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HAEDAL surged by up to 50% today ahead of its listing on South Korea’s Bithumb exchange, marking a notable milestone for the liquid staking protocol.
HAEDAL’s Price Rally and Market Performance
According to recent data, the HAEDAL token climbed to an intraday high of $0.174 during Asia morning hours on May 2, showcasing over 100% gains from its post-launch lows. Its market capitalization reached $32 million, while daily trading volume rose 20% from the previous day, totaling approximately $180 million.
The primary driver behind this surge is the announcement by Bithumb, a major South Korean cryptocurrency exchange, regarding the addition of a KRW trading pair for HAEDAL. The new trading pair is set to go live at 6:00 PM KST on Friday, May 2, 2025.
Exchange Listings Fueling Momentum
Bithumb becomes the latest exchange to list HAEDAL, following its earlier debut on other prominent platforms, including Binance Alpha, Bybit, KuCoin, and MEXC on April 29. These listings came shortly after Haedal’s token generation event and mainnet launch, which occurred on the same day. At launch, the total HAEDAL token supply was fixed at 1 billion tokens.
Derivatives Market Activity
Activity in HAEDAL’s derivatives market surged significantly after the listing announcement. Data reveals that open interest in HAEDAL futures increased by 210% within 24 hours, surpassing $45 million. The funding rate remained stable at 0.0050%, indicating that a majority of traders maintain bullish positions, anticipating a continued rally.
Airdrop and Early Market Dynamics
During its launch, the Haedal protocol distributed 5% of its total token supply, equivalent to 50 million HAEDAL tokens, through an airdrop targeting active users of its products and partnerships within the Sui ecosystem. However, the token price initially dropped by nearly 50% as many community members sold their airdropped tokens, leading to temporary market volatility.
What is Haedal?
Founded in 2023, Haedal is a liquid staking protocol built on the Sui blockchain. It enables users to stake their SUI tokens and receive haSUI, a liquid, yield-generating derivative. This allows users to continue earning staking rewards while participating in decentralized finance (DeFi) activities.
The HAEDAL token plays a crucial role within the protocol, powering governance, staking rewards, liquidity incentives, and fee discounts. The token is central to the protocol’s ecosystem and its utility-driven design.
Funding and Development
In January 2025, Haedal secured seed funding from renowned investors, including Hashed, OKX Ventures, Animoca Brands, and the Sui Foundation. These investments aim to advance Haedal’s liquid staking infrastructure and DeFi solutions on the Sui network, enabling further growth and innovation.
“Haedal’s unique approach to liquid staking allows users to maximize their earnings while utilizing their assets within the DeFi ecosystem.”
Disclaimer: This article is for informational purposes only and should not be considered financial advice. Always conduct your own research before making investment decisions.
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