During the fourth quarter of 2023, NAVI launched a number of significant upgrades, features and integrations to enhance the DeFi composability of the Sui ecosystem and establish its position as the leading lending protocol on Sui. NAVI has maintained a stable TVL and growing number of users, relying on a passionate community to maintain a surge in TVL and community users.
This article will review some of the milestones for the NAVI protocol in the final quarter of 2023.
1. Main indicators and milestones
The best way to understand NAVI is to look at its growth data from Q4 2023 to date.
NAVI is the first native one-stop liquidity protocol on Sui, committed to providing users with the right incentives in terms of security, functionality and value.
1. Total market capitalization of NAVI——$60 million
As of the end of December 2023, NAVIs total market capitalization reached $50 million (including borrowings), propelling it to the forefront of the Sui ecosystem. In the first week of 2024, that record was quickly broken, with the market cap soaring to $60 million. This rapid growth provides a solid foundation for future development.
Within this metric, we can get some relevant key metrics such as: $25 million in loaned assets, $1.5 billion in total deposits, $650 million in total borrowings, and an average utilization rate of 45% across all assets.
2. Sustainable, industry-leading APY
Thanks to the support of the Sui Foundation, NAVI is able to provide users with industry-leading APY on major incentive pools. Since the launch of its main network in July 2023, NAVI has distributed more than $2.5 million in rewards to providers and borrowers who provide liquidity.
3. User indicators
Since the launch of the NAVI protocol on the Sui mainnet in July 2023, NAVI’s user base has been continuously increasing. As of the end of the fourth quarter of 2023, there were more than 760,000 unique users and 4.7 million transactions completed, making an important contribution to the overall growth of the Sui ecosystem.
4. Growth of social media
In the last quarter of 2023, driven by multiple social and educational growth activities, the NAVI community has rapidly expanded and has more than doubled its initial size: more than 45,000 Twitter fans and more than 25,000 Telegram members , Discord has more than 38,000 members.
2. New integrations and functions
NAVI has been continuously upgrading, introducing new features and integrations, and is committed to providing the Sui DeFi community with useful lending products that focus on security, functionality, incentives, and are highly integrated with other parts of the Sui ecosystem.
1. Incentive lending pool
To further promote interoperability and composability in DeFi, NAVI has introduced an incentivized lending pool. This innovative feature rewards users for borrowing tokens from its liquidity pool, effectively reducing borrowing costs and promoting the flow of funds within the Sui ecosystem.
2. HeroSwap integration
In November 2023, NAVI integrated HeroSwap into the protocol’s website. The goal of this cross-chain exchange is to increase the accessibility of the Sui ecosystem to users brought in from other networks. Users can swap to SUI directly from the respective blockchains of ETH, BTC and SOL. This enables a new group of users to immediately provide liquidity to the NAVI protocol and start earning high APY on the Sui network’s native assets.
For details, see:https://x.com/navi_protocol/status/1729219823681274217?s=20
3. Reward management page
In order to make the user experience smoother, the NAVI development team strives to provide a convenient reward management page. The NAVI Reward Management page provides everything you need to manage and claim your rewards.
Full display:https://medium.com/@navi.protocol/new-feature-showcase-navi-rewards-page-90f29835d356
4. NAVI Transaction History
NAVI reached a cooperation with Blockvision, and the team improved the process between different protocols and further simplified the interaction with the protocol.
Display post:https://x.com/navi_protocol/status/1732291708740616295?s=20
5. Ranking list
Community is the cornerstone of any blockchain project. This prompted the NAVI team to take community-building tools to the next level, introducing the NAVI leaderboard feature. NAVI Leaderboards are a new gamification feature that allows NAVI users to earn points by interacting with the protocol. The NAVI leaderboard aims to gamify the DeFi experience, helping navigators identify communities and early supporters in a systematic way.
Full display:https://medium.com/@navi.protocol/navi-leaderboard-season-1-start-436562103cb3
6. CETUS Liquidity Pool
NAVI listed the CETUS token in the protocol’s liquidity pool, and since listing, users have deposited over $500,000 in CETUS in NAVI’s liquidity pool. This not only solidifies the partnership with Cetus Protocol, but also enhances DeFi composability on the Sui network and provides more utility for the CETUS token and NAVI.
