Native USDC on Sui: Available through NAVI Protocol

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As a seasoned crypto investor with over a decade of experience under my belt, I can confidently say that the announcement made by the Sui Foundation at Token2049 has piqued my interest significantly. The integration of native USDC on the Sui network, spearheaded by NAVI, is a game-changer for the DeFi landscape and a testament to the power of permissionless composability in Web3.

At Token2049, the Sui Foundation revealed their backing of native USDC on the Sui platform, and NAVI is planning to incorporate Circle’s USDC from day one.

At the Token2049 gathering, the Sui Foundation declared their upcoming integration of native USD Coin (USDC) within the Sui network.

At present, NAVI leads as the premier DeFi protocol on the Sui platform, boasting a $120 million pool of USDC liquidity. This makes it the third largest USDC reserve in the industry, trailing only Aave and Compound. On its debut day, NAVI is set to incorporate Circle’s native USDC asset.

With networks like Sui joining the growing list of platforms adopting USDC, the significance of permissionless composability – a key tenet of Web3 – is becoming more evident. This foundational concept has played a crucial role in driving the swift growth of both new applications and blockchain networks by building upon existing open technologies.

Integrating Circle’s USDC stablecoin directly onto the Sui network boosts financial efficiency and elevates user experience in various aspects, making transactions smoother overall.

Reaching this significant point boosts Sui’s influence within the blockchain sector, with NAVI providing complete assistance for the indigenous USDC. This aid comes in the form of a variety of migration tools and an efficient liquidity pool for USDC that is capital-friendly.

Native vs Bridged USDC on Sui

native USDC has unique benefits over wrapped USDC (wUSDC). Directly issued USDC ensures that the asset is fully collateralized and can always be exchanged for one US dollar. This provides an additional layer of trust for both developers and users, as they can depend 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. 

Furthermore, by implementing the Cross-Chain Transfer Protocol (CCTP), users are able to bypass the usual delays experienced during bridge withdrawals, thus setting a higher bar for blockchain speed and performance.

Native USDC available on NAVI

To enhance asset interoperability on the Sui network to the maximum, the NAVI Protocol plans to fully incorporate native USDC as a lending and borrowing resource pool. This is part of a larger strategy to motivate users to shift from using bridged USDC and embrace native USDC exclusively, as an integral part of the overall ecosystem.

To make this change easier, NAVI is going to roll out various features within the app to smooth out the process. These include native support for USDC liquidity, flash loan capabilities, and additional functionalities. In the near future, we’ll publish a detailed plan for migration, explaining each step required for a hassle-free transition.

The full transition ahead promises a substantial improvement in user interaction and encourages broader usage within the Sui network.

Conclusion

Introducing the native USDC on Sui significantly improves upon the bridged variant, providing advanced features and a more enjoyable user interaction.

The NAVI Protocol strives to offer top-notch lending and borrowing experiences, featuring the incorporation of native US Dollar Stablecoin (USDC), which is fully collateralized by real USD funds and can be exchanged at a 1:1 rate. The upcoming migration strategy aims to boost the adoption of native USDC, thereby fostering the advancement and enhancement of the Sui DeFi environment.

Contact: Ivan Djordjevic

[email protected] 

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2024-10-09 09:48