The upcoming migration plan is expected to accelerate the adoption of native USDC, driving the growth and optimization of the Sui DeFi ecosystem.
Author: NAVI
Translation: Deep Tide TechFlow
At the recent Token2049 event, the Sui Foundation announced that it will soon support native USDC on the Sui network.
Currently, NAVI is the leading DeFi protocol on Sui, with $120 million in USDC liquidity, making it the third largest USDC supplier in the industry, following Aave and Compound. As the first liquidity protocol on Sui, NAVI will integrate Circle's native USDC assets on the first day of launch.
As more blockchain networks adopt USDC, Sui becomes the latest addition. The principle of permissionless composability—one of the core principles of Web3—thus becomes increasingly important. This principle drives the rapid development of new applications and blockchain networks by leveraging existing open technologies.
Circle's USDC stablecoin is directly integrated into the Sui network, enhancing capital efficiency and improving user experience in multiple ways.
This achievement solidifies Sui's position in the blockchain industry, and NAVI will fully support native USDC by providing a range of migration features and a capital-efficient native USDC liquidity pool.
Native USDC on SUI vs. Bridged USDC
On the Sui network, native USDC has significant advantages over bridged USDC (wUSDC). Native issuance ensures that assets have sufficient reserves and can always be exchanged 1:1 for US dollars. This provides developers and users with greater trust, as they can rely on the integrity of the underlying assets.
The introduction of native USDC simplifies the transaction process on the Sui network and enhances the liquidity of the ecosystem. Users can now acquire USDC directly on Sui, which not only simplifies the operational process but also increases the overall value for participants.
Additionally, with the adoption of the Cross-Chain Transfer Protocol (CCTP), users can eliminate the delays typically associated with bridged withdrawals, setting a new standard for blockchain efficiency.
NAVI Supports Native USDC
To achieve higher asset composability on the Sui network, the NAVI protocol will fully integrate native USDC as part of its lending liquidity pool. As part of the overall ecosystem plan, NAVI aims to incentivize users to fully transition from bridged USDC to native USDC.
To this end, NAVI will launch various in-app features to simplify the transition process, including native USDC liquidity support, flash loan functionality, and more. A detailed migration plan will be announced in the coming days, outlining the steps for a smooth transition.
This comprehensive migration is expected to significantly enhance user experience and promote widespread adoption of the Sui ecosystem.
Summary
The introduction of native USDC on Sui is an important upgrade from the bridged version, bringing more powerful features and a better user experience.
The NAVI protocol is committed to providing the best lending experience, integrating native USDC, which is fully backed by US dollars and can be exchanged 1:1. The upcoming migration plan is expected to accelerate the adoption of native USDC, driving the growth and optimization of the Sui DeFi ecosystem.
Contact:
Ivan Djordjevic
team@naviprotocol.io
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