Abu Dhabi, UAE, October 9, 2024 – Dragonz Lab, a Web3 gaming studio originating from the UK, today…

**Abu Dhabi, UAE, October 9, 2024** – Dragonz Lab, a Web3 gaming studio originating from the UK, today announced a $9 million funding round led by Syndicate Capital Limited Partnership Fund (LPF), a venture fund specializing in Web3, Blockchain, and AI investments, playing a role as a community builder to foster the development of digital economy.

This strategic equity investment aims to enhance the development of Dragonz Land, a utility-driven Play-2-Earn game, promoting digital property rights and the Web3 ecosystem.

Through Syndicate Capital LPFs support, Dragonz Lab plans to use the funds to further develop _Dragonz Land’s_ ecosystem, which already boasts a base of over 5.3 million monthly active users, to enhance the game’s features such as PvP tournaments, strategic guild collaborations and customer loyalty program. 

_Dragonz Land_ combines unique NFT cards with dynamic gameplay and community engagement. Players can buy, collect, level up, and trade cards across 16 distinct factions while earning in-game tokens through tapping and completing various tasks.

“Partnering with Syndicate Capital LPF represents a huge leap forward for the Dragonz ecosystem,” said Andy Chen, Representative of Co-General Partner of Syndicate Capital LPF and Board Member of Dragonz Lab.

“Being the frontier and market leader in the Web3 spaces, our expertise in building ecosystems around loyalty programs aligns with our vision to create a sustainable and engaging gaming environment. This strategic investment and synergy will bolster our game development while providing our users with innovative  digital assets and digital property rights to increase user acquisition and retention in the Web3 spaces.”

The game, available on both mobile and desktop via Telegram, utilizes blockchain for secure transactions and true ownership of digital assets. Syndicate Capital LPF is targeting the burgeoning tap game market, as many titles have struggled to retain traction.

The move marks the frontier Asian VC fund from the Web2 space to invest in a Web3 Play-2-Earn game. _Dragonz Land_ stands out for its engaging gameplay combined with a successful revenue model, including in-game purchases and upgrades for ultimate users or digital property owners. 

“Dragonz Land represents the future of gaming and Web3 more broadly, combining our success in customer loyalty programs as well as the excitement of GameFi, innovative blockchain technology, and a successful revenue model” said Dr. Albert Yip, Chairman of Syndicate Capital Group.

“As a Web3 builder, we are thrilled to support this project, providing our expertise to boost the Dragonz ecosystem and produce synergy with our other digital loyalty programs such as Asia Top, which is one of our flagship portfolio companies of Syndicate Capital LPF .”

The project is set to deliver its tokenomics and additional features in the coming months, reinforcing its commitment to continually growing its user base and community engagement.

****About Dragonz Land****

Dragonz Land is a Trading Card Game where players buy, collect, merge, and evolve NFT cards to increase their power, rarity, and value. The cutting edge Web3 MTG style trading card game is implemented into a tap-to-earn using features like claiming Game Cards and NFTs, KOL/Heroes guilds.

****About Syndicate Capital Group****

Syndicate Capital Group is the Investor Champion and Corporate Champion of Global Fast Track, aiming to support the fintech and CBDC initiatives globally. It is the Co-General Partner of Syndicate Capital LPF which is a Web3 venture fund with a special focus for investments in the digital economy. Syndicate Capital Group is a Web3 investor of the investors network at Cyberport that is positioned as the Web3 Hub in Hong Kong.

****Media Contact****

*   Franky Kas
*   PR Manager
*   \[email protected\]

1.  What is Blockchain Gaming and its Play-to-Earn Model?
2.  The Rise of Blockchain Gaming and Secure Marketplaces
3.  Atari Asteroids Hack Sparks Blockchain Gaming Transparency Debate

Dragonz Lab Secures $9M from Syndicate Capital to Boost ‘Dragonz Land’ Ecosystem

Red Hat Security Advisory 2024-7820-03 - An update for podman is now available for Red Hat Enterprise Linux 9.2 Extended Update Support.

