The post Sui Network Boosts DeFi with Native USDC Integration Via NAVI Protocol appeared on BitcoinEthereumNews.com.

The Sui Foundation has recently announced support for native USDC on the Sui network. NAVI, the inaugural and leading DeFi and liquidity protocol on Sui, announced that it would integrate Circle’s native USDC asset on DAY 1. This represents the third biggest USDC supply in the sector, after Aave and Compound, with $120 million in USDC liquidity. Capital efficiency is increased and user experience is improved across the ecosystem with the direct integration of Circle’s USDC stablecoin into the Sui network. In order to provide digital currency for payments and liquidity to billions of people worldwide, Circle is creating the biggest and most widely used stablecoin network. Currently ranked second in terms of market capitalization, USDC is managed by the firm. By fusing the speed of the internet with the strength and reliability of US dollars, it lays the foundation for a brand-new, decentralized global financial system. Sui’s position in the blockchain sector is strengthened by this action, which also improves user experience and encourages broader adoption of the Sui ecosystem. NAVI fully supports native USDC and offers a suite of in-application migration features, as well as a capital-efficient native USDC Liquidity Pool with features like flash loan capabilities and native USDC liquidity support. With Sui being the most recent blockchain network to adopt USDC, the role of permissionless composability, which makes use of already-existing open technologies, has propelled the quick growth of new applications and blockchain networks. Native vs Bridged USDC on Sui The Sui network now has native USDC, which streamlines transaction procedures and increases ecosystem liquidity. Now that users may access USDC directly on Sui, procedures will be streamlined and participant value will increase overall. Furthermore, by using Cross-Chain Transfer Protocol (CCTP), users may do away with the delays that are usually connected to bridge withdrawals, setting a new benchmark for blockchain…

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Filed under: News - @ October 9, 2024 7:24 pm