Native USDC on Sui Network

During the recent Token2049 event, the Sui Foundation unveiled a pivotal update about the upcoming integration of native USDC on the Sui network.

NAVI is currently leading the DeFi landscape on Sui, boasting an impressive $120M in USDC liquidity. This represents the third largest USDC supply in the market, following Aave and Compound. NAVI, the first liquidity protocol on Sui, is set to integrate Circle’s native USDC asset right from DAY 1.

With the growing adoption of USDC across various blockchain networks, including Sui’s recent integration, the significance of permissionless composability—an essential tenet of Web3—continues to rise. This principle has driven the swift growth of innovative applications and blockchain networks by harnessing the power of existing open technologies.

The incorporation of Circle’s USDC stablecoin into the Sui network significantly boosts capital efficiency and elevates the user experience across multiple facets.

This milestone bolsters Sui’s position within the blockchain landscape. NAVI commits to fully supporting native USDC through a comprehensive array of migration features and a capital-efficient native USDC Liquidity Pool.

Advertisement

&nbsp

Native vs. Bridged USDC on Sui

Native USDC presents unique benefits when stacked against bridged USDC (wUSDC). The native issuance ensures that the asset is completely backed, allowing for a consistent 1:1 redemption for US dollars at any time. This instills confidence for both developers and users, ensuring they can depend on the integrity of the foundational asset.

The integration of native USDC into the Sui network streamlines transaction workflows and boosts liquidity across the ecosystem. Users can now tap into USDC directly on Sui, enhancing workflows and boosting overall value for all participants in the ecosystem.

Furthermore, the implementation of the Cross-Chain Transfer Protocol (CCTP) empowers users to bypass the usual delays linked to bridge withdrawals, setting a groundbreaking benchmark for blockchain efficiency.

Native USDC available on NAVI

The NAVI Protocol is set to elevate asset composability on the Sui network by seamlessly integrating native USDC into its lending and borrowing liquidity pool. NAVI is launching a strategic initiative to encourage users to move from bridged USDC to fully embrace native USDC, enhancing the overall ecosystem.

NAVI is set to roll out a suite of in-app features designed to enhance the transition, featuring native USDC liquidity support, flash loan capabilities, and additional functionalities. In the near future, an extensive migration strategy will be unveiled, detailing the essential steps for a smooth transition.

The full migration is set to greatly improve user experience and drive broader adoption of the Sui ecosystem.