Business News Report
January 31, 2024

NAVI Protocol Raises $2M Funding to Expand DeFi Solutions on Sui Network

NAVI Protocol Raises $2M Funding to Expand DeFi Solutions on Sui Network

The first native one-stop liquidity protocol on Sui, NAVI protocol announced that it raised $2 million in funding to expand its all-in-one lending, borrowing and LSDeFi platform. It is like a one-stop shop where people can manage their cryptocurrency by lending it, borrowing it, and using it for LSDeFi activities, all within the Sui system.

The funding round was co-led by OKX Ventures, dao5 and Hashed, with participation from other investors.

According to NAVI, it plans to use recent funds to expand its offerings and scale its operations, including completing its acquisition of Volo, a premier Liquid Staking protocol on Sui. Further, the team also aims to refine its multi-asset collateral strategy that balances volatile assets lending with liquidity needs.

NAVI offers a liquidity shop that integrates liquid staking and money market solutions across multiple ecosystems, starting with Sui.

“NAVI Protocol’s battle-tested team, which has navigated the competitive Sui landscape, is a testament to their resilience and dedication,” said Ryan Kim, founding partner at Hashed. “Hashed is excited to support NAVI Protocol as they expand their Move commitment. We believe in their ability to drive change and create value in the rapidly growing Move space.”

NAVI Protocol’s Growth Momentum and Future Roadmap

The platform facilitates user participation as liquidity providers or borrowers in the Sui ecosystem, offering essential DeFi infrastructure for the evolving decentralized finance landscape. Built on a Move-based protocol, its features enable users to utilize their assets and explore new trading options with reduced risks.

Moreover, other investors of the current round included Mysten Labs, Comma3 Ventures, Mechanism Capital, GeekCartel Capital, Nomad Capital, Coin98 Ventures, Cetus Protocol, Maverick, Viabtc, Assembly Partners, Gate.io, Hailstone Labs, Benqi and LBank Labs.

Since its launch on the Sui mainnet eight months ago, NAVI Protocol has achieved significant growth, with over 800k users and $150 million in total value locked (TVL). It has also secured the number 1 ranking by TVL on Sui for several consecutive weeks.

In the coming months, the team also plans to launch new features such as flash loan and isolated pool functionality. Additionally, NAVI Protocol plans to further expand its footprint within and beyond the Sui Ecosystem, for development and growth in the DeFi space.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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Kumar Gandharv
Kumar Gandharv

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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