Haedal: Analysis of the Leading Protocol in the Sui Ecosystem’s Liquid Staking Market

The Haedal Protocol will conduct its TGE and open airdrop claims on April 29. As a potential project in the liquid staking sector of the Sui ecosystem, Haedal is gradually becoming the focus of DeFi investors thanks to its innovative product design and strong data performance. Here are the key points and core advantages of this project worth noting: ( data as of April 15 ).

! Haedal Protocol Analysis: The No. 1 Seed Player in the Sui Liquidity Staking Track, TVL Crushes Competitors

Current Status and Potential of Sui Stake Market

The staking market on the Sui network is still in its early stages, with a total value of about $307 million in staked SUI, but only 2% of it is liquid. In comparison, 10.1% of the total value of SOL( staked in the Solana network is $4.29 billion ) and 30.5% of the total value of ETH( staked on the Ethereum network is $10.25 billion ) which is liquid. This data discrepancy shows that there is huge room for growth in Sui’s liquid staking market.

Currently, Haedal has accumulated $120 million in TVL and is expected to become a leading project in the liquid staking field within the Sui ecosystem.

Innovative Technology Framework to Address Low Yield Pain Points

One of the major challenges faced by the Sui network is that the annualized rate of return on staking is low ( about 2.5% ), which is significantly lower than Solana(7-8%) and Ethereum(3-4% )。 Haedal successfully addresses this challenge with its innovative Hae3 framework, which consists of three core components:

1. Dynamic Validator Selection Mechanism: Monitor the status of validation nodes across the network, prioritize staking with nodes that have the highest APR, and simultaneously withdraw funds from nodes with low APR to continuously optimize yield.

2. HMM(Haedal Market Maker ): Combine oracle pricing with real-time market data to optimize DEX liquidity and charge 0.04% trading fees. Between February and March, trading volume grew from $59.13 million to $284 million, generating $236,000 in revenue. After using 50% of the revenue as an incentive, the annualized rate of return of haSUI increased from 2.58% to 3.21%, an increase of 24.4%

3. HaeVault: Simplifies the liquidity provision process for users, utilizing ultra-narrow rebalancing strategies to enhance returns. Taking the SUI-USDC trading pair as an example, HaeVault achieved an annualized return of 1117%, and after deducting a 16% fee, the net return rate is still as high as 938%.

Market Performance and Competitive Advantages

Haedal was launched on January 6, 2025, and currently has a daily trading volume of $5.69 million, equivalent to 6.12% of the largest daily trading volume of the largest DEX in the Sui ecosystem. Through the oracle pricing mechanism, HMM is expected to further increase revenue by capturing arbitrage volume.

Haedal’s core competitive advantage lies in its ability to deeply integrate with the Sui DeFi ecosystem (TVL over $1 billion ). Unlike other protocols that only focus on basic staking and lending, Haedal creates higher value for users through the synergy of three components:

• HMM protocol captures DEX transaction fee revenue
• Haedal Treasury Optimizes Liquidity Provider Returns
• HaeDAO empowers users with governance decision-making rights.

Key Metrics & Institutional Support

Haedal performs excellently in multiple core metrics:

• TVL reached $117 million, comparable to top lending protocols within the ecosystem.
• Daily active wallets exceed 44,000
• The number of holders reached 794,000

The project has gained investment support from well-known institutions such as Hashed, Comma3, OKX Ventures, and Animoca Brands, further validating its potential.

Token Value and Future Outlook

The HAEDAL token design has multiple application scenarios:

• Can be locked as veToken to participate in HaeDAO governance
• Used to increase the annual yield of the treasury
• Potential airdrop opportunity ( is relatively common in the Sui ecosystem )

As the Sui ecosystem continues to develop, the current LSD penetration rate is only 2%, with 10 times the growth potential. Haedal, with its innovative product design, solid fundamentals, and good ecosystem positioning, is expected to achieve a leading position in the liquid staking market.