What Is Volo? vSUI Liquid Staking on Sui Explained

Volo is a liquid staking protocol on Sui that turns staked SUI into vSUI, a reward-bearing token that can be redeemed for SUI instantly. Owned by NAVI Protocol since 2024, Volo has also grown into a yield hub with vaults for assets such as BTC and stablecoins.

Volo at a glance

Attribute	Detail
Category	Liquid staking (LST) and yield vaults
Chain	Sui
Native token	None (vSUI is the LST; Volo's docs list a VOLO token as "coming soon")
Launched	2023 (first audits completed September 2023); acquired by NAVI Protocol in early 2024
Key products	vSUI liquid staking, Volo Vaults (including BTC-focused vaults)
TVL	About $27M in Volo LST and about $4M in Volo Vaults (DefiLlama, October 2026)
Audits / security record	vSUI: Hacken, MoveBit, OtterSec, Veridise; vaults: Certora, Veridise. About $3.5M lost from three vaults in April 2026
Website	volosui.com
Integrated with JewelSwap	No (competing Sui LST)

What is Volo?

Volo came out of the push to bring liquid staking to Sui in 2023, after the network launched with staked SUI locked in place. Its vSUI contracts were audited by MoveBit, Hacken and OtterSec between September and October 2023.

In January 2024 NAVI Protocol, the Sui money market, announced it was acquiring Volo. The deal made NAVI the first Sui protocol to combine lending, borrowing and liquid staking, and Volo now describes itself as incubated by NAVI Labs. vSUI fits neatly into that stack: you can stake SUI on Volo and supply vSUI as collateral on NAVI. Volo has since expanded into vaults, pitching itself as an "earn hub" for Sui assets, with a focus on BTC-related tokens.

As of 10 October 2026, DefiLlama shows about $27M in Volo's liquid staking, the third-largest Sui LST behind SpringSui and Haedal. For the basics, see our explainer on what an LST is.

How Volo works

1. Stake. You deposit SUI (minimum 1 SUI) and receive vSUI at the current exchange rate.
2. Delegation. Volo spreads deposits across up to 50 Sui validators using configurable weights, which it can rebalance based on performance.
3. Value accrual. vSUI is reward-bearing. The exchange rate is total SUI (principal plus rewards) divided by vSUI supply, and it rises every epoch. Rewards are calculated on-chain from validator exchange rates.
4. Instant unstake. Thanks to Sui's SIP-33, vSUI can be redeemed for SUI immediately with no unbonding period (minimum 1 vSUI).
5. Fees. The protocol can charge a stake fee, an unstake fee and a performance fee on rewards; Volo's FAQ puts the reward fee at 10% of staking yield. Part of the unstake fee can be redistributed to remaining stakers.

Key features

• Instant liquidity. No waiting period to exit, which reduces reliance on DEX liquidity to hold vSUI's price near its redemption value.
• Weight-based delegation. Stake is spread across many validators rather than concentrated in a few.
• Fee rebate. A share of unstake fees can flow back to the pool as extra yield.
• Boosted rewards. The protocol can deposit additional SUI to lift returns above base staking yield.
• NAVI integration. vSUI is accepted as collateral in NAVI markets, including NAVI's Prime vaults.

Risks and track record

vSUI shares the usual LST risks: smart-contract bugs, validator underperformance and secondary-market discounts. Our guide to liquid staking vs native staking explains what you take on compared with staking SUI directly. Volo's close tie to NAVI is also a concentration point: the same group runs the LST and a major market where it is used as collateral.

The vSUI contracts have audits from Hacken, MoveBit, OtterSec and Veridise, and the vaults from Certora and Veridise. On 21 April 2026 Volo disclosed that about $3.5M had been drained from three isolated vaults holding WBTC, XAUm and USDC. Volo froze all vaults, reported that around $2M had been frozen or blocked, including an attempt to bridge 19.6 WBTC, and said it would absorb the loss rather than pass it to users. Reports did not indicate that vSUI liquid staking was affected, and the cause had not been officially confirmed at the time.

Is Volo integrated with JewelSwap?

No. vSUI competes with JewelSwap's JWLSUI, and there is no integration between them.

The two take different approaches. vSUI is a single appreciating token with instant redemption. JWLSUI is 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, which appreciates. Unbonding takes 10 days rather than being instant, but the claim is a transferable NFT. Instead of a team-set weighting, a Gauge lets stakers vote on validator delegation. Our Sui liquid staking comparison goes deeper.

Volo vs other Sui apps

Volo competes most directly with SpringSui's sSUI from Suilend and Haedal's haSUI. sSUI and vSUI both offer instant redemption; Haedal offers a free one-to-two epoch exit or a paid instant one. Volo's distinguishing feature is its link to NAVI Protocol, which makes vSUI a natural collateral asset there.

Related Sui apps

• Sui — the layer-1 blockchain and the hub of this directory.
• NAVI Protocol — the Sui lender that owns Volo.
• Haedal (haSUI) — a competing Sui liquid staking token.
• Suilend — lender and home of SpringSui's sSUI.
• Aftermath Finance — DEX and afSUI liquid staking.
• Scallop — Sui money market behind JewelSwap's leveraged farms.

Learn more on the JewelSwap blog

• Sui liquid staking compared (2026) — vSUI, haSUI, sSUI and JWLSUI side by side.
• JWLSUI dual-token liquid staking — how JWLSUI and SJWLSUI work.
• What is an LST? — liquid staking tokens explained.
• Liquid staking vs native staking — what you gain and give up.

Frequently asked questions

Is Volo safe?

No liquid staking protocol is risk-free. vSUI is audited by Hacken, MoveBit, OtterSec and Veridise, but Volo lost about $3.5M from three isolated vaults in April 2026 and pledged to absorb the loss. Reports did not indicate vSUI staking was affected.

Does Volo have a token?

Not yet. vSUI is Volo's liquid staking token, not a governance token. Volo's documentation lists a VOLO token as "coming soon", with no published details.

Is Volo integrated with JewelSwap?

No. vSUI 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 10-day unbonding and a transferable claim NFT.

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