New York, US, October 9th, 2024, Chainwire
The Sui Foundation has made a groundbreaking announcement by extending support for native USDC on the Sui network. NAVI, the top DeFi & liquidity protocol on Sui, will be integrating Circle’s native USDC asset from day one.
With an impressive $120M in USDC liquidity, Sui now boasts the 3rd largest USDC supply in the industry, trailing only behind Aave and Compound. This integration aims to enhance capital efficiency and improve user experience within the Sui ecosystem.
By fully supporting native USDC, NAVI is paving the way for a more seamless user experience and wider adoption of the Sui ecosystem. The integration includes a suite of in-application migration features and a capital-efficient native USDC Liquidity Pool.
Analysis and Breakdown
The introduction of native USDC on the Sui network signifies a major milestone in the DeFi space. This move not only enhances capital efficiency and user experience but also promotes wider adoption of the Sui ecosystem. With the support of NAVI Protocol, users can now access USDC directly on Sui, streamlining workflows and increasing overall value.
Moreover, the adoption of Cross-Chain Transfer Protocol (CCTP) eliminates delays associated with bridge withdrawals, setting a new standard for blockchain efficiency. Native USDC offers distinct advantages over bridged USDC, providing users with a fully reserved asset that can always be redeemed 1:1 for US dollars.
NAVI Protocol's commitment to integrating native USDC as a lending and borrowing liquidity pool further solidifies Sui's position in the DeFi landscape. The upcoming migration plan is expected to accelerate the adoption of native USDC and contribute to the growth and improvement of the Sui DeFi ecosystem.
Overall, this development showcases the importance of native asset integration in enhancing DeFi protocols' capabilities and user experience. By providing a seamless transition to native USDC, Sui and NAVI Protocol are driving innovation and efficiency in the blockchain industry.