NAVI Lending (Sui)
Takes as collateral: bitcoin and ether
Dollar loans only: other currencies are separate books, never added in
Debt and rates count loans made in US dollars and dollar stablecoins. Loans in euros, francs, yen, ether or bitcoin itself are separate books, shown by currency on each venue, never added in.
- BTC collateral — the supplied amount of the venue's pegged-bitcoin reserves as each pool reports it — what is deposited, not what is pledged against a loan.
- Dollar debt against bitcoin — the whole pool's lending against every collateral it takes (bitcoin is 22.7% of the pool's collateral) — not debt against bitcoin, and no dollar of it is assigned to bitcoin without an account-level read.
- Liquidation threshold — the loan-to-value at which the venue liquidates a bitcoin position, not a price: no bitcoin book is read at this venue to turn it into one (a pool's debt has no collateral of its own until its accounts are read).
Loan duration is not a venue figure on an on-chain pool: these markets are open-term, and a position runs until it is repaid or liquidated. A fixed term exists only where the venue writes one — the custodial desks (cefi_credit_rates.term_days) and Gavel's auction, which is fixed-rate and fixed-term by construction.
10 of 10 criteria researched. What the criteria are →
Markets — as served, not a venue rate
One row per market, as the venue publishes them. These are market rates: combining them into a single venue rate is a weighting across this venue's markets, and choosing one here would be a methodology decision taken in a web page.
No BTC market rows are served for this venue. This venue runs no contracts, so there is no market state to read — the absence is a property of the venue class, not a gap.
Price
What does credit cost here, and how is the price formed?
| Rate formation | algorithmic_utilisationsourceNAVI Storage 0xbb4e2f4b6205c2e2a2db47aeb4f830796ec7c005f88537ee775986639bc442fe on Sui — each ReserveData carries borrow_rate_factors {base_rate, multiplier, jump_rate_multiplier, optimal_utilization}, read 2026-09-30: a two-slope function of utilisation with a jump at the optimal ratio — algorithmic_utilisation. |
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| Term structure | open_endedsourceNAVI Storage on Sui — a position is a balance in each reserve's supply and borrow tables (ReserveData.supply_balance, borrow_balance), accruing by index; no field carries a maturity. |
| Rate certainty | variablesourceNAVI Storage on Sui — each ReserveData carries current_borrow_rate and a borrow index, updated as the reserve is touched; nothing is fixed at origination. |
Quality
What stands behind a position, and what can change under the reader?
| Oracle dependency | multiplesourceNAVI Storage 0xbb4e2f4b6205c2e2a2db47aeb4f830796ec7c005f88537ee775986639bc442fe on Sui mainnet (chain identifier 35834a8a), read 2026-09-30 at checkpoint 328670207: every ReserveData carries an oracle_id into one shared price oracle object (0x1568865ed9a0b5ec414220e8f79b3d04c77acc82358f6e5ae4635687392ffbef, from NAVI's published config). A pooled market's solvency depends on the feeds of every reserve an account touches. What feeds the oracle object was not read. |
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| Default & liquidation | thresholdsourceNAVI Storage 0xbb4e2f4b6205c2e2a2db47aeb4f830796ec7c005f88537ee775986639bc442fe on Sui — each ReserveData carries liquidation_factors {threshold, ratio, bonus}, read per reserve on 2026-09-30: an account is liquidatable once its debt exceeds its collateral at those thresholds, up to the ratio of the position, at the bonus. How a shortfall left after liquidation is absorbed was not read. |
| Custody & backing | protocol_custodialsourceNAVI on Sui — 11 markets, each a SHARED Storage object of one package (0xd899cf7d2b5db716bd2cf55599fb0d5ee38a3061e7b6bb6eebf73fa5bc4c81ca), confirmed by object type on 2026-09-30; deposits are held by the protocol's pool objects and a depositor holds a balance in the Storage's tables, not the coin. Roots: NAVI's own API (open-api.naviprotocol.io /markets and /config). |
| Recourse | non_recoursesourceNAVI on Sui — a position belongs to an address in the Storage's tables and the protocol's only remedy is liquidating its collateral (liquidation_factors); nothing identifies a borrower beyond the address. How a residual shortfall is absorbed was not read. |
| Track record | 35 months observedsourceDerived from the first aggregator observation this dataset holds for the venue (defi_rates_llama, 2023-10-26; the registry holds no first_date for it). This is a LOWER BOUND on the venue's age, not the age itself: a venue trading long before the aggregator began listing it reads short here. The observer is the aggregator, not the venue's own contracts. Not typed, and not a claim about the venue's longevity. |
Composition
Who and what makes up this market?
