NAVI Lending Review 2026: Sui's Money Market Examined

NAVI Lending is a lending and borrowing protocol on the Sui blockchain, built on the Move language. Users can deposit assets such as SUI, USDC, USDT, wETH and wBTC to earn interest, or borrow against collateral without selling it. DefiLlama lists it under Lending with about $138.3M in TVL and a listing date of August 2023.

The homepage describes it as 'Banking-Grade Finance, Fully Onchain' and claims 1M+ users and $30B+ in loans processed. It also reports $19M+ in cumulative interest paid to depositors. These are the project's own figures, and they are not independently verified.

Beyond the core markets, NAVI offers isolated pools and flash loans. NAVI Prime targets institutional allocators with curated vaults and isolated markets. The protocol has its own token, NAVX. DefiLlama also notes that crosschain lending is planned.

NAVI is a money market. Depositors supply assets to shared liquidity pools and earn interest. Borrowers lock collateral and take out loans from those pools. Because loans are over-collateralized, the collateral is worth more than the debt.

Interest is paid by borrowers. The homepage says depositor interest comes from active, over-collateralized loans with real borrowing demand. Rates change with how much of a pool is borrowed. If a borrower's collateral value falls too far, the position can be liquidated to repay the debt.

NAVI is built on Move and runs on Sui. It offers isolated pools, where risk is separated by market, and flash loans. NAVI Prime adds curated vaults and isolated markets for larger allocators.

NAVI does not publish a simple fee schedule. Costs come mainly through variable borrow interest and the supply rates depositors receive, which depend on market utilization.

The homepage shows example rates: deposits up to 8.42% APY (USDC 8.42%, SUI 7.32%, USDT 6.87%) and borrow rates from -0.42% APR (USDC 4.32%, SUI 1.45%, USDT 2.34%). A negative borrow rate usually reflects incentive rewards. Users also pay Sui network gas on each transaction. Check the live app and documentation for current rates and any protocol fees.

NAVI's homepage lists 13 security audits from Asymptotic, MoveBit, Veridise, SALUS and OtterSec, says reports are published on GitHub, and cites open-source contracts, a $500K+ bug bounty and 24/7 risk monitoring. DefiLlama lists 2 audits. It also claims 'zero incident' since 2023. These are the project's own statements, and public sources include no independent incident review.

Users keep exposure to smart-contract bugs, oracle issues and liquidation risk on borrowed positions. Deposits are not insured. NAVI is non-custodial in the usual DeFi sense, but funds sit in protocol contracts. The project does not describe any regulatory status. Only deposit what you can afford to lose and check local rules on DeFi use.

NAVI is for Sui users comfortable with DeFi who want to earn on idle assets or borrow against them. Its Prime product also targets institutions and allocators seeking curated vaults. Beginners should learn about liquidation and start with small amounts.