Sui Network Integrates Native USDC with NAVI Protocol

Introduction of Native USDC on Sui Network

The Sui Foundation has announced the integration of Circle's native USDC into the Sui network, a significant milestone in the blockchain industry. This integration is supported by NAVI, the leading DeFi and liquidity protocol on Sui, marking an important step forward for the ecosystem.

Enhancing Capital Efficiency

With $120 million in USDC liquidity, Sui now possesses the third-largest USDC supply in the industry, following only Aave and Compound. This integration directly into the Sui network enhances capital efficiency and significantly improves user experience. NAVI's full support with a suite of migration features and a capital-efficient native USDC Liquidity Pool ensures smooth transactions and increased liquidity.

Native vs Bridged USDC

The introduction of native USDC simplifies transactions and enhances liquidity within the Sui ecosystem. Utilizing the Cross-Chain Transfer Protocol (CCTP), users can avoid delays typically associated with bridge withdrawals, establishing new standards for blockchain efficiency. Native USDC provides full reserve backing, ensuring it is always redeemable 1:1 for US dollars, which enhances trust and reliability for developers and users.

NAVI Protocol's Role

NAVI Protocol is set to fully integrate native USDC as a lending and borrowing liquidity pool, aiming to phase out bridged USDC. This integration aligns with NAVI's commitment to providing superior asset composability and user experience on the Sui network. The upcoming migration plan is expected to facilitate the adoption of native USDC, contributing to the growth of the Sui DeFi ecosystem.

Conclusion

The integration of native USDC on the Sui network marks a pivotal development, enhancing both liquidity and user experience. NAVI Protocol's support provides a seamless transition towards a more efficient and reliable DeFi ecosystem. This move underscores the potential of blockchain networks leveraging existing open technologies for rapid expansion and improved financial systems.