NAVI Protocol Raises $2 Million in Funding to Expand DeFi Solutions on Sui Network
Posted: January 31, 2024 4:28 AM Updated: January 31, 2024 4:28 AM
Correction and fact check date: January 31, 2024, 4:28 AM
briefly
NAVI Protocol has raised $2 million in funding to expand its products, expand operations, and close its recent acquisition of Volo on Sui.
NAVI Protocol, Sui’s first native one-stop liquidity protocol, announced that it has raised $2 million in funding to expand its all-in-one lending, lending, and LSDeFi platform. It is like a one-stop shop where people can manage their cryptocurrencies, including lending, borrowing, and using them for LSDeFi activities within the Sui system.
The funding round was co-led by OKX Ventures, dao5, and Hashed, with other investors also participating.
According to NAVI, it plans to use the recent funding to expand its product and expand its operations, including completing the acquisition of Sui’s leading Liquid Stake protocol, Volo. The team also aims to improve multi-asset collateral strategies that balance liquidity needs with lending to volatile assets.
NAVI provides a liquidity store that integrates liquid staking and money market solutions across multiple ecosystems, starting with Sui.
“NAVI Protocol’s battle-tested team that has navigated the highly competitive Sui environment is a testament to their resilience and dedication,” said Ryan Kim, founding partner at Hashed. “Hashed is excited to support the NAVI protocol as we expand our Move commitment. We believe in their ability to drive change and create value in the fast-growing Move space.”
NAVI Protocol’s growth momentum and future roadmap
The platform facilitates user participation as liquidity providers or borrowers in the Sui ecosystem, providing essential DeFi infrastructure for the evolving decentralized finance landscape. Built on the Move-based protocol, this feature allows users to leverage their assets and explore new trading options while reducing risk.
Additionally, other investors in this round include Mysten Labs, Comma3 Ventures, Mechanism Capital, GeekCartel Capital, Nomad Capital, Coin98 Ventures, Cetus Protocol, Maverick, Viabtc, Assembly Partners, Gate.io, Hailstone Labs, Benqi, and LBank Labs.
Since launching on the Sui mainnet eight months ago, the NAVI protocol has achieved significant growth, reaching over 800,000 users and $150 million in total value locked (TVL). It also ranked #1 on Sui by TVL for several weeks in a row.
In the coming months, the team also plans to release new features such as flash loans and quarantine pool features. Additionally, NAVI Protocol plans to further expand its presence within and beyond the Sui ecosystem for the development and growth of the DeFi space.
disclaimer
In accordance with the Trust Project Guidelines, the information provided on these pages is not intended and should not be construed as legal, tax, investment, financial or any other form of advice. It is important to invest only what you can afford to lose and, when in doubt, seek independent financial advice. For more information, please refer to the Terms of Use and any help and support pages provided by the publisher or advertiser. Although MetaversePost is committed to accurate and unbiased reporting, market conditions may change without notice.
About the author
Kumar is an experienced technology journalist specializing in the dynamic intersection of emerging fields including AI/ML, marketing technology, cryptocurrency, blockchain, and NFTs. With over three years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and providing comprehensive insights. Kumar’s expertise lies in producing impactful content, including articles, reports and research publications for prominent industry platforms. With a unique skill at combining technical knowledge and storytelling, Kumar excels at communicating complex technical concepts in a clear and engaging way to diverse audiences.
more articles
Kumar is an experienced technology journalist specializing in the dynamic intersection of emerging fields including AI/ML, marketing technology, cryptocurrency, blockchain, and NFTs. With over three years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and providing comprehensive insights. Kumar’s expertise lies in producing impactful content, including articles, reports and research publications for prominent industry platforms. With a unique skill at combining technical knowledge and storytelling, Kumar excels at communicating complex technical concepts in a clear and engaging way to diverse audiences.