HAEDAL, a liquid staking protocol, experienced a significant surge of up to 50% today ahead of its listing on South Korea’s Bithumb exchange. The CoinGecko data revealed that HAEDAL rallied to an intraday high of $0.174 during Asia morning hours on May 2, marking over 100% gains from its post-launch lows. With a market cap reaching $32 million and daily trading volume hitting around $180 million, HAEDAL has been making significant waves in the crypto market.
The key driver behind today’s price surge was the announcement by Bithumb, a major South Korea-based crypto exchange, regarding the addition of a KRW trading pair for the HAEDAL token. The trading pair was set to go live at 6:00 PM KST on Friday, May 2, 2025. This listing on Bithumb follows earlier listings on Binance Alpha, Bybit, KuCoin, and MEXC on April 29, shortly after the token generation event and mainnet launch of Haedal. The total HAEDAL token supply was set at 1 billion at launch.
Following the news of the Bithumb listing, activity in HAEDAL’s derivatives market saw a significant spike. Data from CoinGlass indicated that open interest in HAEDAL futures surged by 210% in just 24 hours, surpassing $45 million. The funding rate remained stable at 0.0050%, indicating that most traders are holding bullish positions and expecting the rally to continue.
Haedal protocol distributed 5% of its total supply, equivalent to 50 million HAEDAL tokens, through an airdrop targeting active users in its products and Sui ecosystem partnerships. However, shortly after the airdrop, the token price experienced a drop of nearly 50% as many community members rushed to cash out their airdropped tokens.
Haedal, founded in 2023, operates as a liquid staking protocol on the Sui blockchain. It allows users to stake SUI tokens and receive haSUI, a liquid, yield-generating derivative that enables them to continue earning staking rewards while participating in DeFi activities. The HAEDAL token plays a crucial role in governing the protocol, distributing staking rewards, providing liquidity incentives, and offering fee discounts.
In January 2025, Haedal secured seed funding from prominent investors such as Hashed, OKX Ventures, Animoca Brands, and the Sui Foundation to further develop its liquid staking infrastructure and DeFi solutions on the Sui network.
Disclaimer: This article is for educational purposes only and does not constitute investment advice.