On January 31, 2024, NAVI Protocol, the first native one-stop liquidity protocol on Sui, completed a $2 million fundraising to expand its innovative integrated lending, borrowing and LSDeFi platform. This round of financing was co-led by OKX Ventures, dao5 and Hashed, and other participating investment institutions included 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.

NAVI Protocol enables users to participate in Sui's DeFi ecosystem as liquidity providers or borrowers, and becomes an important infrastructure for the rapid development of DeFi. NAVI Protocol is based on Move's innovative features, allowing users to leverage existing assets and obtain new trading opportunities by minimizing risks.

Since its launch on the Sui mainnet in July 2023, NAVI Protocol's total locked value (TVL) has exceeded US$150 million, with more than 800,000 users, accounting for 66% of the lending volume and activity on the Sui mainnet. The platform currently has a total loan asset of approximately US$55 million, ranking first in TVL on Sui for several consecutive months.

With this round of funding, NAVI Protocol plans to expand its products and scale operations. In addition to completing the recent acquisition of Volo, the main liquidity staking protocol on Sui, the team will continue to improve its multi-asset collateralization strategy to balance the lending and liquidity needs of volatile assets.

Ryan Kim, Founding Partner of Hashed, said: “NAVI Protocol is becoming a beacon of innovation, providing a one-stop liquidity shop, building seamlessly integrated liquidity staking and money market solutions across multiple ecosystems, starting with Sui. NAVI Protocol is a market-tested team that has demonstrated resilience and dedication in the competitive Sui ecosystem.” He also said: “Hashed is pleased to support NAVI Protocol in expanding their commitment to the Move ecosystem. We believe in their ability to lead change and create value in the fast-growing Move space.”

In the coming months, NAVI Protocol plans to launch new features such as flash loans and isolated pool functions.

To learn more about NAVI Protocol and its products, visit naviprotocol.io.

About NAVI Protocol

NAVI Protocol is the first one-stop liquidity protocol on Sui, combining lending/borrowing + LSDeFi. It enables users to participate in Sui's DeFi ecosystem as liquidity providers or borrowers.

NAVI Protocol provides lending/borrowing + LSDeFi infrastructure and ranks first in TVL in both areas. Liquidity providers can provide assets to the market and earn passive income through yield, while borrowers can flexibly obtain loans for different assets. The protocol enables users to leverage existing assets and access new trading opportunities by minimizing risks. NAVI Protocol is designed to support digital assets with different risk levels based on the specific strategy selected by the user, and its advanced security features ensure the protection of user funds and the mitigation of system risks.

NAVI Protocol leverages the simplicity and security of the Move programming language