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Key Takeaways

Haedal is a liquid staking protocol built on the Sui network. It allows users to stake their SUI tokens and contribute to the governance and decentralization of the Sui blockchain.

After staking their assets, users receive liquid staking tokens (LST) called haSUI, which they can use in other DeFi services and activities.

Haedal merges native liquid staking and yield strategies with an intuitive user experience, making it an important pillar of the Sui DeFi ecosystem.

Introduction

The Haedal Protocol is a decentralized finance (DeFi) platform built on the Sui blockchain. It focuses on liquid staking and liquidity provision through a market maker model called Haedal Market Maker (HMM).

By blending staking with DeFi, Haedal aims to optimize capital use and yield potential for users. Let’s take a closer look at the Haedal Protocol, its structure, liquid staking system, the Haedal Market Maker, and their roles within the Sui ecosystem.

What Is Haedal?

The Haedal Protocol is a liquid staking platform designed to support the Sui blockchain, a layer 1 blockchain known for its scalability and low transaction costs.

Haedal allows users to stake SUI tokens, the native cryptocurrency of the Sui network, to help secure the blockchain. In return, they receive a liquid staking token (LST) called haSUI. This token enables users to effectively unlock their liquidity and participate in DeFi activities without sacrificing staking rewards, addressing the trade-offs found in traditional staking models.

Liquid Staking with Haedal

How liquid staking works

Liquid staking allows users to stake assets while retaining liquidity, unlike traditional staking, where assets are locked. In Haedal, users stake SUI tokens to support Sui’s validator network, which secures the blockchain. In return, they receive haSUI, a yield-bearing token that represents their staked SUI and accrues validator rewards.

Haedal offers two staking modes:

Automated Staking: The protocol selects efficient validators, simplifying the process for users with a one-click experience.

Manual Staking: Users choose specific validators based on their annual percentage yield (APY), offering more control.

Once staked, haSUI is minted and deposited into the user’s wallet.

Utility of haSUI

The haSUI token is designed to integrate seamlessly into Sui’s DeFi ecosystem. It can be used in:

Decentralized exchanges (DEXs): For trading or providing liquidity in pools (e.g., haSUI/SUI on Cetus DEX).

Lending protocols: As collateral or for borrowing.

NFT marketplaces: For purchasing or trading NFTs.

Stablecoin protocols: For stablecoin-related DeFi activities.

This flexibility allows users to earn staking rewards while participating in yield-generating DeFi strategies, enhancing capital efficiency.

The Haedal Market Maker (HMM)

The Haedal Market Maker (HMM) is an automated market maker (AMM) designed to optimize liquidity for haSUI and other assets on Sui. Unlike traditional AMMs, HMM uses protocol-owned liquidity, initially funded by Haedal, to provide efficient trading and enhance yields for haSUI holders. 

As of May 2025, Haedal is among the largest AMM Sui by daily trading volume, with over $900 million in total volume and a TVL of roughly $1 million, according to DefiLlama. HMM charges a 0.04% trading fee, with 50% allocated to incentives, such as boosting haSUI yields.

Key mechanisms of HMM

1. Dynamic liquidity concentration: Unlike traditional AMMs that distribute liquidity across an infinite price range using the constant-product formula (x * y = k), HMM concentrates liquidity within specific price ranges likely to see trading activity. It uses a non-linear leverage factor to adjust liquidity dynamically, aligning with real market conditions to minimize slippage and optimize capital use.

2. Oracle-based Pricing: HMM integrates high-frequency oracle price feeds (e.g., Pyth Network) to align liquidity with real-time market prices. This reduces impermanent loss risk for liquidity providers and can even generate “impermanent profit” by capitalizing on price movements, complementing other AMMs and order books on Sui.

3. Inventory management: HMM maintains pool balance by adjusting asset prices dynamically. If one asset in a pool (e.g., SUI in a SUI-USDC pair) depletes, HMM increases its price to encourage selling and discourage buying, which helps restore the equilibrium.