    The following advisory data is extracted from:https://security.access.redhat.com/data/csaf/v2/advisories/2024/rhsa-2024_7820.jsonRed Hat officially shut down their mailing list notifications October 10, 2023.  Due to this, Packet Storm has recreated the below data as a reference point to raise awareness.  It must be noted that due to an inability to easily track revision updates without crawling Red Hat's archive, these advisories are single notifications and we strongly suggest that you visit the Red Hat provided links to ensure you have the latest information available if the subject matter listed pertains to your environment.- Packet Storm Staff====================================================================Red Hat Security AdvisorySynopsis:           Important: podman security updateAdvisory ID:        RHSA-2024:7820-03Product:            Red Hat Enterprise LinuxAdvisory URL:       https://access.redhat.com/errata/RHSA-2024:7820Issue date:         2024-10-09Revision:           03CVE Names:          CVE-2024-34156====================================================================Summary: An update for podman is now available for Red Hat Enterprise Linux 9.2 Extended Update Support.Red Hat Product Security has rated this update as having a security impact of Important. A Common Vulnerability Scoring System (CVSS) base score, which gives a detailed severity rating, is available for each vulnerability from the CVE link(s) in the References section.Description:The podman tool manages pods, container images, and containers. It is part of the libpod library, which is for applications that use container pods. Container pods is a concept in Kubernetes.Security Fix(es):* encoding/gob: golang: Calling Decoder.Decode on a message which contains deeply nested structures can cause a panic due to stack exhaustion (CVE-2024-34156)For more details about the security issue(s), including the impact, a CVSS score, acknowledgments, and other related information, refer to the CVE page(s) listed in the References section.Solution:https://access.redhat.com/articles/11258CVEs:CVE-2024-34156References:https://access.redhat.com/security/updates/classification/#importanthttps://bugzilla.redhat.com/show_bug.cgi?id=2310528

Red Hat Security Advisory 2024-7820-03

Red Hat Security Advisory 2024-7819-03 - An update for buildah is now available for Red Hat Enterprise Linux 9.2 Extended Update Support.

    The following advisory data is extracted from:https://security.access.redhat.com/data/csaf/v2/advisories/2024/rhsa-2024_7819.jsonRed Hat officially shut down their mailing list notifications October 10, 2023.  Due to this, Packet Storm has recreated the below data as a reference point to raise awareness.  It must be noted that due to an inability to easily track revision updates without crawling Red Hat's archive, these advisories are single notifications and we strongly suggest that you visit the Red Hat provided links to ensure you have the latest information available if the subject matter listed pertains to your environment.- Packet Storm Staff====================================================================Red Hat Security AdvisorySynopsis:           Important: buildah security updateAdvisory ID:        RHSA-2024:7819-03Product:            Red Hat Enterprise LinuxAdvisory URL:       https://access.redhat.com/errata/RHSA-2024:7819Issue date:         2024-10-09Revision:           03CVE Names:          CVE-2024-34156====================================================================Summary: An update for buildah is now available for Red Hat Enterprise Linux 9.2 Extended Update Support.Red Hat Product Security has rated this update as having a security impact of Important. A Common Vulnerability Scoring System (CVSS) base score, which gives a detailed severity rating, is available for each vulnerability from the CVE link(s) in the References section.Description:The buildah package provides a tool for facilitating building OCI container images. Among other things, buildah enables you to: Create a working container, either from scratch or using an image as a starting point; Create an image, either from a working container or using the instructions in a Dockerfile; Build both Docker and OCI images. Security Fix(es):* encoding/gob: golang: Calling Decoder.Decode on a message which contains deeply nested structures can cause a panic due to stack exhaustion (CVE-2024-34156)For more details about the security issue(s), including the impact, a CVSS score, acknowledgments, and other related information, refer to the CVE page(s) listed in the References section.Solution:https://access.redhat.com/articles/11258CVEs:CVE-2024-34156References:https://access.redhat.com/security/updates/classification/#importanthttps://bugzilla.redhat.com/show_bug.cgi?id=2310528

Red Hat Security Advisory 2024-7819-03

Red Hat Security Advisory 2024-7818-03 - An update for containernetworking-plugins is now available for Red Hat Enterprise Linux 9.2 Extended Update Support.

