Haedal is a liquid staking protocol built for the Sui blockchain. It lets users stake SUI and receive a tradable liquid staking token, enabling participation in DeFi while still earning validator rewards. The protocol's integrated market maker, the Haedal Market Maker (HMM), aims to improve liquidity and capital efficiency for haSUI holders — making Haedal a key utility in the Sui DeFi landscape.
When users stake SUI with Haedal they are issued haSUI, a yield-bearing liquid staking token that represents the staked asset and automatically accumulates staking rewards. This approach preserves the economic benefits of staking while freeing users to deploy that value across DeFi applications.
haSUI is meant to be composable within the Sui ecosystem. Common uses include:
These options let holders earn staking rewards while staying active in yield-generating activities.
The HMM is an automated market maker tailored to support haSUI and related pairs on Sui. Rather than relying mainly on external liquidity providers, HMM uses protocol-owned liquidity to ensure tighter spreads, more reliable trading depth, and yield enhancement for haSUI holders.
HMM charges a 0.04% trading fee. Half of those fees are allocated to incentives that help boost haSUI yields. As of May 2025, HMM had recorded over $900 million in cumulative trading volume and maintained roughly $1 million in total value locked, ranking it among the more active AMM venues on Sui by daily volume.
HMM takes advantage of Sui's high transaction throughput to rebalance liquidity quickly during volatile markets. The design also reduces common on-chain attack vectors like sandwich-style front-running, helping preserve returns for liquidity recipients and traders.
The initial liquidity for the HMM is sourced from the protocol's own treasury. Profits generated are reinvested to grow the protocol and reward users:
The native token, HAEDAL, has a capped supply of 1 billion and follows a multi-year issuance schedule. Holders can lock HAEDAL to receive veHAEDAL — a vote-escrowed token that increases with longer lockups (from one week up to 52 weeks).
Benefits of locking include weekly reward distributions, boosted yields in farming modules, and voting power in protocol governance.
In May 2025 a distribution allocated 30 million HAEDAL tokens (about 3% of the total supply) to eligible users through a platform airdrop. Following distribution, the token began trading against major stablecoins and common trading pairs.
Haedal combines liquid staking and an integrated market maker to let SUI stakers stay active in DeFi while still earning yield. With haSUI acting as a composable staking token and HMM providing specialized liquidity, the protocol targets improved capital efficiency and a more usable staking experience on Sui.