Capital efficiency and risk management

HMM leverages Sui’s high transaction-per-second (TPS) capacity to adjust liquidity in volatile pairs, minimizing drawdowns caused by market fluctuations. Additionally, HMM is resistant to Miner Extractable Value (MEV) attacks, such as front-running and sandwich attacks, ensuring stable yields for users.

Funding and profit distribution

HMM operates using Haedal’s protocol-owned liquidity, eliminating the need for external liquidity providers in the early stages of the protocol. According to the official documentation, the initial funds will be provided by the Haedal team, with profits reinvested continuously to scale liquidity:

40% to the haSUI Treasury (in SUI), enhancing haSUI’s APR.

50% for HAEDAL token buybacks, distributed as rewards to veHAEDAL stakers.

10% to Haedal’s protocol treasury for long-term sustainability.

HAEDAL and veHAEDAL

HAEDAL is the native governance token of the Haedal Protocol. It has a total supply of 1 billion units and a 7-year release schedule.

Haedal introduced veHAEDAL as a vote-escrowed token for governance and staking rewards. Users can lock HAEDAL tokens for 1 to 52 weeks to receive veHAEDAL. Longer lockups yield more veHAEDAL. Benefits include:

Weekly staking rewards.

Amplified yields in Haedal’s farm modules.

Voting power in Haedal DAO proposals.

HAEDAL on Binance HODLer Airdrops

On May 21, 2025, Binance announced HAEDAL as the 19th project on the Binance HODLer Airdrops. Users who subscribed their BNB to Simple Earn and/or On-Chain Yields products from May 10 to 13 were eligible to receive HAEDAL airdrops. A total of 30 million HAEDAL tokens were allocated to the program, accounting for 3% of the total token supply.

HAEDAL was listed with the Seed Tag applied, allowing for trading against the USDT, USDC, BNB, FDUSD, and TRY pairs.

Closing Thoughts

The Haedal Protocol offers a blend of liquid staking and liquidity management through its Haedal Market Maker (HMM). By enabling users to stake SUI tokens and receive haSUI, Haedal provides a flexible solution that combines staking rewards with DeFi opportunities, such as trading, lending, and liquidity provision.

Further Reading

What Is Liquid Staking?

What Is Front Running?

What Is Sui (SUI)?

Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial, legal or other professional advice, nor is it intended to recommend the purchase of any specific product or service. You should seek your own advice from appropriate professional advisors. Products mentioned in this article may not be available in your region. Where the article is contributed by a third party contributor, please note that those views expressed belong to the third party contributor, and do not necessarily reflect those of Binance Academy. Please read our full disclaimer for further details. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance Academy is not liable for any losses you may incur. This material should not be construed as financial, legal or other professional advice. For more information, see our Terms of Use and Risk Warning.

Key Takeaways

Nexpace, developed by a Nexon subsidiary, is a blockchain-based project that transforms the MapleStory franchise into a decentralized gaming ecosystem called the MapleStory Universe.

By integrating blockchain technology and non-fungible tokens (NFTs), Nexpace allows players to own and trade in-game assets, moving away from the publisher-controlled model of traditional games.

Nexpace features a dual-token system with NXPC and NESO. NXPC, the primary utility token, handles transaction fees, NFT trading, and acts as a reserve for the NESO token, which players use inside the game. 

Introduction

Nexpace is a blockchain project developed by a subsidiary of Nexon, a gaming company known for the MapleStory franchise. The Nexpace project aims to create a decentralized, player-driven gaming ecosystem by integrating blockchain technology and non-fungible tokens (NFTs) into the MapleStory Universe. 

The NXPC token is a utility token that powers transactions, incentivizes community participation, and supports the creation and trading of digital assets within the MapleStory Universe. Launched with a vision to expand the MapleStory intellectual property (IP), Nexpace wants to redefine how players and creators interact in a virtual gaming multiverse.

What Is Nexpace?