    The following advisory data is extracted from:https://security.access.redhat.com/data/csaf/v2/advisories/2024/rhsa-2024_7818.jsonRed Hat officially shut down their mailing list notifications October 10, 2023.  Due to this, Packet Storm has recreated the below data as a reference point to raise awareness.  It must be noted that due to an inability to easily track revision updates without crawling Red Hat's archive, these advisories are single notifications and we strongly suggest that you visit the Red Hat provided links to ensure you have the latest information available if the subject matter listed pertains to your environment.- Packet Storm Staff====================================================================Red Hat Security AdvisorySynopsis:           Important: containernetworking-plugins security updateAdvisory ID:        RHSA-2024:7818-03Product:            Red Hat Enterprise LinuxAdvisory URL:       https://access.redhat.com/errata/RHSA-2024:7818Issue date:         2024-10-09Revision:           03CVE Names:          CVE-2024-34156====================================================================Summary: An update for containernetworking-plugins is now available for Red Hat Enterprise Linux 9.2 Extended Update Support.Red Hat Product Security has rated this update as having a security impact of Important. A Common Vulnerability Scoring System (CVSS) base score, which gives a detailed severity rating, is available for each vulnerability from the CVE link(s) in the References section.Description:The Container Network Interface (CNI) project consists of a specification and libraries for writing plug-ins for configuring network interfaces in Linux containers, along with a number of supported plug-ins. CNI concerns itself only with network connectivity of containers and removing allocated resources when the container is deleted. Security Fix(es):* encoding/gob: golang: Calling Decoder.Decode on a message which contains deeply nested structures can cause a panic due to stack exhaustion (CVE-2024-34156)For more details about the security issue(s), including the impact, a CVSS score, acknowledgments, and other related information, refer to the CVE page(s) listed in the References section.Solution:https://access.redhat.com/articles/11258CVEs:CVE-2024-34156References:https://access.redhat.com/security/updates/classification/#importanthttps://bugzilla.redhat.com/show_bug.cgi?id=2310528

Red Hat Security Advisory 2024-7818-03

Red Hat Security Advisory 2024-7812-03 - A security update is now available for Red Hat JBoss Enterprise Application Platform 7.4. Issues addressed include a code execution vulnerability.

    The following advisory data is extracted from:https://security.access.redhat.com/data/csaf/v2/advisories/2024/rhsa-2024_7812.jsonRed Hat officially shut down their mailing list notifications October 10, 2023.  Due to this, Packet Storm has recreated the below data as a reference point to raise awareness.  It must be noted that due to an inability to easily track revision updates without crawling Red Hat's archive, these advisories are single notifications and we strongly suggest that you visit the Red Hat provided links to ensure you have the latest information available if the subject matter listed pertains to your environment.- Packet Storm Staff====================================================================Red Hat Security AdvisorySynopsis:           Critical: Red Hat JBoss Enterprise Application Platform 7.4 security updateAdvisory ID:        RHSA-2024:7812-03Product:            Red Hat JBoss Enterprise Application PlatformAdvisory URL:       https://access.redhat.com/errata/RHSA-2024:7812Issue date:         2024-10-08Revision:           03CVE Names:          CVE-2024-47561====================================================================Summary: A security update is now available for Red Hat JBoss Enterprise Application Platform 7.4.Red Hat Product Security has rated this update as having a security impact of Critical. A Common Vulnerability Scoring System (CVSS) base score, which gives a detailed severity rating, is available for each vulnerability from the CVE link(s) in the References section.Description:Red Hat JBoss Enterprise Application Platform 7 is a platform for Java applications based on the WildFly application runtime.This asynchronous patch is a security update for Red Hat JBoss Enterprise Application Platform 7.4.Security Fix(es):* apache-avro: Schema parsing may trigger Remote Code Execution (CVE-2024-47561)A Red Hat Security Bulletin which addresses further details about this flaw is available in the References section.For more details about the security issue(s), including the impact, a CVSS score, acknowledgements, and other related information, refer to the CVE page(s) listed in the References section.Solution:CVEs:CVE-2024-47561References:https://access.redhat.com/security/updates/classification/#criticalhttps://docs.redhat.com/en/documentation/red_hat_jboss_enterprise_application_platform/7.4https://docs.redhat.com/en/documentation/red_hat_jboss_enterprise_application_platform/7.4/html-single/installation_guide/indexhttps://bugzilla.redhat.com/show_bug.cgi?id=2316116

Red Hat Security Advisory 2024-7812-03

Red Hat Security Advisory 2024-7811-03 - A security update is now available for Red Hat JBoss Enterprise Application Platform 7.4. Issues addressed include a code execution vulnerability.

