NAVI protocol, the go-to lending protocol for the Sui blockchain, has experienced a sudden increase in its total value locked (TVL) figure, which reached a new record high on August 13 at over $255 million. The TVL has more than doubled over the past week alone. On August 6, the total value of the protocol’s liquidity dipped below $108 million to touch the lowest level since mid-March 2024.
The increase in TVL comes shortly after NAVI launched its Pro version, which offers an improved user interface, developer onboarding support, advanced decentralized finance (DeFi) strategies, more efficient liquidity management, and, more importantly, better yields.
NAVI claims that the Pro version’s improvements were added after feedback from its community.
While the public launch of NAVI Pro occurred on August 1, the liquidity provision (LP) rewards were refreshed on August 6, with new incentives increasing by 40% and more.
For example, the USDC pool saw its annual percentage yield (APY) figure surging from 7% on August 4 to more than 25% a few days later, triggering massive inflows of crypto funds to NAVI. The USDC pool alone has a record $103 million in TVL.
The USDC pool’s TVL has jumped more than sixfold since August 5, when it was less than $15 million.
On August 13, NAVI saw record inflows of nearly $35 million, with USDC accounting for the lion’s share.
Thanks to its rapid increase, USDC surpassed SUI, NAVX, and vSUI, becoming the most deposited token. As of this writing, the TVL of SUI, NAVX, and vSUI are $52 million, $37 million, and $32 million, respectively.
While NAVI’s lending platform is the main driver behind the protocol’s TVL growth, its staking product, Volo, is also recovering.
Volo is NAVI’s decentralized liquid staking platform offering vSUI in exchange for staked SUI, similar to how Lido works for Ethereum.
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