Haedal Protocol, a liquid staking platform built on the Sui blockchain, surged by as much as 50% on May 2, 2025, ahead of its scheduled listing on South Korea’s major crypto exchange, Bithumb. During Asia’s morning trading, the HAEDAL token rallied to an intraday high of $0.174, marking a dramatic rise of over 100% from its post-launch lows. The token’s market capitalization reached $32 million, with daily trading volume climbing 20% to approximately $180 million.
Bithumb announced it would add a KRW trading pair for HAEDAL at 6:00 PM KST on May 2, making it the latest exchange to list the token. This follows recent listings on Binance Alpha, Bybit, KuCoin, and MEXC, which occurred shortly after Haedal’s token generation event and mainnet launch on April 29, 2025.
The announcement led to a significant increase in derivatives activity, with HAEDAL futures open interest rising 210% to over $45 million. The funding rate remained at 0.0050%, indicating bullish sentiment among traders. Haedal Protocol airdropped 5% of its total supply (50 million tokens) to active users and Sui ecosystem partners. However, the token price fell nearly 50% as recipients sold off their airdropped tokens.
Haedal Protocol, founded in 2023 and backed by OKX Ventures, enables SUI staking through haSUI, a liquid, yield-bearing derivative for DeFi participation. The HAEDAL token governs the protocol, providing rewards, liquidity, and fee reductions. In January 2025, the platform secured seed funding from Hashed, Animoca Brands, and the Sui Foundation to enhance liquid staking on Sui and experienced a 50% surge before its Bithumb listing.
Meanwhile, OKX is re-entering the U.S. market with a new platform, a self-custody Web3 wallet, and CEO Roshan Robert, following a $500 million settlement. The focus is on transparency and regulatory compliance, including monthly proof-of-reserves and robust KYC. Existing users will be migrated, and a full public launch with a new San Jose headquarters is planned for later this year.
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