Sui in 60 Seconds, Oct. 29: NAVI Prime's USDC Borrow Rate Turns Negative, Aftermath Lists KNTQ Perps

SuiWire's daily recap of the Sui ecosystem for Thursday, October 29, 2026, covering news since the October 28 recap. Market figures were pulled at 5:10 p.m. PT (00:10 UTC on October 30).

Markets: SUI falls to about $0.87 as DEX volume rises

CoinGecko listed SUI at $0.871, down 7.7% over 24 hours.

DefiLlama data shows total value locked on Sui at about $465.9 million, down about 2.3% from about $477.0 million on October 28. Decentralized exchange volume on Sui came to about $34.6 million on October 29, up about 42% from about $24.3 million on October 28. Cetus CLMM was the largest venue at about $13.8 million, followed by DeepBook V3 at about $7.9 million, Bluefin Spot at about $6.4 million and Turbos at about $4.7 million.

USDC borrow rate turns negative on NAVI Prime's vSUI/USDC market

NAVI Protocol said the USDC borrow rate on the vSUI/USDC isolated market on NAVI Prime was at -0.6% APR because incentives more than cover the interest. Borrowers deposit vSUI, Volo's liquid staking token, as collateral and borrow USDC, so the vSUI keeps earning staking yield while the borrow position earns incentives. NAVI described the offer as a limited-time incentive.

The rate changes with market conditions. NAVI's public API showed the market's net USDC borrow rate at about -0.37% on Thursday evening, with a base borrow rate of about 2.83% offset by about 3.20% in incentives paid in vSUI. The same data listed vSUI's staking yield at about 1.27%.

Aftermath Finance lists KNTQ perpetuals

Aftermath Finance added a perpetual market for KNTQ, the token of Kinetiq, a liquid staking protocol on Hyperliquid. Traders can go long or short with up to 5x leverage, and the market is margined in USDC.

NAVI marks a year of bug bounties with HackenProof

NAVI Protocol marked one year of working with the bug bounty platform HackenProof. HackenProof said the NAVI ecosystem now has six active bug bounty programs covering NAVI, Volo and Astros, with rewards of up to $300,000 for security researchers who find vulnerabilities.

PIPS takes waitlist sign-ups for its DeepBook-powered trading game

PIPS, which describes itself as a gamified trading console, is taking waitlist sign-ups. The app runs its games on DeepBook, Sui's on-chain order book, and the team says it built PIPS so "the market feels like something you play, not something you study." Sui and Sui Community highlighted the waitlist on Thursday.

Also on SuiWire

• Mercado Bitcoin to Add SUI, USDC and USDsui in Brazil, Plans Tokenized Assets on Sui
• Events: Walrus × Tatum: Total Recall Hackathon, through Nov. 10
• Events: SuiHub Lagos: The Linq Experience, Oct. 31

SuiWire publishes this recap every day. Figures from data trackers change throughout the day and may differ from those shown at the time of reading.