What Is Haedal? haSUI Liquid Staking on Sui Explained

Haedal is a liquid staking protocol on Sui that lets you stake SUI and receive haSUI, a token whose value in SUI rises as staking rewards accrue. Live since 2023, it is one of the three largest Sui liquid staking protocols by TVL, and it has since added haWAL (staked Walrus) and yield vaults, governed by the HAEDAL token.

Haedal at a glance

Attribute	Detail
Category	Liquid staking (LST)
Chain	Sui
Native token	HAEDAL (1,000,000,000 total supply); LSTs haSUI and haWAL
Launched	2023 (DefiLlama tracks its TVL from September 2023)
Key products	haSUI, haWAL, HaeVaults, veHAEDAL; the Haedal Market Maker (HMM) was deprecated in August 2026
TVL	About $42M in Haedal liquid staking, about $50M across all Haedal products (DefiLlama, October 2026)
Audits / security record	MoveBit, OtterSec and CertiK (2023 to 2026); vault pauses in May 2025 and June 2026, with no reported haSUI depeg
Website	haedal.xyz
Integrated with JewelSwap	No (competing Sui LST)

What is Haedal?

When Sui mainnet launched in May 2023, staked SUI was locked and could not be used elsewhere. Haedal was one of the protocols that filled that gap. Its first haSUI audit (MoveBit) is dated August 2023, and DefiLlama has tracked its TVL since September 2023. Haedal raised a $2.5M seed round, and its backers include Hashed and OKX Ventures.

Haedal calls itself "the ultimate place to stake and earn on Sui". Beyond haSUI it offers haWAL, a liquid staking token for WAL on the Walrus storage network, plus HaeVaults for automated yield strategies. As of 10 October 2026, DefiLlama shows about $42M in Haedal's liquid staking, behind SpringSui (about $69M) and ahead of Volo (about $27M).

If liquid staking tokens are new to you, start with our explainer on what an LST is.

How Haedal works

1. Stake. You deposit SUI into Haedal's staking pool, which delegates it to Sui validators, and you receive haSUI.
2. Value accrual. haSUI does not rebase. After each Sui epoch, its conversion rate to SUI is recalculated from total staked SUI plus rewards, minus unstaked SUI, divided by haSUI supply. Haedal keeps a 6% commission on staking rewards.
3. Use in DeFi. haSUI can be traded, supplied as collateral or paired in liquidity pools while it keeps earning staking rewards.
4. Regular unstake. Burn haSUI for a claim object and collect SUI after one to two epochs, with no fee. Requests made in the last four hours of an epoch wait an extra epoch.
5. Instant unstake. Using Sui's SIP-33, which lets inactive staked SUI be redeemed immediately, you can exit at once for a 0.02% fee.

Key features

• Single appreciating token. haSUI is the only token you hold; rewards show up as a rising haSUI-to-SUI rate.
• Two exit routes. A free one-to-two epoch unstake or a 0.02% instant unstake.
• haWAL. The same model applied to WAL staking on Walrus.
• HaeVaults. Automated strategies, audited by MoveBit and CertiK, including a v2 vault design audited through 2026.
• veHAEDAL. Lock HAEDAL for 1 to 52 weeks to receive decaying voting power, weekly rewards and farm boosts.

HAEDAL token

HAEDAL is Haedal's governance token, with a total supply of 1 billion. According to Haedal's documentation, 55% goes to ecosystem incentives, 10% to a liquidity fund, 15% to investors (6-month lock, then 12-month linear vesting) and 20% to team and advisors (12-month lock, then 24-month vesting).

Binance listed HAEDAL on 21 May 2025 as the 19th project in its HODLer Airdrops programme, distributing 30 million HAEDAL (3% of supply). At listing, 195 million tokens (19.5%) were in circulation. Locking HAEDAL as veHAEDAL gives voting power on DAO proposals, weekly staking rewards and boosts in Haedal's farms. A 52-week lock gives 1 veHAEDAL per HAEDAL, and the balance decays linearly to zero at unlock.

Risks and track record

haSUI carries the usual LST risks covered in our guide Is liquid staking safe?: smart-contract bugs, validator underperformance, and a secondary-market price that can drift below the redemption rate in a sell-off. Haedal's instant unstake narrows that gap, but it depends on available inactive stake.

Haedal publishes more than 20 audit reports from MoveBit, OtterSec and CertiK, covering haSUI, haWAL, HMM, vaults and the token. Its incidents so far have been in vault products, not in haSUI itself:

• May 2025. After the roughly $223M Cetus exploit, Haedal suspended HaeVault, which depended on Cetus pools. It said its other features and funds were safe.
• June 2026. On 9 June 2026 Haedal paused several vault pools after an abnormal drop in liquidity, said the rest of the protocol kept running and pledged to cover losses. It later restarted vaults with replacement pools.

We found no report of an haSUI depeg in either event. The Haedal Market Maker was deprecated in August 2026.

Is Haedal integrated with JewelSwap?

No. haSUI is a competing Sui liquid staking token to JewelSwap's JWLSUI, and there is no integration between them.

The models differ. haSUI is a single token that appreciates against SUI, with a one-to-two epoch unstake or a paid instant exit. JWLSUI uses a dual-token design: JWLSUI is minted 1:1 against SUI (backing can reach up to 1.1x via protocol-owned liquidity), and staking it gives SJWLSUI, the appreciating variant. Unbonding takes 10 days, so the exit is slower, but the claim is a transferable NFT that can change hands before it matures. A Gauge lets stakers vote on which validators receive delegation. Our Sui liquid staking comparison sets these trade-offs out in full.

Haedal vs other Sui apps

Haedal's direct competitors are SpringSui's sSUI from Suilend, the largest Sui LST on DefiLlama as of October 2026, and Volo's vSUI, which is owned by NAVI. Both offer instant unstaking, as Haedal does for a small fee. Aftermath Finance issues afSUI alongside its DEX. Haedal stands out for haWAL and its veHAEDAL governance model.

Related Sui apps

• Sui — the layer-1 blockchain and the hub of this directory.
• Volo (vSUI) — NAVI-owned LST with instant unstaking.
• Suilend — lender and home of SpringSui's sSUI.
• Aftermath Finance — DEX and afSUI liquid staking.
• Walrus — the storage network whose WAL token haWAL stakes.
• NAVI Protocol — lender that accepts haSUI as collateral in its Prime vaults.

Learn more on the JewelSwap blog

• Sui liquid staking compared (2026) — haSUI, sSUI, vSUI and JWLSUI side by side.
• JWLSUI dual-token liquid staking — how JWLSUI and SJWLSUI work.
• What is an LST? — liquid staking tokens from first principles.
• Is liquid staking safe? — depeg, validator and contract risks.

Frequently asked questions

Is Haedal safe?

No liquid staking protocol is risk-free. Haedal has published audits from MoveBit, OtterSec and CertiK, and its incidents so far, in May 2025 and June 2026, hit vault products rather than haSUI. Contract, validator and depeg risks still apply.

What is the HAEDAL token used for?

HAEDAL is Haedal's governance token, with a 1 billion supply. Locking it as veHAEDAL for 1 to 52 weeks gives voting power on DAO proposals, weekly staking rewards and boosts in Haedal's farms.

Is Haedal integrated with JewelSwap?

No. haSUI competes with JewelSwap's JWLSUI and the two are not integrated. JWLSUI is minted 1:1 against SUI and staked into SJWLSUI, the appreciating variant, with a 10-day unbonding period and a transferable claim NFT.

JewelSwap Sui Ecosystem directory · educational, not financial advice. Data as of October 2026. Browse all Sui apps.