| Collateral accepted | BTC reserves (7): wBTC, LBTC, xBTC, enzoBTC, WBTCsourceNAVI Storage objects on Sui mainnet (chain identifier 35834a8a), read 2026-09-30 at checkpoint 328670207 (registry/resolution/2026-09/sui.json). 11 markets; the Main Market holds 35 reserves and nearly all the bitcoin. Bitcoin reserves usable as collateral: wBTC ("Wrapped Bitcoin", 0xaafb102d…::btc::BTC, 8 decimals) — 14.8 supplied, 2.48 borrowed, LTV 65%, liquidation threshold 70%; LBTC ("Lombard Staked BTC", 0x3e8e9423…::lbtc::LBTC, 8 decimals) — 35.6 supplied, 0.965 borrowed, LTV 65%, liquidation threshold 70%; xBTC ("OKX Wrapped BTC", 0x876a4b7b…::xbtc::XBTC, 8 decimals) — 110 supplied, 51.8 borrowed, LTV 67%, liquidation threshold 70%; enzoBTC ("Lorenzo Wrapped Bitcoin", 0x8f2b5eb6…::coin::COIN, 8 decimals) — 435 supplied, 0 borrowed, LTV 62%, liquidation threshold 77%; WBTC ("Wrapped BTC", 0x0041f9f9…::wbtc::WBTC, 8 decimals) — 43 supplied, 19.4 borrowed, LTV 65%, liquidation threshold 70%; WBTC ("Wrapped BTC", 0x0041f9f9…::wbtc::WBTC, 8 decimals, lzWBTC/USDC Market) — 0.13 supplied, 0 borrowed, LTV 80%, liquidation threshold 82%; xBTC ("OKX Wrapped BTC", 0x876a4b7b…::xbtc::XBTC, 8 decimals, xBTC/USDC Market) — 0.94 supplied, 0 borrowed, LTV 80%, liquidation threshold 82%. Listed with an LTV of 0 (no borrowing power): WBTC ("Wrapped BTC", 0x027792d9…::coin::COIN, 8 decimals) — 0.469 supplied, 0.0138 borrowed, LTV 0%, liquidation threshold 45%. NOT counted as bitcoin: stBTC "Lorenzo stBTC" (asset_peg: not pegged, 59 bps; 0.505 supplied), MBTC "MBTC" (asset_peg: not pegged; 317 bps over 155 days on this Sui token; 300 supplied), YBTC.B "Yield BTC.B" (no asset_peg row; 0.0601 supplied). ⚠ Three different coins here carry the symbol WBTC or wBTC; they are told apart by coin type, not by symbol. NOTE: the market is POOLED and multi-collateral, so a bitcoin reserve's presence does not mean a given borrow is secured by it. |
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| Book depth & concentration | unknown (no per-venue counterparty count exists in this registry or in the comparison payload, so depth and concentration cannot be established. This is a gap in THIS DATASET, not in the venue, and is a different value from `undisclosed`, which would mean the venue does not publish it.) |
| Observability | price: partial — Observed through the aggregator (DefiLlama). The aggregator's rows are each pool's published borrow and supply rates as it reports them — not a read of the venue's own contracts, and not checked against one. As of 2026-10-01. quantity: partial — Observed through the aggregator (DefiLlama): bitcoin collateral is the supplied amount of each pegged-bitcoin reserve, converted at the day's bitcoin reference, and debt is the borrowed amount per pool or vault. Neither is a read of the venue's own contracts. As of 2026-10-01. composition: none — Not obtainable from an aggregator — composition is loan-level and requires event ingestion, which is not planned for this venue. |
What the loans are denominated in
Not yet established for this venue — which is not the same as dollars.
