Navi ProtocolMicro-cap

Navi Protocol receives a C+ risk grade (36/100) from Hindenrank, where lower scores indicate lower risk. Moderate risk — dominant Sui lender with strong growth, but leveraged vaults and thin liquidity create serious downside amplification The largest lending protocol on Sui, letting you deposit crypto to earn interest, borrow, or use one-click leveraged vaults for up to 5x exposure. It manages $450M in deposits with a $38M valuation. Its B- grade reflects solid lending fundamentals, dragged down by leveraged vaults that amplify losses during downturns and thin liquidity on Sui for handling mass sell-offs.

The key risks identified for Navi Protocol are: (1) The one-click leverage vaults offer 3-5x exposure. A 30% drop in SUI could wipe out your entire position. These amplified losses also flood the market with sell pressure that drags down everyone else. (2) The protocol's own liquid staking token (Volo LST) is used as collateral. If Volo LST loses its peg to SUI, every position backed by it gets liquidated simultaneously. (3) Governance can be captured cheaply. The protocol manages $450M but its governance token is worth only $38M. Buying control of votes costs far less than the assets at risk.

Navi Protocol scores 36/100 across eight risk dimensions: Mechanism Novelty: 3/15, Interaction Severity: 7/20, Oracle Surface: 3/10, Documentation Gaps: 2/10, Track Record: 2/15, Scale Exposure: 5/10, Regulatory Risk: 5/10, Vitality Risk: 9/10. The highest risk area is Vitality Risk at 9/10.

Among 90 rated Lending protocols on Hindenrank, Navi Protocol ranks #48 by safety (lowest risk score = safest). Its 36/100 risk score and C+ grade place it in the middle tier of Lending protocols.

Navi Protocol scores 2/15 on the Track Record risk dimension, indicating some history of security incidents or exploits. Higher scores reflect more severe or frequent incidents. Review the full risk report for details.