- The NAVI Protocol project has received $2 million in investments.
- OKX Ventures, Hashed Fund, Mechanism Capital, and other funds participated in the funding round.
NAVI Protocol, a decentralized liquidity protocol, has secured $2 million in investments. The funding was led by venture capital firms OKX Ventures, Hashed Fund, and dao5 organization. Additional investors in the project include Mechanism Capital, Gate.io, Arche Fund, Mysten Labs, ViaBTC Capital, and several other funds.
Positioning itself as the first liquidity protocol on the Sui network, NAVI Protocol enables users to borrow crypto assets without the need for intermediaries. The NAVI team aims to become a key player in the Sui ecosystem and contribute to the growth of decentralized finance (DeFi).
Ryan Kim, Managing Partner and Founder of Hashed Fund, described the protocol as an “innovative beacon” that integrates liquid staking solutions and leads the competitive landscape of the Sui ecosystem.
“The Hashed Foundation is pleased to support the NAVI Protocol developers as they expand their commitment to Move. We believe in their ability to drive change and create value in the rapidly growing Move space,” he said.
The Total Value Locked (TVL) indicator for the project has shown consistent growth. As of now, the amount of locked funds in NAVI Protocol smart contracts has surpassed $101 million, according to DeFi Llama.
This new investment influx will enable the organization to expand its services and scale its operations. The funds will be utilized for further platform development in lending, borrowing, and liquid staking on the Sui network. On February 4, the team will conduct an initial decentralized offering (IDO) of the NAVI token with the support of Cetus Protocol.
It’s worth noting that at the end of January, the TVL of the Sui Network exceeded $376 million for the first time.