NAVI Protocol Secures $2M Funding to Enhance DeFi Solutions on Sui Network

Introducing the first comprehensive liquidity protocol tailored for the Sui ecosystem, NAVI Protocol has proudly declared its recent achievement. raised With the newly acquired funding, NAVI is set to advance its all-encompassing platform for lending, borrowing, and LSDeFi offerings. Think of it as a versatile hub where users can manage their cryptocurrencies, harnessing the possibilities of lending, borrowing, and engaging in LSDeFi initiatives—all within the Sui framework.

This funding initiative was co-directed by prominent investors including OKX Ventures, dao5, and Hashed, alongside various other contributors.

According to NAVI, it plans to use recent funds The capital will be utilized to enhance NAVI's range of services and increase its operational capacity, which includes the finalization of its acquisition of Volo, a leading Liquid Staking protocol on Sui. Furthermore, the team strives to refine its collateral strategy across multiple assets, carefully balancing the dynamics between lending volatile assets and addressing liquidity needs.

NAVI provides a one-stop liquidity solution that merges liquid staking and money market functionalities across various ecosystems, kicking off with Sui.

According to Ryan Kim, a founding partner at Hashed, \"The tenacity of NAVI Protocol's experienced team, which has adeptly navigated the complex Sui environment, exemplifies their commitment and resilience. Hashed is thrilled to back NAVI Protocol as they broaden their commitment to Move. We are confident in their ability to effect change and generate value in the rapidly evolving Move sector.\"

NAVI Protocol’s Growth Trajectory and Future Plans

The platform is designed to engage users as liquidity providers or borrowers within the Sui ecosystem, equipping them with crucial DeFi infrastructure for the evolving landscape. Built on a Move-based framework, it empowers users to leverage their assets while exploring innovative trading methods with minimized risks. decentralized finance Moreover, the current funding round also attracted contributions from an array of investors, including Mysten Labs, Comma3 Ventures, Mechanism Capital, GeekCartel Capital, Nomad Capital, Coin98 Ventures, Cetus Protocol, Maverick, Viabtc, Assembly Partners, Cryptocurrencylistings.com, Hailstone Labs, Benqi, and LBank Labs.

Since launching on the Sui mainnet eight months ago, NAVI Protocol has achieved remarkable growth with more than 800,000 users and $150 million in total value locked (TVL), consistently maintaining the top position by TVL on Sui for several weeks.

In the upcoming months, the team plans to introduce new features, including flash loans and isolated pool functionalities. In addition, NAVI Protocol is looking to expand its reach and capabilities both within the Sui Ecosystem and in the broader DeFi landscape.

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