    The following advisory data is extracted from:https://security.access.redhat.com/data/csaf/v2/advisories/2024/rhsa-2024_7811.jsonRed Hat officially shut down their mailing list notifications October 10, 2023.  Due to this, Packet Storm has recreated the below data as a reference point to raise awareness.  It must be noted that due to an inability to easily track revision updates without crawling Red Hat's archive, these advisories are single notifications and we strongly suggest that you visit the Red Hat provided links to ensure you have the latest information available if the subject matter listed pertains to your environment.- Packet Storm Staff====================================================================Red Hat Security AdvisorySynopsis:           Critical: Red Hat JBoss Enterprise Application Platform 7.4 Security updateAdvisory ID:        RHSA-2024:7811-03Product:            Red Hat JBoss Enterprise Application PlatformAdvisory URL:       https://access.redhat.com/errata/RHSA-2024:7811Issue date:         2024-10-08Revision:           03CVE Names:          CVE-2024-47561====================================================================Summary: A security update is now available for Red Hat JBoss Enterprise Application Platform 7.4.Red Hat Product Security has rated this update as having a security impact of Critical. A Common Vulnerability Scoring System (CVSS) base score, which gives a detailed severity rating, is available for each vulnerability from the CVE link(s) in the References section.Description:Red Hat JBoss Enterprise Application Platform 7 is a platform for Java applications based on the WildFly application runtime.This asynchronous patch is a security update for Red Hat JBoss Enterprise Application Platform 7.4.Security Fix(es):* apache-avro: Schema parsing may trigger Remote Code Execution (CVE-2024-47561)A Red Hat Security Bulletin which addresses further details about this flaw is available in the References section.For more details about the security issue(s), including the impact, a CVSS score, acknowledgements, and other related information, refer to the CVE page(s) listed in the References section.Solution:CVEs:CVE-2024-47561References:https://access.redhat.com/security/updates/classification/#criticalhttps://docs.redhat.com/en/documentation/red_hat_jboss_enterprise_application_platform/7.4https://docs.redhat.com/en/documentation/red_hat_jboss_enterprise_application_platform/7.4/html-single/installation_guide/indexhttps://bugzilla.redhat.com/show_bug.cgi?id=2316116

Red Hat Security Advisory 2024-7811-03

Red Hat Security Advisory 2024-7599-03 - Red Hat OpenShift Container Platform release 4.16.16 is now available with updates to packages and images that fix several bugs and add enhancements. Issues addressed include code execution, denial of service, integer overflow, and out of bounds write vulnerabilities.

The following advisory data is extracted from:

https://security.access.redhat.com/data/csaf/v2/advisories/2024/rhsa-2024_7599.json

Red Hat officially shut down their mailing list notifications October 10, 2023.  Due to this, Packet Storm has recreated the below data as a reference point to raise awareness.  It must be noted that due to an inability to easily track revision updates without crawling Red Hat's archive, these advisories are single notifications and we strongly suggest that you visit the Red Hat provided links to ensure you have the latest information available if the subject matter listed pertains to your environment.

- Packet Storm Staff

====================================================================  
Red Hat Security Advisory

Synopsis:           Important: OpenShift Container Platform 4.16.16 bug fix and security update  
Advisory ID:        RHSA-2024:7599-03  
Product:            Red Hat OpenShift Enterprise  
Advisory URL:       https://access.redhat.com/errata/RHSA-2024:7599  
Issue date:         2024-10-09  
Revision:           03  
CVE Names:          CVE-2023-3462  
====================================================================

Summary: 

Red Hat OpenShift Container Platform release 4.16.16 is now available with updates to packages and images that fix several bugs and add enhancements.

This release includes a security update for Red Hat OpenShift Container Platform 4.16.