Backing chain
Each link from what this venue takes as collateral down to the bitcoin it rests on, in order, with how each link was established.
How a chain is read, and what it does not claim
backing_chain: the ordered claims standing between a creditor and the coins, each link derived from a sourced fact already held and carrying it in `derived_from` — the custody cell, the venue's borrow card, or wrapper_registry.yaml for who holds the bitcoin behind a token. A `representation` link has one branch per token the venue takes; branches are alternatives, not a sequence. A link nobody has established is shown with status `incomplete` and names what is missing — it is never dropped, because a missing link omitted makes a long chain look short. `undisclosed` means the party does not publish it; `incomplete` means this dataset has not established it. NEVER SCORED AND NEVER COUNTED: no length, link count or ranking is published, and none should be derived — chain length and link transparency are orthogonal (ETP-backed margin is the longest chain here and every link of it is regulated). `recourse` is what the creditor holds beyond the chain. ⚠ Tokens are identified BY SYMBOL: the wrapper registry is not keyed by chain or address, so every `representation` link carries a `deployment` step that is incomplete — whether a token is native to the chain of the venue or a bridge receipt (one more link) is not established — and a symbol the registry knows to name a different token on a venue is shown unresolved, not given that wrapper's holders.
- contract_escrow established — the protocol contract — the collateral is escrowed and neither the operator nor the borrower can move it
source
attribute · custody_model = protocol_custodialNAVI on Sui — 11 markets, each a SHARED Storage object of one package (0xd899cf7d2b5db716bd2cf55599fb0d5ee38a3061e7b6bb6eebf73fa5bc4c81ca), confirmed by object type on 2026-09-30; deposits are held by the protocol's pool objects and a depositor holds a balance in the Storage's tables, not the coin. Roots: NAVI's own API (open-api.naviprotocol.io /markets and /config). - representation incomplete
source
wrapper_registry · wrapper_registry.yaml as of 2026-09-02deployment incompletewhether each token is issued natively on this chain or bridged to it — a further link when bridged — is not in wrapper_registry.yaml, which is keyed by symbol, not by chain or address- enzoBTC established · yield_bearing · identified by symbolENZOBTC undisclosed · issuer Lorenzo Protocol · consortium · holders [Cobo, Ceffu, ChainUp] · holder_unknown_share partialWAS 'Lorenzo'. Lorenzo's own documentation names Cobo, Ceffu and ChainUp as the custodial institutions. It also accepts WBTC and BTCB as deposits, so part of this is a layered wrapper — see holder_unknown_share.
source
issuer_docdocs.lorenzo-protocol.xyz/introduction/enzobtc-decentralized-wrapped-btc-for-defi - LBTC established · yield_bearing · identified by symbolLBTC established · issuer Lombard · consortium · holders [Anchorage Digital Bank, Kraken Institutional]WAS 'Lombard'. Lombard is the protocol. Its documentation places the BTC in Lombard-owned, segregated, bankruptcy-remote accounts at Anchorage Digital Bank, with the active allocation at Kraken Institutional and Anchorage; Bitwise holds trading authority only. Mint, burn and bridge require majority consensus of a 14-member Security Consortium. No public split between the two custodians, so the pair is carried whole.
source
issuer_docdocs.lombard.finance/use/lbtc; anchorage.com 'Lombard Builds LBTC's Institutional Structure on Anchorage Digital' - wBTC established · direct_wrapped · identified by symbolWBTC established · issuer BitGo · custodial · holders [BitGo]Reserves in 2-of-3 multisig with BitGo holding two keys. Since 2024 BitGo custodies jointly with BiT Global, a Hong Kong custodian part-owned by Justin Sun — a second name on the same bitcoin, recorded but not split because no share is published.