Announce post:https://x.com/navi_protocol/status/1732397958212055214?s=20
7. vSUI, haSUI liquidity pool and incentives
In order to continuously improve the DeFi asset module of the Sui ecosystem, NAVI integrated Volos vSUI and Haedals haSUI in December 2023. These are liquid SUI versions that represent SUI ownership staked through these platforms. Integrating these liquid staking tokens into the NAVI protocol helps achieve the following goals: Accumulate staking APY by holding vSUI or haSUI (4.2% for vSUI, 3.78% for haSUI); Accumulate staking APY from NAVI by providing liquidity to the protocol of additional APY.
Additionally, since integrating these LSTs, NAVI splits the increased incentives 50/50 between SUI and vSUI or haSUI. This enables users to develop more advanced lending and LST strategies within the Sui DeFi ecosystem.
3. TVL and social growth activities
NAVI participates in multiple events focusing on protocol user engagement, user experience and TVL growth.
1. OKEX DeFi Earn
One of the activities that has significantly contributed to NAVI’s growth is its partnership with the OKX DeFi wallet. The event runs from December 7, 2023 to January 13, 2024. It achieves the goal of promoting NAVI to the large and diverse OKX user base and attracts users to interact with NAVI by providing liquidity.
NAVI is offering $50,000 in rewards to users who provide liquidity in SUI, USDC, CETUS, and wETH.
USDC and SUI LPs receive an additional 10% in rewards on top of the rewards already provided by the NAVI protocol. CETUS and wETH LPs receive an additional 20% bonus.
For details, see:https://medium.com/@navi.protocol/okx-defi-x-navi-protocol-bonus-event-c257dbda67da
2. Halloween Meme Activity
Launch a Halloween-themed emoticon contest, and the rewards are:
1st place — $75
2nd Place — $50
3rd Place — $25
Original tweet:https://x.com/navi_protocol/status/1719015725870772291?s=20
Winners list:https://x.com/navi_protocol/status/1721861298349056398?s=20
3. 2,$5M Total Market Cap Galxe Activity
To celebrate the major milestone of reaching a total market capitalization of $25 million, NAVI organized a Galxe event draw with up to 5,600 participants and a prize pool of $500.
Link:https://galxe.com/naviprotocol/campaign/GC9pVUnaxP
4. 3,million USD total market capitalization Taskon activity
After reaching a total market capitalization of $30 million, to celebrate the occasion, NAVI ran a campaign through Taskon with over 6,100 participants and a prize pool of $500.
Link:https://taskon.xyz/campaign/detail/20611
5. Taskmas Taskon
NAVI was actively involved in the larger Taskon Taskmas event, where NAVI attracted more than 7,600 participants and provided a total of $60,000 in prizes to give back to the community for their support during the holiday season.
Link:https://taskon.xyz/campaign/detail/25864
6. Bitget x NAVI Galxe integration
NAVI launches its last major event at the end of 2023 to celebrate the cooperation and mutual integration with the Bitget wallet. The event, with a total prize pool of $500, attracted more than 5,600 participants from the NAVI and Bitget communities.
Link:https://galxe.com/naviprotocol/campaign/GC8S7tUU4J
4. Activities and AMA
1. Taiwan Blockchain Week 2023
NAVI participated in one of the most prestigious blockchain events of the year, Taipei Blockchain Week #TBW 2023. The core team is able to network with leading thinkers in the industry and solidify important connections with other builders.
2.ChainChill 2023
NAVI co-sponsored the Chainchill side event of TBW 2023 to have in-depth communication with Sui ecological builders.
Check out event highlights in the featured video:
https://x.com/navi_protocol/status/1740781671224651959?s=20
3. OKX AMA
Following the launch of the OKX Web3 x NAVI bounty campaign, NAVI core contributor and DeFi expert Charles conducted an AMA on the OKX English Telegram channel. The AMA was a huge success, receiving over 1,000 questions on all aspects of NAVI, helping to educate the public at large about the intricacies of the NAVI protocol.
5. Highlights and Summary
NAVI is committed to continuously improving existing products, launching new products and integrations to maintain its core position in the Sui ecosystem. While 2023 is an incredible year of growth, it’s just the starting point to push the boundaries even further and set new goals for the new year.