Nexpace serves as the backbone of the MapleStory Universe, a digital ecosystem where players, creators, and developers interact through a shared economy powered by the NXPC token. Through the use of blockchain, Nexpace enables a collaborative environment where creators can contribute content, such as cosmetic items, plugins, and tools.

How Does Nexpace Work?

Unlike traditional gaming models where assets are controlled by the game publisher, Nexpace empowers users to own, trade, and monetize digital assets, including characters, equipment, and consumables, represented as NFTs.

Nexpace operates as a layered ecosystem that combines blockchain infrastructure, tokenized assets, and a dual-token system to facilitate interactions within the MapleStory Universe. As of May 2025, the protocol is built on two blockchain networks: BNB Chain and Avalanche C-Chain.

The MapleStory Universe includes the MapleStory N PC game and many other products and services, such as the MSU Marketplace, Swap&Warp, MSU Explorer, and more.

Source: docs.nexpace.io

MapleStory N

Source: docs.maplestoryn.io

MapleStory N is a new PC MMORPG that keeps the fun, old-school 2D side-scrolling vibe of MapleStory but adds some cool blockchain twists and new ways to play. It’s a big piece of the MapleStory Universe, offering players a blend of nostalgia and innovation.

The game has a setup where key items, like characters or gear, are NFTs or tokens with limited amounts, so they’re often rare and special. You can swap these items using NXPC, the main token of the ecosystem, which connects your in-game stuff to the bigger blockchain world and racks up your “RX” points (Reward Experience that represents your achievements).

MapleStory N introduces dynamic rewards that adjust based on player activity. For example, busy hunting spots will give you less loot, while quieter areas have boosted rewards, pushing players to explore new places.

Additionally, a dynamic pricing system applies real-world economic principles to item upgrades—high-demand items cost more to enhance, while less popular ones stay affordable, adding strategic depth as players have to balance cost and value.

Blockchain infrastructure

The Nexpace protocol leverages the BNB Chain for its high throughput and low transaction costs, making it suitable for in-game purchases and NFT trading. The Avalanche C-Chain complements this by offering fast finality and compatibility with Ethereum-based tools. The openness of blockchain networks enables transparent tracking of asset ownership and transaction history, which helps build and maintain trust in the ecosystem.

NXPC token

The NXPC token is the primary utility token of the MapleStory Universe. It serves multiple functions, such as:

Transaction fees: NXPC is used to pay for transaction fees on the Layer 1 network.

Trading: Players use NXPC to trade NFT item baskets in the marketplace, which may include in-game assets like equipment or cosmetic items.

Reserve asset: NXPC acts as a reserve for the in-game NESO token, keeping the economy stable.

NXPC has a total supply of 1 billion tokens, with an initial circulating supply of 169,040,000 (16.9%) as of its listing on Binance on May 15, 2025.

NESO token

NESO is the in-game currency for MapleStory N, which is an MMORPG game of the MapleStory Universe. NESO is tied to NXPC at a steady exchange rate, so players can swap NXPC for NESO to buy stuff like NFT characters, gear, or upgrades in the game. It’s designed for in-game use with simple mechanics, letting them focus on gaming without the complexities of blockchain.

MSU Marketplace

Source: msu.io/marketplace

The Nexpace ecosystem includes a marketplace where players can trade NFTs representing in-game assets. These NFTs are categorized by utility and rarity, contributing to a player’s RX or Reward Experience (which represents their achievements).

The marketplace supports the trading of item baskets, which are collections of NFTs, using NXPC as the medium of exchange. The protocol carefully manages item supply to maintain scarcity and value, with periodic updates to keep the economy dynamic.

Community and creator participation

Nexpace emphasizes community engagement by rewarding both players and creators. Players earn RX through gameplay, such as acquiring rare items or completing challenges, which enhances their status in the ecosystem. 

Creators, including artists, developers, and builders, can contribute content like cosmetic NFTs, plugins, or tools, earning NXPC as rewards. This incentivizes innovation and ensures the ecosystem can continue to evolve through user-generated content.

