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Leading lending protocol in Sui ecosystem: Navi Protocol's Lock-up Position surpasses 300 million, with a market share of 80%.
Leading Liquidity Protocol in the Sui Ecosystem: In-depth Analysis of Navi Protocol
Navi Protocol, as the first native one-stop liquidity protocol in the Sui ecosystem, functions similarly to well-known lending platforms in the market. This protocol currently mainly provides lending services for SUI and USDC, with plans to expand to assets like WBTC and WETH in the future. It is noteworthy that Navi Protocol holds a prominent position in the Sui ecosystem, with a total locked value reaching $3.18M, capturing 80% of the market share for Sui lending services, and showing strong growth, increasing by 47.62% compared to last week.
In terms of technology, the protocol adopts a DEX+CEX mechanism as an oracle and provides cross-chain services through Wormhole. This innovative combination of technologies offers users a more flexible and efficient service experience.
The lending service of Navi Protocol mainly targets two types of participants: depositors and borrowers. Borrowers need to provide collateral and pay interest, while depositors earn returns by depositing assets. The protocol adopts a dynamic interest rate adjustment mechanism, which adjusts interest rates based on fund utilization rates, ensuring efficient market operation.
It is worth mentioning that Navi Protocol has unique features in its clearing mechanism. It will use the CLOB (decentralized central limit order book) Deepbook of the Sui chain for clearing, and this innovative design is expected to bring lower latency and lower gas fees, thereby improving overall efficiency.
In the future version of Navi Pro, the protocol plans to introduce an isolated pool feature. This feature is primarily aimed at collateral loans for low liquidity assets, adopting an isolation strategy that requires community governance approval before going live. This design helps balance risk and innovation, providing lending services for more types of assets.
Although the Navi token has not yet been listed, according to its white paper, future token holders will enjoy multiple rights, including staking, voting, and participating in protocol profit distribution. In addition, staking Navi tokens will also grant holders voting rights on pool profit distribution and discounts on DEX trading.
Overall, although Navi Protocol is similar to mainstream lending protocols in its overall framework, its leading position in the Sui ecosystem and unique isolation pool design make it stand out in the competitive DeFi market. As the Sui ecosystem continues to develop, Navi Protocol is expected to occupy a more important market position in the future, providing users with more diversified and safer lending services.