Haedal Protocol
1. Project Overview
Haedal Protocol is a decentralized finance (DeFi) platform based on the Sui blockchain, focusing on liquid staking and liquidity management. Its core goal is to optimize capital utilization and yield potential by allowing users to retain liquidity while staking SUI tokens. Haedal achieves this through two main mechanisms:
Liquid Staking: After users stake SUI tokens, they receive liquid staking tokens (LST) haSUI, which can be used in other DeFi activities within the Sui ecosystem (such as trading, lending, providing liquidity).
Haedal Market Maker (HMM): An automated market maker (AMM) that optimizes the trading efficiency and returns of haSUI and other assets through liquidity pools owned by the protocol.
Key Features:
Support governance and decentralization of the Sui blockchain.
Provides automated staking (one-click selection of efficient validators) and manual staking (user-selected validators).
HMM reduces slippage and enhances returns through dynamic liquidity concentration (non-traditional constant product formula), with a trading fee of 0.04%, of which 50% is used to incentivize haSUI holders.
2. Tokens and Economic Model
Token: $HAEDAL is the native token of the Haedal Protocol, used for governance and ecosystem incentives.
Token Supply:
Total supply: 1 billion $HAEDAL.
Circulating supply at listing: 195 million (19.5%).
Binance HODLer airdrop allocation: 30 million $HAEDAL (3%).
Listing Status:
On April 29, 2025, $HAEDAL was listed on exchanges such as Binance, Bybit, and KuCoin, with an initial price of approximately $0.1158.
On May 21, 2025, Binance listed it as the 19th HODLer airdrop project, with the price soaring from $0.1313 to $0.2234 (up 35% within 24 hours), reaching a market cap of approximately $34.24 million and a 24-hour trading volume of $382 million.
Current price (as of May 27, 2025): approximately $0.14, with a fluctuation range between $0.1158 and $0.21.
3. Market Performance and Ecosystem Position
Trading Volume and TVL:
According to DefiLlama data, Haedal is one of the largest AMMs by trading volume in the Sui ecosystem, with a daily trading volume exceeding $900 million and a total locked value (TVL) of approximately $1 million.
The initial price of haSUI was $1.30, and it performed strongly after listing, with a market capitalization of approximately $231.96 million and a daily increase of 3% (from $4.1009 to $4.26).
Community and Partners:
Supported by well-known investment institutions such as Hashed, OKX Ventures, Animoca Ventures, and the Sui Foundation.
Airdrop activities and promotions from Binance Alpha significantly increased community engagement and market attention.
4. Technology and Innovation
Liquid Staking: haSUI addresses the issue of asset lock-up in traditional staking, allowing users to redeem haSUI for SUI at any time or trade, lend, etc., on DEXs (such as Cetus, Bluefin).
HMM Innovation:
Dynamically adjust liquidity ranges, optimize trading efficiency, and reduce impermanent loss.
The protocol has initial liquidity, distinguishing it from traditional AMMs that rely on external liquidity.
Hae3 Derivatives: Generate additional income for users by capturing transaction fee flows from the Sui network, enhancing internal ecosystem circulation.
5. Investment Potential and Risks
Potential:
Growth of the Sui ecosystem: As a high-performance Layer 1 blockchain, Sui's ecosystem is rapidly expanding, and Haedal, as a core DeFi component, is expected to benefit.
Liquid staking trend: Similar to Ethereum's Lido, Haedal fills the gap of liquid staking in the Sui ecosystem, having a first-mover advantage.
Exchange Support: Listings and airdrop activities on top exchanges such as Binance, Bybit, and KuCoin provide high visibility and liquidity.
High yield opportunities: The staking rewards of haSUI and the trading fee incentives of HMM provide users with diversified sources of income.
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