As a new public chain launched in a bear market, Sui is steadily rising. The TVL of the public chain continues to rise and has now reached 176 million US dollars, breaking into the top 20 list of public chains. In the past four months alone, TVL has increased 10 times, and the growth continues. The price of SUI has also performed very well recently!
When taking stock of the Sui ecosystem, you must not miss the NAVI Protocol. NAVI is a lending and liquidity protocol built on Sui. Its TVL quickly increased by 58.85% in one month, with total liquidity reaching $40 million, becoming the DeFi protocol with the No. 1 liquidity on the Sui public chain. Benefiting from the high returns provided by the NAVI protocol, TVL is still growing rapidly. The current APY of SUI pledged on NAVI has reached 32.05%, and USDC is 22.57%.
About NAVI
NAVI Protocol is the first native one-stop liquidity protocol on Sui. Users can borrow or provide liquidity through NAVI. In the early stage of its launch, NAVI has received investment support from well-known institutions such as Mysten Labs, Coin98 Ventures, Transess, Viabtc and Galxe. Similar to Ethereum's AAVE, NAVI enables its users to participate in the Sui ecosystem as liquidity providers or borrowers. Liquidity providers provide assets to the protocol and obtain returns provided by NAVI, thereby earning passive income; borrowers can lend different assets through NAVI, thereby improving capital utilization, and obtain a certain amount of leverage to release capital liquidity in advance!
As the most capital-efficient lending protocol on Sui, NAVI protocol has attracted 740,000 users and a total market size of 39.8 million US dollars. The total liquidity value is 24.21 million, the loan amount is 15.59 million, and the overall capital utilization rate of the platform is relatively high. NAVI protocol has not yet released tokens, and users who interact with the protocol are likely to receive airdrops from early supporters, which is also an important factor worth looking forward to for NAVI.
OKX Web3 Wallet x NAVI Protocol Interest Rate Increase Event
From the official website data, we can see that USDC and SUI account for the highest proportion, reaching 51.2% and 34.75% respectively. In addition to the high liquidity of USDC and SUI themselves, another reason is that NAVI Protocol recently held an event with OKX Web3 Wallet to increase interest rates for users who pledged USDC and SUI.
At the time of writing, SUI's APY reached 35.96%, and USDC's APY was 22.05%. This is a very worthwhile activity for currency holders. You only need to deposit USDC and SUI into the NAVI protocol and provide liquidity to earn passive income without risk.
Event Details
Activity 1
Deadline: January 6, 2024
Activity content: Provide SUI and USDC to NAVI through OKX Web3 wallet and enjoy up to 10% interest rate increase
Activity 2
Deadline: January 13, 2024
Activity content: Provide CETUS and WETH to NAVI through OKX Web3 wallet and enjoy up to 20% interest rate increase
Take the Tutorial
Step 1: Cross-chain
Users whose assets are already in Sui chain please ignore this step Preparation: Import all wallets and Sui wallets that need to transfer assets into OKX wallet, or create a new OKX wallet and transfer funds. Currently, NAVI supports assets transferred from Ethereum. Path: Open OKX Web3 wallet → Discover → Enter NAVI search in the search box → Open NAVI official website → Launapp → Connect Wallet → OKX Wallet Click the three horizontal lines in the upper left corner of the page, select Bridge, and then select which chain to transfer funds to Sui public chain. The cross-chain of NAVI protocol cooperates with Wormhole, and the interaction is also likely to obtain Wormhole airdrops.
Transfer Ethereum's USDC to Sui through Wormhole. After selecting, click Connect and choose to connect to the MetaMask wallet. The system will automatically detect the OKX wallet and connect.
Select the asset in your wallet and enter the amount.
Select the chain Sui you want to cross, click Connect, select OKX, and connect your wallet
This step is very important. After connecting to the Sui wallet, be sure to click the wallet icon in the upper right corner and select the cross-chain wallet. Only by setting the cross-chain wallet as the current wallet can the cross-chain be successful. You can also choose to open the button in the upper right corner of Figure 2, and you will be able to receive some SUI as gas in the Sui link. The amount received can be set by yourself. After confirming that there are no problems, click Approve at the bottom of the page.
Then click Confirm in the pop-up window.
Wait patiently for the wallet to respond. If successful, a new confirmation window will pop up. Click Confirm again. After successful submission, you will enter the waiting page as shown in Figure 2. It usually takes 10-15 minutes to successfully receive the cross-chain assets.
Step 2: Staking
Path: Open OKX Web3 wallet → DeFi → Click DeFi in the upper left corner → Popular → NAVI interest rate increase event → Learn more
Take USDC as an example. Click to earn coins, click to subscribe, enter the subscription amount, and the estimated daily income will be displayed here. Click next.
After confirming the subscription quantity, click Subscribe, then click OK, and finally wait for the subscription.
After the subscription is successful, click View in Wallet to return to the wallet page. You can directly open the wallet and click the DeFi tab to view the assets in DeFi. To claim the income, just click the asset to enter the income claim page and click to claim all.
If you need to redeem, on the income collection page, click View More, click Redeem, enter the redemption quantity, and click Next.
Click Redeem, click OK, and you can redeem your shares. I won’t demonstrate here, because 350U, the daily income of 0.22 Sui + 0.05U is really good, and it is also in the wallet. It is more cost-effective to earn income by staking in NAVI!
Final Thoughts
The NAVI protocol is a high-quality DeFi protocol on the Sui public chain that can provide users with more passive income and liquidity opportunities.
Although the current market focus is on inscriptions, it will eventually return to real applications. DeFi protocols like NAVI Protocol, which are powerful and have not released tokens, are very worth interacting with and using.
