Haedal Protocol
HAEDAL
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
Haedal Protocol is a liquid staking and yield infrastructure protocol natively built on the Sui blockchain (offering haSUI, haWAL, and automated LP vaults). The project displays robust active development with regular multi-repo updates and notable shipping milestones including Haedal Liquidity and veHAEDAL. Security practices are solid, evidenced by multiple formal audits from CertiK and OtterSec, formal verification, a bug bounty on HackenProof, and a clean exploit history—having proactively paused haeVault during an external partner exploit without suffering protocol losses. Team backing includes notable ecosystem venture firms (Hashed, OKX Ventures, Sui Foundation), though individual team transparency remains narrow. Primary structural weaknesses stem from tokenomics and market dynamics: HAEDAL suffers from low circulating supply (19.5% of 1B cap), a massive 55% ecosystem incentive allocation risking long-term dilution, an 85-90%+ drawdown from all-time highs, and weak organic demand drivers outside veHAEDAL fee-sharing. Note: Community Support lacked sufficient data (-1.0) and was excluded from the weighted scoring calculation.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Haedal Protocol (HAEDAL)
Haedal Protocol is a liquid staking and yield infrastructure protocol natively built on the Sui blockchain, with a BEP-20 token wrapper also deployed on BNB Chain. The platform allows users to stake SUI or WAL tokens to receive liquid staking derivatives, haSUI and haWAL, preserving capital liquidity for broader decentralized finance activities. Beyond basic staking, the protocol includes automated liquidity pool vaults (haeVault), the Haedal Market Maker, and Haedal Liquidity. HAEDAL serves as the governance and utility token, utilizing a time-weighted veHAEDAL locking model that enables holders to vote on protocol upgrades, fee allocations, and validator selections, while receiving a portion of market maker revenues.
The protocol was backed by several venture entities, including Hashed, OKX Ventures, Animoca Ventures, and the Sui Foundation, following a seed round in January 2025. HAEDAL operates with a capped total supply of 1,000,000,000 tokens subject to a seven-year release schedule, with 55% allocated to ecosystem incentives, 20% to team and advisors, 15% to investors, and 10% to a liquidity fund. The protocol's codebase is primarily developed in Move, JavaScript, and TypeScript, and has undergone formal verification and smart contract audits by security firms including CertiK and OtterSec, alongside an active bug bounty program on HackenProof.
Haedal Protocol faces several structural, market, and composability risks. The HAEDAL token has experienced a market drawdown of over 85% to 90% from its all-time high and exhibits low circulating supply, with roughly 19.5% in circulation against a substantial 55% ecosystem incentive allocation that presents potential long-term dilution. Contract audits by CertiK highlighted acknowledged privilege-related centralization risks regarding protocol upgrade controls. Additionally, the protocol is subject to ecosystem contagion risks; in May 2025, Haedal temporarily suspended its haeVault features as a protective measure after partner protocol Cetus suffered a $223 million exploit, though Haedal itself did not experience a direct breach or loss of user funds.