NAVI Protocol (NAVX) has been gaining popularity in the crypto market as an innovative blockchain project that is focused on providing decentralized solutions. It allows users to lend and borrow crypto assets by creating liquidity pools. If you are new to the crypto market and want to know more about NVX, this article will help you understand the token in order to make better buying decisions.
What is NAVI Protocol (NAVX)?
NAVI Protocol is a decentralized liquidity platform aimed at improving decentralized finance (DeFi) and providing solutions for secure and efficient transactions. NAVX is the native token of the protocol, which can be used for governance, transaction fees, staking, and accessing different features within the ecosystem. The protocol is designed to offer low transaction fees to reduce costs for users. NAVX has a high transaction speed on the Sui blockchain and helps users interact with Decentralized Exchanges (DEXs), staking platforms, and liquidity pools.
It is built on the Move programming language and launched in 2023. It has over $174.4 million in total value locked (TVL) currently, with previous records showing it reaching over $290 million and even exceeding $712 million at different points in time.
Key Features of NAVI Protocol
- NAVI Protocol is built using the Move programming language, which improves security and efficiency in DeFi transactions
- Users can deposit assets into liquidity pools and receive NAVI receipt tokens (like nSUI) that represent their share. These tokens can be used as collateral for borrowing other assets.
- The protocol operates on an overcollateralized lending system, which ensures user safety by requiring collateral that exceeds the value of borrowed assets.
- The collateralization ratios are adjusted based on market supply and demand, allowing flexible borrowing options.
- By staking NAVX tokens, users can get veNAVI tokens, which grant them governance rights to influence protocol decisions, such as asset additions.
NAVX Tokens
NAVX is the utility and governance token within the NAVI Protocol ecosystem. It provides holders with several benefits:
- Fee discounts: Users can enjoy reduced fees when using the protocol
- Liquidity incentives: NAVX holders may receive rewards for providing liquidity.
- Staking rewards: Users can stake their NAVX tokens to earn additional rewards.
- Governance participation: NAVX holders can vote on key protocol decisions, which aligns community interests with the development of the protocol.
How To Buy NAVI Protocol (NAVX)?
If you wish to invest in the NAVI Protocol, you can follow the simple steps outlined below. But before that, it is important to understand the project and its objectives. You can visit the official website of NAVI Protocol, read its whitepaper, and follow updates on social media to have an overall idea and make an informed decision. This will make you more confident in your investment. After, this you can move on to buying:
Choose a Cryptocurrency Exchange
NAVX tokens are mostly listed on decentralized exchanges and some centralized exchanges. To buy NAVX, you will first need to find a platform where it is available and compare prices. Make sure the exchange you choose is operating in your country and supports NAVI Protocol trading. Go through its features like fees, security, and user reviews to find one that suits your requirements. Some popular options are Bitget, Bitmart, MEXC Global, and Kucoin.
Create an Account
Register on the exchange you have chosen by submitting Know Your Customer (KYC) and creating an account.
Fund Your Account
Transfer funds to your trading account according to whatever payment methods are available such as bank transfer, credit card, or debit card. Once your account is funded, search for NAVI Protocol on the exchange’s listing.
Purchase NAVX
Once you select the crypto you wish to buy, enter the desired amount of NAVX tokens you wish to buy, enter transaction details, and confirm the purchase.
Your NAVI Protocol purchase will be processed in a while and deposited in your exchange wallet. It is better to transfer your crypto to a hardware wallet like Wirex or Trezor for more security.
Risks To Consider
When buying NAVI Protocol, it is important to choose a reliable exchange that has modest fees. Also, it is important to transfer your crypto to a hardware wallet as keeping them in the exchange makes them prone to malware attacks and phishing. This way, even if the exchange goes down, your crypto will be safe.
Final Thoughts
The current price of NAVI Protocol is around $0.1523 USD, with a market capitalization of around $58.87 million USD. The protocol’s design shows security and user-friendliness, making it appealing to those investors who are interested in DeFi activities on the Sui blockchain. However, it is important to remember that all cryptocurrency investments carry risks, especially with newer tokens. Always invest only what you can afford to lose and consider your risk tolerance before investing.
Disclaimer: This is not financial advice and is based on public data. Please DYOR before you make any buying decisions.
