Deep Dive
1. Protocol Growth Amid Token Collapse (17 February 2026)
Overview: Haedal remains Sui's dominant liquid staking protocol with over $210 million in Total Value Locked (TVL), 794,000 holders, and 44,000 daily active wallets. However, its HAEDAL token has experienced a severe downturn, dropping more than 90% from its all-time high of $0.30 on 17 July 2025 to approximately $0.03–$0.04 by February 2026. The collapse is attributed to continuous token unlocks, weak market conditions, and a lack of direct utility—users can stake SUI and earn rewards without needing to hold HAEDAL.
What this means: This is bearish for HAEDAL's short-term price because selling pressure from unlocks and a disconnect between protocol usage and token demand outweigh its value-capture mechanisms like governance and buybacks. The token's high-risk micro-cap status is now tightly linked to Sui's broader adoption. (Phemex)
2. 2025: From Staking to Yield Infrastructure (16 January 2026)
Overview: In a 2025 recap, Haedal highlighted its evolution from a liquid staking service into a comprehensive "on-chain yield infrastructure" stack. The year was marked by a successful Token Generation Event (TGE), one of Sui's largest airdrops, and listings on top-tier global exchanges like Binance, Upbit, and Bybit. The project emphasized scaling its product suite, which includes staking, trading, and liquidity solutions, supported by institutional backers.
What this means: This is neutral to bullish for Haedal's long-term ecosystem as it demonstrates execution and a vision to become a central yield hub on Sui. However, the positive development narrative has not yet translated into sustained token price support, highlighting the ongoing challenge of tokenomics. (Haedal)
Conclusion
Haedal Protocol is caught between strong on-chain growth and a severely underperforming native token. The key question now is whether upcoming developments can bridge this gap between utility and value.