PANAMA CITY, Panama, Oct. 09, 2024 (GLOBE NEWSWIRE) -- At the recent Token2049 event, the Sui Foundation made a significant announcement regarding the imminent support for native USDC on the Sui network.
Currently, NAVI stands as the top DeFi protocol on Sui, with $120M in USDC liquidity. This constitutes the 3rd largest USDC supply in the industry, next to Aave and Compound. As the inaugural liquidity protocol on Sui, NAVI will integrate Circle’s native USDC asset on DAY 1.
As more blockchain networks adopt USDC, with Sui being the latest addition, the role of permissionless composability—one of the fundamental principles of Web3—becomes increasingly important. This principle has fueled the rapid expansion of new applications and blockchain networks by leveraging existing open technologies.
The integration of Circle’s USDC stablecoin directly into the Sui network enhances capital efficiency and improves the user experience across several dimensions.
This milestone strengthens Sui’s standing in the blockchain industry, and NAVI will fully support native USDC by offering a suite of migration features and a capital-efficient native USDC Liquidity Pool.
Native vs Bridged USDC on Sui
Native USDC offers distinct advantages compared to bridged USDC (wUSDC). Native issuance guarantees that the asset is fully reserved and can always be redeemed 1:1 for US dollars. This adds a layer of trust for developers and users alike, who can rely on the integrity of the underlying asset.
The introduction of native USDC to the Sui network simplifies transaction processes and enhances liquidity within the ecosystem. Users will now have the ability to access USDC directly on Sui, which streamlines workflows and increases overall value for participants.
Moreover, with the adoption of Cross-Chain Transfer Protocol (CCTP), users can eliminate delays typically associated with bridge withdrawals, thereby establishing a new standard for blockchain efficiency.
Native USDC available on NAVI
In its pursuit to provide the highest level of asset composability on the Sui network, the NAVI Protocol will fully integrate native USDC as a lending and borrowing liquidity pool. As part of a broader ecosystem initiative, NAVI aims to incentivize users to transition away from bridged USDC and adopt native USDC entirely.
To facilitate this shift, NAVI will introduce several in-application features designed to streamline the transition, including native USDC liquidity support, flash loan capabilities, and other functionalities. A comprehensive migration plan will be shared in the coming days, outlining the steps necessary for a seamless transition.
This complete migration is poised to significantly enhance the user experience and promote wider adoption of the Sui ecosystem.
Conclusion
The introduction of native USDC on Sui represents a substantial upgrade over the bridged version, offering enhanced functionality and a superior user experience.
NAVI Protocol is committed to delivering the best possible experience for lending and borrowing, which includes the integration of native USDC, fully backed by US dollars and redeemable on a 1:1 basis. The upcoming migration plan is expected to accelerate the adoption of native USDC, thereby contributing to the growth and improvement of the Sui DeFi ecosystem.
Contact:
Ivan Djordjevic
team@naviprotocol.io
Disclaimer: This content is provided by NAVI PROTOCOL . The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/f126000c-76f8-4fbd-a4ac-f9de36f15d97
https://www.globenewswire.com/NewsRoom/AttachmentNg/d9a86eb7-2ead-49b4-ad52-5f892afac5d7