Key Features of Nexpace

In summary, Nexpace offers multiple features that distinguish it from traditional gaming platforms:

Asset ownership: Players have true ownership of in-game assets as NFTs, which can be traded or monetized outside the game.

Decentralized economy: The dual-token system (NXPC and NESO) helps create a more balanced economy where both players and creators share value.

Scalable infrastructure: Integration with BNB Chain and Avalanche C-Chain ensures efficient and secure transactions.

Community-driven content: Creators are empowered to build and monetize content, making the gaming ecosystem more dynamic and collaborative.

Interoperability: In the future, the MapleStory Universe plans to link multiple intellectual properties (IPs), creating a multiverse of interconnected experiences.

Nexpace (NXPC) on Binance HODLer Airdrops

On May 15, 2025, Binance announced Nexpace (NXPC) as the 18th project on the Binance HODLer Airdrops. Users who subscribed their BNB to Simple Earn or On-Chain Yields products from May 6 to 9 are eligible to receive the airdrops. A total of 30 million NXPC tokens were allocated to the program, accounting for 3% of the total token supply.

NXPC was listed for trading on Binance with the Seed Tag applied, allowing for trading against the USDT, USDC, BNB, FDUSD, and TRY pairs.

Closing Thoughts

Nexpace is a bold step forward for MapleStory, blending blockchain with gaming to create a player-owned, community-focused universe. With NXPC and NESO tokens, an NFT marketplace, and a setup that rewards creativity, Nexpace is offering a dynamic framework for players and creators to engage, trade, and have fun.

Further Reading

What Is An NFT?

What Are NFT Games and How Do They Work?

What Is GameFi and How Does It Work?

Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial, legal or other professional advice, nor is it intended to recommend the purchase of any specific product or service. You should seek your own advice from appropriate professional advisors. Products mentioned in this article may not be available in your region. Where the article is contributed by a third party contributor, please note that those views expressed belong to the third party contributor, and do not necessarily reflect those of Binance Academy. Please read our full disclaimer for further details. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance Academy is not liable for any losses you may incur. This material should not be construed as financial, legal or other professional advice. For more information, see our Terms of Use and Risk Warning.

Key Takeaways

Maple Finance is a lending marketplace built on blockchain technology. It connects businesses needing loans with investors looking to earn returns.

Launched in 2019, Maple Finance aims to make lending simpler and more accessible through decentralized finance (DeFi).

Unlike many DeFi platforms that demand heavy collateral, Maple enables undercollateralized loans by leveraging the reputation of borrowers. Simply put, it focuses on loans that require less upfront security.

What Is Maple Finance?

Maple Finance is a lending marketplace built on blockchain technology, primarily Ethereum. The marketplace can serve institutions (like crypto firms or financial entities) and accredited individual investors.

The platform tackles a common DeFi issue: the need for borrowers to lock up more assets than they borrow. By using borrowers’ reputations to secure loans, Maple offers a more flexible approach, blending traditional financial checks with blockchain’s transparency.

How Does Maple Finance Work?

Maple Finance acts like a bridge between those who want to lend money and those who need to borrow it. Lenders pool their funds in what’s called Liquidity Pools, which are overseen by Pool Delegates. These pools then fund loans to businesses, with blockchain ensuring everything is secure and trackable.

Liquidity pools and lending

Liquidity Pools are the backbone of Maple’s lending system. Lenders, including institutions and accredited individuals, deposit digital assets (such as USDC or other stablecoins) into these pools to earn interest.

Pool Delegates manage the pools, deciding who gets loans and on what terms. Lenders gain access to a range of high-quality borrowers, earning steady returns from short-term, overcollateralized loans.

You don’t need to own Maple’s token, SYRUP, to lend. Through the Maple WebApp, lenders can add funds, keep an eye on their investments, and withdraw money following the guidelines. This setup is designed to prioritize reliable returns and easy access to funds, with all loans backed by collateral to reduce risks.