Red Hat Product Security has rated this update as having a security impact of Important. A Common Vulnerability Scoring System (CVSS) base score, which gives a detailed severity rating, is available for each vulnerability from the CVE link(s) in the References section.

Description:

Red Hat OpenShift Container Platform is Red Hat's cloud computing Kubernetes application platform solution designed for on-premise or private cloud deployments.

This advisory contains the container images for Red Hat OpenShift Container Platform 4.16.16. See the following advisory for the RPM packages for this release:

https://access.redhat.com/errata/RHBA-2024:7602

Space precludes documenting all of the container images in this advisory. See the following Release Notes documentation, which will be updated shortly for this release, for details about these changes:

https://docs.openshift.com/container-platform/4.16/release_notes/ocp-4-16-release-notes.html

Security Fix(es):

* glibc: Out of bounds write in iconv may lead to remote code execution  
(CVE-2024-2961)  
* Hashicorp/vault: Vault’s LDAP Auth Method Allows for User Enumeration  
(CVE-2023-3462)  
* openssl: Possible denial of service in X.509 name checks (CVE-2024-6119)  
* path-to-regexp: Backtracking regular expressions cause ReDoS  
(CVE-2024-45296)  
* libexpat: Negative Length Parsing Vulnerability in libexpat  
(CVE-2024-45490)  
* libexpat: Integer Overflow or Wraparound (CVE-2024-45491)  
* libexpat: integer overflow (CVE-2024-45492)

For more details about the security issue(s), including the impact, a CVSS score, acknowledgments, and other related information, refer to the CVE page(s) listed in the References section.

All OpenShift Container Platform 4.16 users are advised to upgrade to these updated packages and images when they are available in the appropriate release channel. To check for available updates, use the OpenShift CLI (oc) or web console. Instructions for upgrading a cluster are available at https://docs.openshift.com/container-platform/4.16/updating/updating_a_cluster/updating-cluster-cli.html

Solution:

CVEs:

CVE-2023-3462

References:

https://access.redhat.com/security/updates/classification/#important  
https://bugzilla.redhat.com/show_bug.cgi?id=2228020  
https://bugzilla.redhat.com/show_bug.cgi?id=2273404  
https://bugzilla.redhat.com/show_bug.cgi?id=2306158  
https://bugzilla.redhat.com/show_bug.cgi?id=2308615  
https://bugzilla.redhat.com/show_bug.cgi?id=2308616  
https://bugzilla.redhat.com/show_bug.cgi?id=2308617  
https://bugzilla.redhat.com/show_bug.cgi?id=2310908  
https://issues.redhat.com/browse/OCPBUGS-31878  
https://issues.redhat.com/browse/OCPBUGS-35850  
https://issues.redhat.com/browse/OCPBUGS-36816  
https://issues.redhat.com/browse/OCPBUGS-37654  
https://issues.redhat.com/browse/OCPBUGS-37689  
https://issues.redhat.com/browse/OCPBUGS-38687  
https://issues.redhat.com/browse/OCPBUGS-38797  
https://issues.redhat.com/browse/OCPBUGS-39377  
https://issues.redhat.com/browse/OCPBUGS-41709  
https://issues.redhat.com/browse/OCPBUGS-41905  
https://issues.redhat.com/browse/OCPBUGS-42012  
https://issues.redhat.com/browse/OCPBUGS-42015  
https://issues.redhat.com/browse/OCPBUGS-42057  
https://issues.redhat.com/browse/OCPBUGS-42113  
https://issues.redhat.com/browse/OCPBUGS-42382

Red Hat Security Advisory 2024-7599-03

Red Hat Security Advisory 2024-7590-03 - Red Hat OpenShift Container Platform release 4.12.67 is now available with updates to packages and images that fix several bugs and add enhancements. Issues addressed include code execution, open redirection, and out of bounds write vulnerabilities.

The following advisory data is extracted from:

https://security.access.redhat.com/data/csaf/v2/advisories/2024/rhsa-2024_7590.json

Red Hat officially shut down their mailing list notifications October 10, 2023.  Due to this, Packet Storm has recreated the below data as a reference point to raise awareness.  It must be noted that due to an inability to easily track revision updates without crawling Red Hat's archive, these advisories are single notifications and we strongly suggest that you visit the Red Hat provided links to ensure you have the latest information available if the subject matter listed pertains to your environment.

