, NAVI has implemented a one-click conversion along with integration with DeepBook. Additionally, NAVI is offering favorable swap rates, lowest fees, and fast execution times, facilitating the transition from wUSDC to native USDC.
The migration feature utilizes DeepBook’s next-generation Central Limit Order Book (CLOB) technology, which guarantees minimal slippage and cost-effectiveness by analyzing multiple trading pairs to optimize transaction efficiency. Additionally, it offers a user-friendly experience, making the conversion process straightforward. Meanwhile, built-in safeguards are included in the system to protect users from adverse trading conditions. If slippage exceeds a predefined threshold, transactions will be paused to safeguard user assets.
Moreover, the DeepBook aggregator will continuously analyze available liquidity across decentralized exchanges. This real-time optimization of rates and routes will ensure that users can efficiently complete the transition of the wUSDC holdings.
NAVI is the first liquidity protocol developed for the Sui network. It aims to establish foundational standards for other blockchains that use the Move programming language. The latest development follows the integration of Circle’s native USDC asset, coinciding with the recent launch of USDC on the Sui network.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
