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

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

One of the main challenges faced by the Sui network is its low annualized staking yield of around 2.5%, compared to yields of 7-8% for Solana and 3-4% for Ethereum. In response to this issue, Haedal has significantly improved the staking performance of the Sui network through innovative technical solutions.

Haedal adopts a dynamic validator selection mechanism, which monitors the status of all network validation nodes to select the nodes with the highest APR during staking, and withdraws funds primarily from nodes with lower APR when canceling the stake. This strategy can continuously ensure that liquid staking tokens maintain a high annual yield.

In addition, Haedal has also launched the innovative Hae3 framework, which includes three major components: HMM, HaeVault, and HaeDAO. Among them, HMM (Haedal Market Maker) optimizes the liquidity of various DEXs on the Sui blockchain by combining oracle pricing and real-time market data, and collects transaction fees from it. From February to March, HMM's trading volume increased from $59.13 million to $284.15 million, generating $236,000 in fees. 50% of these earnings are used to enhance the annualized yield of haSUI, raising it from 2.58% to 3.21%.

HaeVault simplifies the liquidity provision process for users and enhances returns through ultra-narrow rebalancing strategies. Taking the SUI-USDC trading pair as an example, HaeVault achieved a net annualized return of 938%, far exceeding other platforms.

The Hae3 framework is deeply integrated into the Sui DeFi ecosystem, capturing DEX transaction fee revenue through the HMM protocol, optimizing liquidity provider returns with the Haedal treasury, and empowering governance decision-making through HaeDAO. This synergy makes Haedal a superior yield optimizer.

The diversified applications of HAEDAL tokens further enhance their value. Users can lock them as veToken to participate in HaeDAO governance or use them to increase the annual yield of the treasury.

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

The support from several well-known investment institutions further highlights Haedal's development potential. With the continuous expansion of the Sui ecosystem, Haedal is expected to occupy a favorable position in the liquid staking field and become an industry leader.