Sui Network To Make Native USDC Available Via NAVI Protocol, Opening Access To $35B In All-Chain Liquidity
In Brief
NAVI Protocol announced plans to integrate Circle’s native USDC following its recent launch on the Sui network.
Decentralized finance (DeFi) and liquidity protocol native to Sui network, NAVI, announced plans to integrate Circle‘s native USDC asset. This decision comes in light of USDC’s recent launch on the Sui network.
“We are excited to partner with Circle to bring USDC to NAVI on the Sui network since day one. The availability of native USDC on NAVI from day one embodies access to 35 billion USDC in all-chain liquidity,” said Elliscope, a core contributor at NAVI, to MPost. “NAVI and Circle users can now smoothly transfer stablecoins between both platforms. Historically, NAVI has already had the third-largest USDC liquidity pool, right after AAVE and COMPOUND across all lending markets; this integration opens the path for NAVI to exceed,” he added.
With $120 million in USDC liquidity, this positions it as the third-largest USDC supply in the industry, following Aave and Compound. The integration of Circle’s USDC stablecoin directly into the Sui network enhances capital efficiency and improves the overall user experience within the ecosystem.
This move bolsters Sui’s presence in the blockchain industry, enhancing user interactions and promoting broader adoption of the Sui ecosystem. NAVI fully supports native USDC by offering a range of in-application migration features and a capital-efficient native USDC liquidity pool. This includes support for native USDC liquidity, flash loan capabilities, and various other functionalities.
The introduction of native USDC to the Sui network simplifies transaction processes and enhances liquidity within the ecosystem. Users will now be able to access USDC directly on Sui, streamlining workflows and increasing the overall value for participants.
Furthermore, with the adoption of the Cross-Chain Transfer Protocol (CCTP), users can eliminate delays commonly associated with bridge withdrawals, establishing a new standard for blockchain efficiency.
Native USDC offers distinct advantages over bridged USDC (wUSDC). Its native issuance ensures that the asset is fully reserved and can always be redeemed one to one for US dollars. This characteristic adds a layer of trust for both developers and users, who can depend on the integrity of the underlying asset.
NAVI Protocol To Integrate USDC Into Lending And Borrowing Pool And Introduce Migration Plan
It is the first liquidity protocol designed specifically for the Sui network. It seeks to set foundational standards for other chains utilizing the Move programming language, aiming to become the leading solution within the Sui DeFi ecosystem.
In its effort to enhance asset composability on the Sui network, the NAVI Protocol plans to fully integrate native USDC as part of a lending and borrowing liquidity pool. NAVI aims to encourage users to move away from bridged USDC and fully adopt native USDC.
Outlining further plans, The NAVI Protocol noted that it intends to introduce its upcoming migration plan shortly, facilitating the adoption of native USDC and further contributing to the growth of the Sui DeFi ecosystem.
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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.