- Packet Storm Staff

====================================================================  
Red Hat Security Advisory

Synopsis:           Important: OpenShift Container Platform 4.12.67 bug fix and security update  
Advisory ID:        RHSA-2024:7590-03  
Product:            Red Hat OpenShift Enterprise  
Advisory URL:       https://access.redhat.com/errata/RHSA-2024:7590  
Issue date:         2024-10-09  
Revision:           03  
CVE Names:          CVE-2024-2961  
====================================================================

Summary: 

Red Hat OpenShift Container Platform release 4.12.67 is now available with updates to packages and images that fix several bugs and add enhancements.

This release includes a security update for Red Hat OpenShift Container Platform 4.12.

Red Hat Product Security has rated this update as having a security impact of Important. A Common Vulnerability Scoring System (CVSS) base score, which gives a detailed severity rating, is available for each vulnerability from the CVE link(s) in the References section.

Description:

Red Hat OpenShift Container Platform is Red Hat's cloud computing Kubernetes application platform solution designed for on-premise or private cloud deployments.

This advisory contains the container images for Red Hat OpenShift Container Platform 4.12.67. See the following advisory for the RPM packages for this release:

https://access.redhat.com/errata/RHBA-2024:7592

Space precludes documenting all of the container images in this advisory. See the following Release Notes documentation, which will be updated shortly for this release, for details about these changes:

https://docs.openshift.com/container-platform/4.12/release_notes/ocp-4-12-release-notes.html

Security Fix(es):

* glibc: Out of bounds write in iconv may lead to remote code execution  
(CVE-2024-2961)  
* webob: WebOb's location header normalization during redirect leads to  
open redirect (CVE-2024-42353)

For more details about the security issue(s), including the impact, a CVSS score, acknowledgments, and other related information, refer to the CVE page(s) listed in the References section.

All OpenShift Container Platform 4.12 users are advised to upgrade to these updated packages and images when they are available in the appropriate release channel. To check for available updates, use the OpenShift CLI (oc) or web console. Instructions for upgrading a cluster are available at https://docs.openshift.com/container-platform/4.12/updating/updating-cluster-cli.html

Solution:

CVEs:

CVE-2024-2961

References:

https://access.redhat.com/security/updates/classification/#important  
https://bugzilla.redhat.com/show_bug.cgi?id=2273404  
https://issues.redhat.com/browse/OCPBUGS-38610  
https://issues.redhat.com/browse/OCPBUGS-41585  
https://issues.redhat.com/browse/OCPBUGS-41600  
https://issues.redhat.com/browse/OCPBUGS-41854  
https://issues.redhat.com/browse/OCPBUGS-41881  
https://issues.redhat.com/browse/OCPBUGS-42161  
https://issues.redhat.com/browse/OCPBUGS-42166

Red Hat Security Advisory 2024-7590-03

Red Hat Security Advisory 2024-7457-03 - An update for mod_jk is now available for Red Hat Enterprise Linux 9.4. Issues addressed include denial of service and information leakage vulnerabilities.

The following advisory data is extracted from:

https://security.access.redhat.com/data/csaf/v2/advisories/2024/rhsa-2024_7457.json

Red Hat officially shut down their mailing list notifications October 10, 2023.  Due to this, Packet Storm has recreated the below data as a reference point to raise awareness.  It must be noted that due to an inability to easily track revision updates without crawling Red Hat's archive, these advisories are single notifications and we strongly suggest that you visit the Red Hat provided links to ensure you have the latest information available if the subject matter listed pertains to your environment.

- Packet Storm Staff

====================================================================  
Red Hat Security Advisory

Synopsis:           Moderate: mod_jk bug fix update  
Advisory ID:        RHSA-2024:7457-03  
Product:            Red Hat Enterprise Linux  
Advisory URL:       https://access.redhat.com/errata/RHSA-2024:7457  
Issue date:         2024-10-08  
Revision:           03  
CVE Names:          CVE-2024-46544  
====================================================================

Summary: 

An update for mod_jk is now available for Red Hat Enterprise Linux 9.4.

