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Haedal Protocol: The Rising Star of Liquid Staking on the Sui Network
Hidden Gems in the Sui Ecosystem: The Rise of Haedal Protocol
The liquid staking market of the Sui network is currently in a burgeoning early stage. At present, the total value of staked SUI is approximately $307.48 million, of which only 2% is liquid. In comparison, 10.1% of staked SOL on the Solana network and 30.5% of staked ETH on the Ethereum network are liquid, indicating that Sui still has significant growth potential in the liquid staking space.
Against this backdrop, a staking protocol named Haedal has emerged, with a current TVL of $120 million, poised to become a leader in liquid staking within the Sui ecosystem. Haedal has successfully addressed the issue of low annualized yield for staking on the Sui network through innovative technology and strategies.
Haedal adopts a dynamic validator selection mechanism and an innovative Hae3 framework, which includes three major components: HMM, HaeVault, and HaeDAO, significantly enhancing the staking performance of the Sui network. Its core strategy involves selecting the nodes with the highest APR during staking and prioritizing the withdrawal of funds from nodes with lower APR when unstaking, ensuring that the liquid staking tokens maintain a high annual yield.
HMM (Haedal Market Maker) has optimized the liquidity of various decentralized exchanges on the Sui blockchain by combining oracle pricing with real-time market data. From February to March, its trading volume grew from $59.13 million to $284.15 million, generating $236,000 in fees. This strategy successfully increased the annualized yield of haSUI from 2.58% to 3.21%.
Haedal's current daily trading volume is $5.69 million, accounting for 6.12% of the daily trading volume of Cetus Protocol, the largest decentralized exchange in the Sui ecosystem. By adopting an oracle pricing mechanism, HMM is expected to achieve rapid revenue growth by capturing arbitrage trading volume.
HaeVault simplifies the liquidity provision process for users, allowing them to easily deposit funds and earn higher returns. Taking the SUI-USDC trading pair as an example, HaeVault achieved a net annualized return of 938%, far exceeding other platforms.
Hae3 is deeply integrated into the Sui DeFi ecosystem, where the HMM protocol captures the transaction fee revenue from decentralized exchanges, the Haedal treasury optimizes the returns for liquidity providers, and HaeDAO grants governance decision-making rights. This synergy makes Haedal a superior yield optimizer.
The diverse use cases of the HAEDAL token further enhance its application value. Users can lock it as veToken to participate in HaeDAO governance, or use it to boost the annual yield of the treasury. Additionally, potential airdrop opportunities add extra appeal.
Haedal's core metrics show strong performance: TVL reaches $117.36 million, daily active wallet count exceeds 44,000, and the number of holders reaches 794,000. In terms of trading volume, annualized yield, and holder size, Haedal currently leads the way.
The support from several well-known venture capital firms further highlights Haedal's development potential. With the continuous expansion of the Sui ecosystem, Haedal is expected to establish a leadership position in the liquid staking sector, thanks to its innovative products and solid fundamentals in high-growth markets.