Sui's enterprise-level approach to basic technology enables NAVI to build its bank-level lending protocol on the network.

Traditional banks have always adopted technological features such as online banking and chip cards. However, when Charles and Elliscope created the NAVI Protocol, they chose to take a different approach. They chose to embrace the banking industry by leveraging their own technical expertise and background.

🌟NAVI Protocol: https://naviprotocol.io

We believe NAVI can become the Web3 bank for Web2 users, and the core of our company culture is kindness and openness.

• Co-founder of NAVI, Elliscope

The founders named the team NAVI, meaning to treat each other kindly, to reflect their philosophy.

During their time at companies like Apple and LinkedIn, the founders of NAVI were influenced by innovation in Silicon Valley and collaborated with top engineers from around the world to develop technology used by millions of users globally. When evaluating Sui as a potential platform for NAVI, they recognized how Sui was developed with innovative scalability in mind.

The founders of Sui have similar backgrounds, having built networks supporting enterprise-level applications from scratch. Sui's object-oriented programming model and other features far exceed other blockchain-based account-based models, providing experienced developers with expressive capabilities similar to those available in infrastructure at leading technology companies in Silicon Valley.

Building for Users

At its core, NAVI implements lending and borrowing functions on Sui. The protocol allows people to deposit tokens, which will increase in quantity at a certain interest rate. On the other side, people can pay interest to borrow tokens. Borrowers typically use these tokens in a way that generates returns exceeding the interest. NAVI maintains balanced lending and collateral pools, maximizing its capital efficiency.

We drew inspiration for NAVI's design from traditional financial institution models that operate lending and deposit businesses, which have historically proven to be very effective. By combining this approach with the flexibility and innovation of blockchain technology, we are able to create a protocol that is both user-friendly and efficient.

• NAVI's Business Manager, M

By various metrics, NAVI's growth has been quite impressive, demonstrating its strong performance in providing services for DeFi users to borrow cryptocurrencies on Sui.

NAVI's performance has been impressive, consistently appearing at the top of the DeFiLlama Sui list. Recently, its TVL reached $150 million, with $60 million in assets borrowed.

🌟 Sui list on DeFiLlama: https://defillama.com/chain/Sui

NAVI Interface Display

In addition to the efficiency of its protocol, NAVI's success is partly attributed to its user interface. The homepage displays the amount of tokens each user can deposit and borrow on the protocol, along with a health indicator. Through Notifi, if the health indicator indicates that they need to adjust their account, users will receive updates through their preferred communication channels. The page also displays a list of tokens, including SUI, USDC, and WETH, along with their yields and a simple "Supply" button, which facilitates one-click lending and borrowing.

In less than a year, NAVI's user base has grown to nearly 800,000.

Other tabs in the interface allow users to view the market divided by token supply on NAVI, access bridging and swapping functions, and view top users on the leaderboard. This gamified feature includes categories such as NAVI's point rating, supply amount, borrowed amount, and overall activity.

"We have collaborated with well-known brands in the Web3 industry in various activities, such as OKX, Bitget Wallet, Zealy, and Galxe," said Ivan, NAVI's marketing manager. As an example of these collaborations, the leaderboard includes a category showing users who have completed tasks on the Zealy platform.

Leveraging Object Security

DeFi protocols must practice and demonstrate exceptional security to protect users and reputation. One reason the NAVI founders chose Sui is Sui's object-oriented data architecture, making it more resistant to attacks than account-based blockchains.

All assets and tokens are represented as objects, avoiding common attack patterns on EVM chains, such as reentrancy attacks or double spend attacks.

• Co-founder of NAVI, Charles

This design paradigm allows for stronger control over how objects interact with each other and are accessed, effectively mitigating a wide range of attack vectors. The granularity of control extends to specifying who can interact with objects under what conditions and by what methods. Unlike traditional account-based systems that rely on more general security measures, Sui's object-centric approach enables developers to directly customize security policies to the individual characteristics of each digital asset.

• NAVI's core smart contract developer, Haoran

NAVI's focus on user experience includes ensuring that DeFi activities initiated by customers can be completed quickly. Users of Web2-based financial applications expect the operations they initiate to be completed almost immediately. When they open an account on NAVI, these users must find a similar experience.

Sui supports this experience by processing transactions faster than other blockchains through its transaction consensus mechanism. When someone uses NAVI for a DeFi transaction, their transaction is completed in less than a second, with settlement completed in seconds. And due to Sui's scalability, transaction times do not increase with transaction volume, allowing NAVI to support surges in transactions.

Embracing the Future

DeepBook, as Sui's first native liquidity layer, will play a role in NAVI's future plans. The NAVI protocol is integrated with DeepBook for clearing, ensuring the ability to respond to market changes. The liquidity support provided by DeepBook enables NAVI to explore new options for users, including exchanges and flash loans.

With their experience at leading tech companies, combined with their passion for Web3 and decentralization, the founders of NAVI have the ability to fully leverage Sui's architecture and features. The NAVI protocol has already achieved success, and they are on the right path.

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