Description:

The mod_jk module is an Apache HTTP Server plug-in that enables the Apache HTTP Server to connect with the Apache Tomcat servlet engine.

Bug Fix(es):

* Rebase to upstream 1.2.50 release (JIRA:RHEL-58855)

Security fix(es):

* mod_jk: information Disclosure / DoS (CVE-2024-46544) (JIRA:RHEL-59800)

Solution:

https://access.redhat.com/articles/11258

CVEs:

CVE-2024-46544

References:

https://access.redhat.com/security/updates/classification/#moderate  
https://bugzilla.redhat.com/show_bug.cgi?id=2314194  
https://issues.redhat.com/browse/RHEL-58855

Red Hat Security Advisory 2024-7457-03

The Sui Foundation supports native USDC on the Sui network with $120M in liquidity, marking the 3rd largest…

The Sui Foundation supports native USDC on the Sui network with $120M in liquidity, marking the 3rd largest USDC supply. NAVI integrates USDC on day 1, enhancing capital efficiency and user experience.

**New York, US, October 9, 2024** – The Sui Foundation recently announced support for native USDC on the Sui network. As the inaugural and top DeFi & liquidity protocol on Sui, NAVI announced that it will integrate Circle’s native USDC asset on DAY 1. 

With $120M in USDC liquidity, this constitutes the 3rd largest USDC supply in the industry, next to Aave and Compound. The integration of Circle’s USDC stablecoin directly into the Sui network enhances capital efficiency and improves the user experience across the ecosystem. 

This move strengthens Sui’s standing in the blockchain industry, enhancing user experience and promoting wider adoption of the Sui ecosystem through NAVI fully supporting native USDC with a suite of in-application migration features and a capital-efficient native USDC Liquidity Pool, including native USDC liquidity support, flash loan capabilities, among other functionalities.

As more blockchain networks adopt USDC, with Sui being the latest, the role of permissionless composability has fueled the rapid expansion of new applications and blockchain networks by leveraging existing open technologies.

****Native vs Bridged USDC on Sui****

The introduction of native USDC to the Sui network simplifies transaction processes and enhances liquidity within the ecosystem. Users will now have the ability to access USDC directly on Sui, streamlining workflows and increasing overall value for participants. 

Moreover, with the adoption of Cross-Chain Transfer Protocol (CCTP), users can eliminate delays typically associated with bridge withdrawals, thereby establishing a new standard for blockchain efficiency.

Native USDC offers distinct advantages compared to bridged USDC (wUSDC). Native issuance guarantees that the asset is fully reserved and can always be redeemed 1:1 for US dollars. This adds a layer of trust for developers and users alike, who can rely on the integrity of the underlying asset.

****Native USDC on NAVI****

In its pursuit to provide the highest level of asset composability on the Sui network, the NAVI Protocol will fully integrate native USDC as a lending and borrowing liquidity pool. As part of a broader ecosystem initiative, NAVI aims to incentivize users to transition away from bridged USDC and adopt native USDC entirely.

NAVI Protocol is committed to delivering the best possible experience for lending and borrowing, which includes the integration of native USDC, fully backed by US dollars and redeemable on a 1:1 basis. The upcoming migration plan is expected to accelerate the adoption of native USDC, thereby contributing to the growth and improvement of the Sui DeFi ecosystem.

A comprehensive migration plan will be shared in the coming days, outlining the steps necessary for a seamless transition.

****About Circle****

Circle is building the largest, most widely used stablecoin network so billions around the world can access digital dollars for payments and liquidity. The company currently manages USDC, the #2 stablecoin by market cap. It combines the power and stability of US Dollars with the speed of the internet, setting the groundwork for a new global and decentralized financial system. 

****About NAVI Protocol****

NAVI is the inaugural liquidity protocol native to the Sui network. It seeks to establish the cornerstone for chains based on the Move system and aspires to be the premier liquidity protocol in the Sui DeFi ecosystem.

****Media Contact****

*   Ivan Djordjevic
*   Marketing Lead
*   \[email protected\]

Latest News