SUI ecosystem has been exponentially growing. The total value locked on the blockchain has exceeded $500M recently. In addition to the growing TVL rate, the active number of wallets and the volume on the exchanges and liquidity protocols have been going up in line.
Having the highest volume on the SUI ecosystem, Cetus DEX initiated the launchpad of the liquidity protocol named NAVI (NAVX) for both whitelisted and non - whitelist DeFi investors. As a result of 3 days of the token locking window, the tokens are distributed to those who staked CETUS native token and SUI to 2 different pools.
To be able to show the hype on NAVI protocol clearly, I'd like to share a screenshot from Cetus Launchpad.
The first pool received 46K more stakes whereas Cetus pool received around 13K more Cetus stakes. The day was a huge success for the team of NAVI!
The initial price during the IDO was around $0.3 and the token is traded at $0.20 as of writing.
First of all, NAVX has been listed on several centralized exchanges such as KuCoin and Bitget but, rather than gathering data from them, I use another method by using Tradingview.
As we are going to provide liquidity with SUI and CETUS, we do not need to check USD pairs directly. Instead, we will make slight adjustments to get the ratio between the pairs directly.
On the search bar, write the input that
KUCOIN:NAVXUSDT/BINANCE:SUIUSD
and enter, do not choose the options below.
There are two pools available for NAVY farms on Cetus Pool List.
I choose to utilize both of their high APR that exceeds 750% - 850% easily.
Let's take NAVX - SUI pools as an example.
This is the range that I actively follow as the SUI per NAVX ratio goes higher.
If you are available, my humble suggestion is following the liquidity closely with maximum -5% / +5% rage of the current price.
By doing so, you can get the leverage rate +30x easily. If you are not available to follow it closely, you can go with the ratio that -5% / +10% or +12% because of the buy pressure on NAVX and sell pressure on SUI as of writing.
The rate has been going up only because of the demand on NAVX and, as a result of the current volatility, the price of SUI drops. Actually, this is not the ideal situation for the liquidity farmers because we do not want to carry our positions up or down every time the price is out of the range. However, I am okay with playing the game with the rules of current hype as I believe the price of the NAVX token has the potential to go really high as one of the best liquidity protocols on SUI.
Within an hour, I received + 0.072008324 SUI and 2.76 NAVX = $0.55 NAVX and $0.11 SUI for $175 liquidity provided.
$0.66 x 24 = $15.84 is theoretically possible but I do not think the volatility would make it real. However, receiving above $10 is not impossible with a great strategy.
Personally, I started with 3 pools for SUI - NAVX, and their ranges were in line with the TVL. The higher TVL had the widest range to be sustainable and it got narrower as the liquidity was lower. This method can be the most sustainable one with less effort because the majority of the liquidity will always be in action.
Note: Please consider the risk of impermanent loss while providing liquidity on concentrated pools.
What do you think about investing in NAVX?
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