The NAVI Protocol is scheduled to include USDC stablecoin and the Sui Foundation has declared that the asset would be available natively on the Sui network.
According to a press statement, this integration represents the third-largest supply of USDC in the sector, after Aave and Compound, and is supported by $120 million in USDC liquidity.
The main decentralized system for Sui’s finance and liquidity is called NAVI. The update strengthens the Sui ecosystem through more liquidity and improved user experience.
In contrast to “bridged USDC,” which depends on outside networks to link several blockchains, “native USDC” is a stablecoin issued natively on a blockchain.
Because native assets are completely backed and convertible into US dollars, users’ confidence and productivity are boosted.
Details of the Integration
The integration enhances the capital efficiency of Sui’s network. In addition to encouraging consumers to switch from bridged USDC to native USDC, NAVI will bring services, including flash loans and liquidity support, offering a smooth lending and borrowing experience.
Sui’s use of USDC aligns with the larger movement toward permissionless composability, in which blockchain technologies produce increasingly effective applications.
Additionally, it makes cross-chain transactions easier and speedier, doing away with the delays that bridges frequently cause.
In order to further develop the Sui DeFi ecosystem, NAVI has announced that it will provide a user migration plan in the next few days that details how the switch from bridged to native USDC will be managed.
