Haedal Protocol (HAEDAL)

• Haedal Protocol is the ultimate place for users to stake & earn on Sui, building the prime liquid staking protocol powered by Hae3 products that generate revenue via Sui's trading flow to fuel the entire LST ecosystem.

• HAEDAL is the native token of Haedal Protocol.

  • HAEDAL tokens can be locked into veHAEDAL to access all rights within haeDAO, which includes:

    • Management over Haedal Treasury: Decide the asset ratio of the treasury, liquidity distribution over different product modules or different protocols, reward distribution methods, etc.

    • Boost yields from haeVault: users’ weight in haeVault can be boosted to enjoy higher APR.

    • Proposals & Voting: Some major decisions of the protocol will be made through DAO voting, such as key product directions, use of treasury, etc.

• Haedal Protocol offers the following products:

  • Haedal Protocol allows anyone to stake their SUI tokens to contribute to the governance and decentralization of the Sui blockchain. In the meantime, users will get haSUI as the liquid staking token in return so that they can continue to participate in various DeFi activities to earn additional income with their LST liquidity.

  • On top of its liquid staking protocol, Haedal is also building a series of wingman products including Haedal Market Maker and more, which generate continuous additional on-chain yields for Haedal and its LST ecosystem.

  • Haedal serves as a core pillar of the Sui DeFi by merging native liquid staking and yield strategies with user-friendly accessibility. Our mission is to empower users to maximize capital efficiency through innovative liquid staking and algorithmic DeFi yield solutions, and build Haedal into the ultimate place to stake and earn on Sui.

• Financing:

  • Haedal Protocol has raised 2.5M USD from the seed round of private token sales, where 15.00% of the HAEDAL total token supply was sold.

• Circulating and Total Supply Data:

  • As at May 21th 2025, the total supply of HAEDAL is 1,000,000,000 and the circulating supply upon listing is 195,000,000 (19.5% of the total token supply.)

Key metrics (as at May 21 2025):

1. What is Haedal Protocol?

• Project overview: 

  • Haedal is a prime liquid staking protocol natively built on Sui. It provides users with robust liquid staking infrastructure, allowing people to stake their SUI and WAL tokens into validators to earn continual consensus rewards while unleashing LST liquidity to be used in DeFi. Haedal aims to become the ultimate place for users to stake and earn on Sui.

• Project mission:

  • Haedal is building the most robust and powerful liquid staking infrastructure in the Sui ecosystem. They are committed to raising the APR level of LSTs to a competitive level while creating significant profit opportunities for ecosystem users in the process.

• Project value proposition

  • Haedal helps secure the Sui blockchain, contributing to its long-term sustainability, governance and decentralization. Additionally, Haedal is building a series of wingman products around its liquid staking infra, including Haedal Market Maker, haeVault and more.

  • Its systematic product matrix can help Haedal capture significant value from the active on-chain trading flows on Sui, further optimizing its advantage in yield performance and providing stronger liquidity depth and efficiency to Sui users.

• Project Key Highlights:

  • Total Accounts: 880.1k

  • haSUI TVL: $208.6m / Liquidity in DeFi: $171.5m+

  • haWAL TVL: 1.3m WAL ($880.8k) / Liquidity in Dexes: $1.3m

  • HMM: Cumulative Volume: $978m / Cumulative Fees: $492,146.92

  • haeVault:TVL : $7.2m

• Existing Products & Usage:

  • Haedal is building the most robust and powerful liquid staking infrastructure in the Sui ecosystem. They are committed to raising the APR level of LSTs to a competitive level while creating significant profit opportunities for ecosystem users in the process.

  • The first step is building a smarter staking mechanism. By monitoring and staking Sui to the best-performing validators on mainnet and prioritizing the withdrawal of Sui from underperforming validators, Haedal harvests the highest native liquid staking yields for all stakers throughout the ecosystem.

  

  • The second step involves the creation of a derivative product suite called Hae3. Their core idea is to extract value from the trading flow across the entire Sui network and fuel it back into the Haedal ecosystem.

• The Hae3 suite includes:

  • HMM (Haedal Market Maker): Oracle-based automated market-making. It effectively accrues net worth, maximizes capital efficiency, and manages risk while generating trading profits to subsidize Haedal LST and boost absolute APR.

  • haeVault: Abstracts professional CEX market-making strategies into a productized vault integrated with other DEX pools. Their approach is very similar to that of quant bot LPs, which involves injecting liquidity within a relatively narrow range and using technical indicators to determine the next steps. This product will be made available to all users. It will provide regular users with a productized tool to compete with professional on-chain quant LP teams and enjoy fairer and higher APRs.

  • haeDAO: They are confident that HMM and haeVault will capture a large portion of Sui's spot trading fee revenue by the end of 2025. 50% of these profits will be distributed as additional revenue to enhance Haedal LST's APR, while the remaining profits will be stored as protocol-owned liquidity in the treasury, with their allocation and use determined by haeDAO.

  • Currently, HMM can capture 15-20% of trading volume from aggregators. Meanwhile, haeVault will be capped at 30% of the total TVL in the DEX pool — meaning it can capture at least 40-50% of the trading volume in major token pools. Therefore, they believe that once these two products are fully developed, they can collectively generate up to 40% of the total on-chain fee revenue.
    

• Token utilities

  • HAEDAL tokens can be locked into veHAEDAL to access all rights within haeDAO, which includes:

    • Management over Haedal Treasury: Decide the asset ratio of the treasury, liquidity distri-bution over different product modules or different protocols, reward distribution methods, etc.

    • Boost yields from haeVault: users’ weight in haeVault can be boosted to enjoy higher APR.

    • Proposal & Vote: Some major decisions of the protocol will be made through the DAO vot-ing, such as key product directions, use of treasury, etc.
      

2. Token sales and economics:

Token Distribution:

Token Release Schedule

3.  Risk Analysis:

Initial Circulating Retail:Institution Ratio:

Airdrop Cluster Analysis:

Initial TGE Main Bucket On-chain Wallets Addresses:

Disclaimer: This report is written before spot opening to trade; the liquidity token in the liquidity pool may be transferred while opening.

4. Roadmap & Updates:

5. Current Roadmap:

•  Q2 2025

  • Haedal TGE

  • haeDAO: Users can lock $HAEDAL into veHAEDAL to participate in decision-voting.

  • Simple Yield Vault: Intelligent yield strategy with simple deposit and stable income

  • HMM v2: Further optimization and iteration based on HMM v1

  ● Q3 2025

  • haeVault v2: Further optimization and iteration based on haeVault v1

  • StakeNet: Scoring and monitoring system for validators

  ● Q4 2025

  • AI Agent Vault Layer

• Community:

  • Twitter:  https://x.com/HaedalProtocol

  • Medium: https://medium.com/@haedal

  • Discord: https://discord.com/invite/haedalprotocol

Appendix:

• Whitepaper: https://haedal-protocol.gitbook.io/haedal-protocol-docs