source
issuer_docBitGo, 'Wrapped BTC Launches with BitGo Custody and Full Proof of Assets', blog.bitgo.com; proof-of-reserve at wbtc.network - xBTC established · direct_wrapped · identified by symbolXBTC established · issuer OKX · custodial · holders [OKX]OKX's wrapped bitcoin on Sui, Solana, Aptos and X Layer. OKX states each xBTC is backed 1:1 by bitcoin it holds in custody, shown in its proof of reserves. The exchange is both issuer and holder; the legal entity holding the coins is not named in the material read.
source
issuer_docokx.com/learn/what-is-xbtc; okx.com/xbtc; okx.com/help/okx-officially-launches-the-multi-chain-wrapped-token-xbtc (read 2026-09-30)
- enzoBTC established · yield_bearing · identified by symbol
source
The generic axis set
Identical for every venue, identically computed. An axis that cannot be computed here renders its reason — never silently omitted, because an omitted axis says it was not considered. A figure that covers only part of what the axis asks is marked, with what it leaves out beneath it. Collateral, debt and the borrow and lend rates are the tiles at the top of this page.
| Utilisation (venue roll-up) | 55.2% the pool's dollar reserves: borrowed over supplied across 5 reserve(s), latest day — the whole pool, not its bitcoin book defi_rates_llama, quantity-gated |
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| Intermediation margin | +4.00 pts · derived the pool's borrow rate minus its supply rate on the same dollar reserves — what the venue keeps, plus the cost of idle supply borrow rate minus lend rate, both as above |
| Trailing realised average (7/30/90d) | 7d 7.09% · 30d 7.00% · 90d 7.07% dollar loans, debt-weighted over the days observed (7 / 30 / 90 of 7 / 30 / 90); continuously compounded defi_rates_llama — the 30-day window's rows, gates and floor (098) |
| Rate volatility (30/90d) | 30d 0.09 pts · 90d 0.14 pts the standard deviation of the daily debt-weighted borrow rate, in percentage points — not annualised the daily rate above |
| Spread to the pair aggregate | +2.10 pts vs Algorithmic · derived this venue's borrow rate minus its class's (4.90%), both as served on the spine /v1/market/tree — the venue's and its class's borrow rates |
| Spread to matched Treasuries | +2.86 pts vs the 1-month bill (4.13%) · derived the venue's borrow rate minus the 1-month bill, both continuously compounded. An open-term loan has no maturity of its own, so the bill stands for a 30-day window macro_rates — the 1-month Treasury bill, 2026-10-08 (Federal Reserve H.15) |
| Origination flow | collecting (not read yet) — loan events are read for Morpho Blue (Ethereum, Base) and the six Aave v3 chains only |
| Repayment flow | collecting (not read yet) — loan events are read for Morpho Blue (Ethereum, Base) and the six Aave v3 chains only |
| Aggregate and distributional LTV | collecting (not read yet) — a pool's debt has no collateral of its own; the LTV of its bitcoin-only borrowers needs an account-level read, which this venue does not have yet |
| Residence distribution | collecting (not read yet) — how long positions stay open needs each loan's history; it is held for Morpho Blue and the Aave v3 chains and not yet computed |
| Liquidation incidence | collecting (not read yet) — liquidations are read from events for Morpho Blue and the Aave v3 chains, and as positions past threshold where a pool is read account by account |
| Top-10 concentration share | collecting (not read yet) — borrower concentration is read where a pool is read account by account (21 venues) |
There is no score on this page and none will be added. The criteria are published and versioned before any venue is measured against them, and this venue's row is produced by the same pipeline as every other.
Access routes
Unknown (not surveyed yet). No one has looked for an MCP server for this venue. That is not the same as having looked and found none, and this row will not say the second while meaning the first. The listing criteria are published.
Ask for this by machine
| REST | GET https://api.bitcoincreditstack.com/v1/market/venues/navi_lending_sui |
|---|---|
| MCP | get_venue({ venue_id: "navi_lending_sui" }) get_venue({ venue_id: "navi_lending_sui", include: ["axes", "headline"] }) |
The same figures, the same names and dates. Connect your AI →
How this venue compares depends on what you'd borrow, for how long, against what. That's a question for your AI, with this data behind it.
https://mcp.bitcoincreditstack.com/mcp