Haedal (LST) ranks fourth in TVL, behind Suilend (Lending + AMM + LST), NAVI (Lending + LST), and Cetus (AMM). The TVL of Suilend's liquidity staking portion (SpringSui) is also higher than Haedal, making Haedal the fourth protocol in Sui ecosystem TVL and the second protocol in the LST track TVL.

As the highest TVL lending protocol and liquidity staking LST protocol in the Sui ecosystem, the current FDV (Fully Diluted Valuation) of the token SEND is only around 72 million USD. If HAEDAL's value is above 0.1 USD, then either HAEDAL is overvalued or SEND is undervalued.

Considering HAEDAL's financing background, the high premium of the launch platform, the current high attention, pre-market performance, as well as Haedal protocol's actual market share and project fundamentals, there is a small probability that HAEDAL will open above 0.1 USD, which is a position to consider selling. In the short term, HAEDAL is likely to drift towards 0.05 USD or even lower.