NAVI Protocol, a leading liquidity protocol on the Sui network, is driving Sui’s new support for native USDC.
On Tuesday, October 9th, the Sui Foundation announced its plans to integrate Circle’s USDC stablecoin into the network directly.
NAVI Protocol Boosts USDC Liquidity on Sui
This means developers and users will no longer need bridges to access USDC. They can get it natively on Sui, making transactions faster and more efficient. NAVI Protocol is set to integrate USDC right from the start, highlighting its key role in Sui’s DeFi ecosystem.
Interestingly, NAVI is already positioned as one of the largest USDC liquidity providers, with an impressive $120 million in USDC liquidity. This puts NAVI in third place, just behind DeFi giants Aave and Compound.
Native $USDC has officially launched on Sui! We’re proud to be the first #Move-based Layer-1 to partner with @circle
This is no ordinary stablecoin. USDC enables seamless Web3 interactions in the real world. From purchasing a #SuiPlay0X1 to movie tickets, you will be… pic.twitter.com/gjGVJQgDhD
— Sui (@SuiNetwork) October 8, 2024
So, what’s the big deal about native USDC? In simple terms, native USDC is fully backed by U.S. dollars and can be redeemed 1:1 for actual U.S. dollars. This offers more security and trust compared to bridged USDC (like wUSDC), which involves moving USDC across different networks and can sometimes lead to delays or issues.
With native USDC on Sui, transactions will be smoother and faster. Additionally, NAVI Protocol will fully integrate native USDC into its platform, making it easier for users to borrow and lend USDC directly without needing to rely on bridging assets between networks.
Native USDC on Sui, available through NAVI Protocol on DAY 1
Great news for Navigators and @SuiNetwork DeFi participants!
NAVI Protocol will integrate @circle‘s native USDC on Sui on DAY 1.
As part of a broader ecosystem initiative, NAVI aims to incentivize users to… https://t.co/CBN7MhQXF9 pic.twitter.com/bX2ZYv24PI
— NAVI Protocol | navi.sui (@navi_protocol) October 8, 2024
A Better Experience for Users
The integration of USDC is designed to make things easier for everyone using Sui. NAVI Protocol will also offer additional features like flash loans and a liquidity pool, all centered around native USDC. This will improve capital efficiency, meaning users can move their assets around more effectively and at lower costs.
Furthermore, NAVI plans to encourage its users to switch entirely to native USDC, moving away from bridged USDC. A detailed migration plan will be shared soon to help users transition smoothly to the new system.
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This articles is written by : Fady Askharoun Samy Askharoun
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