NAVI Protocol, the largest decentralized finance (DeFi) platform on the Sui blockchain, has announced its major achievements for 2024. The platform demonstrated extraordinary growth, achieving a 2,000% increase in total value locked (TVL), which peaked at $750 million. This achievement positions NAVI among the top five non-EVM lending protocols globally. Over the year, NAVI facilitated 7.45 million transactions for more than 900,000 users, successfully processing $27.9 billion in deposits and $17.6 billion in loans. The platform’s financial performance also reflected its robust growth, with $9 million in revenue and $1.79 million in accumulated profits, reinforcing its sustainable business model.
Leveraging the capabilities of the Sui blockchain, NAVI significantly enhanced accessibility and platform reliability. It integrated with 21 digital wallets and managed 17 liquidity pools, supporting assets such as stablecoins, BTCFi liquid staking tokens (LSTs), and native Sui DeFi assets. These efforts have firmly established NAVI as a key player in the Sui network. Throughout the year, the protocol expanded its ecosystem with strategic investments, including $2 million secured from OKX Ventures, dao5, and Hashed in the first quarter. Additionally, NAVI collaborated with the liquid staking protocol VOLO to create a comprehensive liquidity platform that integrates lending, borrowing, and staking functionalities.
In the second quarter, NAVI used its ecosystem fund to incentivize developers and partners, fostering technological innovation within its ecosystem. Events such as the Sui Overflow Hackathon and Dev Races highlighted NAVI SDK’s potential and accelerated the pace of development. By the third quarter, NAVI had launched a next-generation liquidity management application, NAVI Pro, improving user experience significantly. The application introduced accessible profit strategies like LST Leverage Strategies, allowing even beginners to benefit from the platform.
The fourth quarter marked significant milestones for NAVI. Its TVL surpassed $750 million, substantially increasing liquidity for native Sui assets. The integration of USDC further improved capital efficiency. NAVI also launched a decentralized exchange (DEX) aggregator, NAVI AG, which streamlined asset trading on the Sui network. The aggregator consolidated various exchanges into a single interface, making transactions faster and more efficient while maintaining a user-friendly format reminiscent of Web2 platforms.
NAVI Protocol plans to continue advancing DeFi accessibility and stability in 2025, focusing on user-centric ecosystem enhancements and Sui blockchain-driven technological innovation. More details about NAVI Protocol’s accomplishments and future initiatives can be found on its official blog.
Sayart / Kang In sig, insig6622@naver.com