Borrowing money

Borrowers on Maple are mainly businesses, such as crypto companies or financial institutions, looking for flexible financing. To get a loan, they sign up on the Maple WebApp and go through a review process run by Pool Delegates. This involves checking their financial health and reputation, allowing Maple to offer loans with less collateral than typical DeFi platforms.

Loans are usually fixed-rate, short-term, and backed by some collateral, which lowers the chance of sudden liquidations. Borrowers can benefit from flexible terms and access to on-chain financing, which tends to be more efficient than traditional banking services. The platform’s openness ensures everyone understands the loan terms upfront.

The role of Pool Delegates

Pool Delegates are the ones who keep things running smoothly. They evaluate borrowers, set loan conditions, and manage the pools, acting like credit managers. Their work is to ensure that loans are secure and aligned with lenders’ interests. They are responsible for managing risk (e.g., handling defaults, margin calls, and liquidations) and earn fees for their work.

Pool Delegates are selected for their expertise in credit underwriting, making them a key component of the platform’s operations. However, Maple’s official documentation mentions potential challenges in aligning third-party delegates with the platform’s goals, which suggests that there is still room for improvement.

Key Features of Maple Finance

Maple Finance has several features that set it apart in the DeFi space:

Less collateral needed: By leveraging borrowers’ reputations, Maple reduces collateral requirements, making financing more capital-efficient for institutions.

Professional standards: It combines blockchain efficiency with rigorous financial checks, appealing to institutional players.

Blockchain transparency: Running on Ethereum and other networks, Maple uses smart contracts for automation, transparency, and real-time monitoring.

Product offerings: Products like the Cash Management Pool, which invests in US Treasury bills, or Maple Direct for custom loans, can cater to different user needs.

Partnerships: Maple Finance made collaborations with entities like Circle (for USDC adoption) and Ethena Labs (for real-world asset scaling).

SYRUP Token

Maple’s operations are guided by its token, SYRUP, which replaced an earlier token called MPL in 2023 after a community vote. SYRUP holders can participate in share fee revenues, help make decisions about the platform governance, and stake tokens to help protect liquidity pools against losses.

SYRUP on Binance

On May 6, 2025, Binance announced the listing of Maple Finance (SYRUP) with the Seed Tag applied. The SYRUP token was made available for trading against USDT and USDC trading pairs on the same day.

SYRUP smart contracts

Ethereum: 0x643C4E15d7d62Ad0aBeC4a9BD4b001aA3Ef52d66

Base: 0x688AEe022AA544f150678B8E5720b6b96a9E9a2F

Maple Finance Security

Security is a big focus for Maple. Its smart contracts, which power the platform, are open-source on GitHub, with 76 repositories detailing their code. The platform passed multiple audits (three in December 2022 and two in June 2023), allowing developers to fix issues before going live.

Things to Keep in Mind

As with other DeFi projects, using the Maple Finance protocol and services carries risks, like losing assets due to market swings or smart contract vulnerabilities. In addition, relying on Pool Delegates can lead to coordination issues, as noted in the project’s official documentation. It’s important to do your own research and understand the products well before taking risks.

Closing Thoughts

Maple Finance is a decentralized platform that makes lending and borrowing more accessible for businesses and investors. By offering loans with lower collateral requirements, using the SYRUP token for community governance, and maintaining high compliance standards, the project experienced significant growth in the DeFi space. For those exploring institutional DeFi, Maple Finance can offer an interesting blockchain-driven approach to capital markets.

Further Reading

What Is USDC?

What Is Ethena (ENA)?

What Is Decentralized Finance (DeFi)?

Collateral

Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial, legal or other professional advice, nor is it intended to recommend the purchase of any specific product or service. You should seek your own advice from appropriate professional advisors. Products mentioned in this article may not be available in your region. Where the article is contributed by a third party contributor, please note that those views expressed belong to the third party contributor, and do not necessarily reflect those of Binance Academy. Please read our full disclaimer for further details. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance Academy is not liable for any losses you may incur. This material should not be construed as financial, legal or other professional advice. For more information, see our Terms of Use and Risk Warning.