In Brief:
- NAVI Protocol launched NAVI Prime on Sui on Aug. 17, moving lending out of a single shared pool and into independently curated markets that each carry their own risk framework and parameters.
- The framework targets funds and professional capital, with specialist curators building separate liquidity markets around specific assets or strategies.
- NAVI held about $124.6 million in total value locked at launch, all of it on Sui, with roughly $65.8 million in active loans.
NAVI Protocol launched NAVI Prime on Sui on Aug. 17, splitting its lending markets out of one shared liquidity pool and into markets that are curated independently.
“Today, we’re introducing NAVI Prime,” the protocol said, describing it as “A new lending framework on @SuiNetwork designed for capital that demands greater clarity, transparency, and control.”
Capital efficiency requires more than a shared pool.
NAVI Prime from @navi_protocol: independently curated markets, each with its own risk framework and parameters.
Live on Sui.@SuiView on X ↗
The audience is funds and institutional investors rather than the suppliers and borrowers NAVI’s main markets already serve.
What changes
The core of Prime is an isolated risk vault structure. Specialist curators build independent liquidity markets for a given asset or strategy and set the parameters for those markets themselves, instead of multiple assets drawing on the same pooled liquidity.
NAVI’s app now carries a Prime section alongside its other vault categories. Listings there show vault APR, deposits, liquidity, allocation and a curator field, indicating third parties handle allocation across individual Prime vaults.
Sui’s account put the pitch in one line. “Capital efficiency requires more than a shared pool,” it said, adding that Prime offers “independently curated markets, each with its own risk framework and parameters” and is live on Sui.
The design follows the curator model Morpho and Euler popularized on EVM chains, which separates risk curation from the base protocol so each market’s parameters are set on their own rather than pooled together.
The numbers at launch
NAVI had roughly $124.6 million in total value locked as of Aug. 17, all deployed on Sui, and about $65.8 million in active loans. Over the preceding 30 days the protocol generated approximately $404,300 in fees and about $153,700 in protocol revenue. Annualized fees came to an estimated $23.2 million.
Its lending markets support SUI, USDC, USDT, wrapped ether and wrapped bitcoin, alongside isolated lending pools and flash loans.
SUI fell about 4.7% amid a broader market downturn. The Prime launch didn’t lift it.
Not the first cut at isolation
But Prime isn’t new ground for NAVI. The protocol already ran Isolated Markets, built with dedicated liquidity, tighter execution and more precise exposure for specific assets and strategies, plus an Asset Isolation Mode that assigns debt ceilings to newly listed assets and multi-oracle pricing.
In the first quarter of 2026 it shipped Multiply, a vault-based strategy where leverage, borrowing and rebalancing are handled at the system level. Each deposit sits as a dedicated vault position, isolated from other lending activity.
NAVI was the first liquidity protocol to launch on Sui. It also runs Automatic Leveraged Vaults and, through Volo, a liquid staking token and a separate vault product.
That vault product has already been hit once. Volo Vault lost $3.5 million on Sui on April 21 in an incident logged as a protocol logic failure carried out through an admin key compromise.
