NAVI Protocol has launched NAVI Prime, a Sui-based modular lending framework that replaces shared liquidity pools with independently curated markets, each with its own risk and collateral rules. According to the latest announcement, this approach allows different asset markets, such as stablecoins and volatile wrapped assets, to optimize capital efficiency without sharing risk. The framework leverages Sui's Move-based architecture to enhance isolated, composable financial products in DeFi, providing lending infrastructure for institutions and professional capital while extending NAVI Protocol's existing role as a liquidity platform within the Sui ecosystem.
According to DefiLlama data as of August 17, NAVI Protocol manages approximately $125.6 million in total value locked across its lending markets, with all capital deployed on Sui. Active loans stood at about $65.8 million, meaning borrowers were using more than half of the value held across the protocol's tracked products. During the preceding 30 days, NAVI generated approximately $404,300 in fees, with protocol revenue reaching about $153,700 and annualized fees estimated at $23.2 million. The protocol's NAVX governance token had a circulating market value of about $5.7 million at the time of the data snapshot, with roughly 816.2 million NAVX tokens circulating from a maximum supply of 1 billion.
NAVI Protocol's existing lending service supports SUI, USDC, USDT, wrapped Ether, and wrapped Bitcoin, with DefiLlama including NAVI Lending, Volo LST, and Volo Vault within the NAVI Protocol group. The platform provides isolated lending pools and flash loans, with users able to supply supported tokens and earn interest while borrowers can deposit collateral to obtain other digital assets using overcollateralized positions to manage loan risk. In October 2024, NAVI supported the native USDC rollout from its first day on Sui, allowing users to exchange bridged USDC versions for native USDC through the platform. In June 2025, NAVI and OKX announced a two-month xBTC campaign offering $700,000 in incentives to users supplying the asset through Sui.
For American investors, Sui exposure is available through CME Group futures contracts launched in May 2026, providing cash-settled exposure to SUI without requiring traders to hold the token in an onchain wallet. CME offers standard contracts representing 50,000 SUI and micro contracts representing 5,000 SUI, with both products settled in cash using the CME CF Sui-Dollar Reference Rate. Despite managing $125.6 million in total value locked, NAVI Protocol maintains a modest $6 million token market cap, highlighting the protocol's institutional backing despite its relatively small tokenized value. NAVI Protocol raised $4 million through two funding rounds in early 2024, with investors including OKX Ventures, Hashed, Mysten Labs, Mechanism Capital, Coin98 Ventures, Gate.io, and several other crypto-focused firms.
