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NAVI Protocol fully integrates native USDC to help Sui Network DeFi ecosystem upgrade

NAVI Protocol fully integrates native USDC to help Sui Network DeFi ecosystem upgrade

BlockBeatsBlockBeats2024/10/08 13:28
By:BlockBeats

NAVI will fully support native USDC through a series of migration functions and capital-efficient native USDC liquidity pools

Original source: NAVI


At Token2049 this year, the Sui Foundation announced a major news that Circle, the issuer of USDC, will soon issue native USDC on the Sui network.


NAVI is the top DeFi protocol on the Sui network, with $120 million in USDC liquidity, making it the third largest USDC supplier in the industry, second only to Aave and Compound. As Sui's first liquidity protocol, NAVI will be the first to integrate Circle's native USDC assets.


Permissionless composability has become increasingly important as one of the core principles of Web3, which has driven the rapid expansion of new applications and blockchain networks by leveraging existing open technologies. As more ecosystems begin to adopt USDC, Sui has become one of the latest to join. Circle's USDC stablecoin is directly integrated into the Sui network, improving capital efficiency and improving user experience from multiple dimensions.


This milestone solidifies Sui’s position in the blockchain industry, and NAVI will fully support native USDC through a range of migration features and capital-efficient native USDC liquidity pools.


Why support native USDC?


Native USDC on the Sui network offers significant advantages over the bridged version of USDC (wUSDC). Native issuance ensures that the asset is fully backed by reserves and can always be redeemed 1:1 for USD, which provides developers and users with a higher level of trust, allowing them to rely on the credibility of the underlying assets.


The introduction of native USDC simplifies the transaction process on the Sui network and enhances liquidity within the ecosystem. Users can now acquire USDC directly on Sui, which makes the workflow smoother and brings greater overall value to participants.


In addition, by adopting the Cross-Chain Transfer Protocol (CCTP), users can eliminate delays associated with cross-chain bridge withdrawals to the greatest extent, setting a new standard for blockchain efficiency.


The NAVI protocol is committed to providing the highest level of asset composability on the Sui network and will fully integrate native USDC as part of the lending liquidity pool. As part of a broader ecological plan, NAVI aims to incentivize users to switch from the bridge version of USDC to fully adopt native USDC.


To facilitate this transition, NAVI will introduce multiple features within the app to ease the transition, including native USDC liquidity support, flash loan functionality, and other tools. A comprehensive migration plan will be announced in the coming days, detailing the necessary steps for a smooth transition.


This comprehensive migration is expected to significantly improve the user experience and drive broader adoption of the Sui ecosystem.


Conclusion


The introduction of native USDC on the Sui network is a significant upgrade over the bridge version, providing enhanced functionality and a better user experience.


The NAVI protocol is committed to providing the best experience for borrowers, including the integration of native USDC, an asset that is fully backed by the US dollar and redeemable 1:1. The upcoming migration plan is expected to accelerate the adoption of native USDC, which in turn drives the growth and improvement of the Sui DeFi ecosystem.


About Circle


Circle is building the world's largest and most widely used stablecoin network, enabling billions of people around the world to access digital dollars for payments and liquidity. The company currently manages the second largest stablecoin by market capitalization, USDC, which combines the stability of the dollar with the speed of the Internet to lay the foundation for a new global decentralized financial system.


About NAVI Protocol


NAVI is the first native liquidity protocol on the Sui network, committed to becoming the cornerstone of the "Move system" chain, and strives to become the top liquidity protocol in the Sui DeFi ecosystem.


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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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