Haedal Protocol

• Haedal is a liquid staking protocol on Sui, issuing haSUI against staked SUI.

• Holders earn staking rewards while retaining a liquid asset usable across Sui DeFi.

• HAEDAL is the governance token.

• Supply allocated across community, ecosystem and contributors.

• Used for governance and validator selection.

Pros:

• Leading liquid staking position on Sui by deposits.

• haSUI is widely integrated across Sui applications.

• Validator selection optimises for yield rather than defaulting to one operator.

Cons:

• Sui ecosystem concentration.

• Liquid staking tokens can trade below the underlying during withdrawal congestion.

• Smaller than liquid staking protocols on established chains.

• Exposure to Sui's liquid staking layer through its largest protocol.

• Wide DeFi integration makes haSUI genuinely usable.

• Weigh the single-ecosystem dependency.

• The primary liquid staking token on Sui, integrated across the ecosystem's lending and trading protocols.

• Staked SUI is locked and cannot be used as collateral or traded.

• A liquid claim restores usability while the underlying continues earning.

• Founded by a team operating within the Sui ecosystem.

• Backed by Sui-aligned investors.

• No public ICO. Distributed via Binance ecosystem programmes and airdrop in 2025.

• Sui ecosystem dependency.

• Peg risk during withdrawal congestion.

• Validator performance affects returns.

• Competition from other Sui liquid staking protocols.