Haedal Protocol (HAEDAL) Surges Over 35% Following Bithumb Listing

HAEDAL, the native cryptocurrency of the liquid staking protocol Haedal, has rallied by double digits following a listing announcement by the South Korean digital asset trading platform, Bithumb.

Bithumb revealed on May 2 that it would add HAEDAL to its list of coin offerings for the Korean won (KRW) market at a listing price of 178 KRW ($0.13). Trading for the crypto asset will commence at 6:00 pm Korean Standard Time on Friday, with Sui as the only supported network for deposits.

Data from CoinMarketCap shows that news of Haedal’s listing on Bithumb sparked a surge that saw the asset’s value soar 40% from $0.123 to $0.173 in less than two hours. Although at the time of writing, the coin’s price had corrected slightly to $0.147, showing a 24-hour spike of 18.2%, the token’s market cap still hovered around $28.81 million, and its 24-hour volume was at $180 million.

Besides Bithumb, HAEDAL has been listed on nine other centralized crypto exchanges, including Bybit, Bitget, KuCoin, MEXC, Gate.io, and BitMart. The asset is also trading on decentralized trading platforms like Uniswap and PancakeSwap.

What is the Haedal Protocol?

Haedal is built on the Sui network to allow users to stake their SUI, contributing to the blockchain’s governance and decentralization while participating in other decentralized finance (DeFi) activities. The HAEDAL token is the utility and governance token for the liquid staking project.

As most liquid staking protocols operate, Haedal offers Sui stakers liquid staking tokens (LSTs) representing their staked assets. The LSTs can be traded or used in DeFi applications on Sui while still earning staking rewards. Some DeFi protocols integrating Haedal include the liquidity chain Cetus, the lending and borrowing platform Scallop, and the decentralized crypto marketplace Turbos Finance.

The liquid staking protocol gives Sui stakers haSUI and automatically distributes their staked assets to the best validators to increase stability and yield. Stakers can use haSUI as collateral on decentralized exchanges and lending protocols while receiving staking rewards.

In addition to enabling users to stake their SUI, Haedal also allows the staking of WAL, the native asset of Walrus, a decentralized data storage protocol and application development platform on the Sui network.

Developed by Mysten Labs, the same entity behind Sui, Walrus enables builders to store, read, program, and manage large data files, including video, image, and audio content. Apps on Walrus can be stored on and off-chain through Move-based smart contracts. Like SUI stakers, WAL users receive haWAL for their staked assets and can use them in DeFi activities.

Future Outlook For HAEDAL

Haedal is working towards becoming the primary platform for users to stake and earn on the Sui network. The protocol has been building several products linked to its liquid staking infrastructure, including Haedal Market Maker and haeVault.

HAEDAL went live on April 29 and, within two days of trading, has been listed on more than 25 centralized and decentralized platforms. Within the coming months, Haedal can use its systematic product matrix to attract significant value from Sui’s on-chain trading flows, providing deeper liquidity and higher yield for users. Such growth can significantly affect the value of HAEDAL, placing it on a positive trajectory in the near term.