The New Star in the Sui Ecosystem Liquid Staking Track: Analysis of Haedal Protocol

The liquid staking market of the Sui network is still in its early stages, with a total staked value of approximately $307.48 million in SUI, of which only 2% is liquid. In contrast, the liquid staking ratios of the Solana and Ethereum networks have reached 10.1% and 30.5%, respectively. Against this backdrop, the Haedal staking protocol, with a TVL of $120 million, is expected to become a leader in liquid staking within the Sui ecosystem.

One of the main challenges facing the Sui network is its low annual staking yield, which is about 2.5%, while the yields for Solana and Ethereum are 7-8% and 3-4% respectively. To address this issue, Haedal has adopted innovative strategies and technical frameworks.

Haedal's core advantage lies in its dynamic validator selection mechanism and Hae3 framework. This framework includes three main components: HMM, HaeVault, and HaeDAO, significantly enhancing the staking performance of the Sui network. Haedal selects the optimal nodes for staking and unstaking by monitoring the status of network validation nodes in real-time, ensuring that liquid staking tokens maintain a high annual yield.

HMM (Haedal Market Maker) optimizes liquidity across decentralized exchanges on the Sui blockchain by combining oracle pricing with real-time market data. From February to March, HMM's trading volume increased from $59.13 million to $284.15 million, generating $236,000 in fees. This raised the annualized yield of haSUI from 2.58% to 3.21%, an increase of 24.4%.

Currently, Haedal's daily trading volume has reached 6.12% of a well-known DEX trading volume. By adopting an oracle pricing mechanism, HMM is expected to achieve rapid revenue growth by capturing arbitrage trading volume.

Haedal Vault 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 achieves an annualized return significantly higher than the market, even after deducting a 16% fee, the net return remains considerable.

The Hae3 framework is deeply integrated into the Sui DeFi ecosystem, where the HMM protocol captures DEX transaction fee earnings, the Haedal treasury optimizes liquidity provider returns, and HaeDAO grants governance decision-making power. This synergy gives Haedal a significant advantage in yield optimization.

The application of HAEDAL tokens further enhances their value. Users can lock them as veToken to participate in HaeDAO governance or to increase the annual yield of the treasury. In addition, the common airdrop opportunities within the Sui ecosystem also add extra appeal to HAEDAL tokens.

Haedal's core metrics are performing strongly: TVL reached $117.36 million, daily active wallets exceeded 44,000, and the number of holders reached 794,000. In terms of trading volume, annualized return rate, and holder scale, Haedal is currently in a leading position.

The support from several well-known venture capital firms further highlights the development potential of Haedal. With the continuous expansion of the Sui ecosystem, Haedal is expected to occupy an important position in the liquid staking field and become an industry leader.