SUI: Haedal TGE and Airdrop soon! You can still get a share
Seb Montgomery
3 months ago
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Executive Summary
Hey there! So, this video dives into Haedal, a dApp on the SUI network, focusing on liquid staking and the chance to grab some of their upcoming HADL tokens via an airdrop, especially one tied to Bybit. It's all about putting your SUI to work, getting some yield, and potentially scoring some free tokens when Haedal launches its own token soon.
Here's the lowdown on Haedal and how to get involved:
- What is Haedal? It's an LST (Liquid Staking Token) platform for the SUI network. Think of it like similar apps on Solana or Ethereum, but for SUI. It lets you stake your SUI tokens and get a liquid version back, called HA SUI.
- Why Use It? You can keep earning yield on your SUI while still having a token (HA SUI) that you can use in other DeFi apps. It's a way to maximize returns on your SUI holding.
- How Yield Works: The yield on Haedal isn't just from staking (which is pretty low on SUI, around 2.5%). It also includes fees from market-making pools where HA SUI is traded. This bumps the total yield up a bit, around 3.13%, which feels like a pretty decent system.
- Staking and Unstaking: When you stake SUI, you get HA SUI back based on an exchange rate that reflects the accumulated rewards. The value of your HA SUI grows relative to SUI over time because it compounds the staking rewards, which is how LSTs on chains like Solana work. If you want to unstake, the standard process requires you to wait until the current "epoch" ends, similar to staking directly. There's also an instant unstake option, but it comes with a small fee.
- Manual Staking: You can choose to stake your SUI manually with specific validators through Haedal if you prefer, though the direct Haedal staking mechanism is simpler and integrates the market-making yield.
- Claiming Rewards: After an epoch ends, you don't automatically get your SUI back after unstaking; you have to go to the "Claim" section and manually claim them.
- DeFi Opportunities: The cool part about getting HA SUI is you can use it in other decentralized finance applications. Haedal highlights pairing HA SUI with SUI or USDC in liquidity pools on platforms like Turbos. The HA SUI/USDC pool on Turbos was showing a decent 9.21% APY, which is a nice bit of extra yield on top of your staking rewards.
- High Vaults: Haedal offers "High Vaults" which are automated strategies designed to maximize yields even further by compounding rewards multiple times a day. They sound pretty cool. It's recommended to look at which pools are currently performing better (like SUI/HA SUI potentially outperforming SUI/USDC depending on market conditions).
- Haedal Random Vault: This is an interesting feature described as a "no loss lottery." You deposit SUI, and instead of earning yield yourself, the rewards from all deposited SUI go into a prize pool. If you win a draw, you get a share of that prize pool. The prizes are split among 5 winners with the biggest winner getting 50% and the others getting smaller shares. You have 60 days to claim if you win. It's not a guaranteed win, but it's a fun way to potentially get a large payout, kind of like PoolTogether on Ethereum.
- The Airdrop Campaign: The big news is an upcoming airdrop tied to their Token Generation Event (TGE), expected potentially in early April. They're running a campaign with Bybit Web3 on their Airdrop Arcade.
- Bybit Campaign Details: To participate in the Bybit airdrop campaign, you need to complete a couple of social tasks (follow Haedal on X, repost a specific campaign tweet) and importantly, stake at least 5 SUI in a specific "Hayvolt" vault accessible through the Bybit Web3 wallet. This campaign ends on April 7th, which suggests the TGE could be right after that.
- Participating in Bybit Campaign: You'll need the Bybit Web3 wallet (you can import your existing SUI wallet seed phrase into it, which is convenient but always be cautious with seed phrases). Then deposit SUI into that Bybit wallet and use their interface to stake in the required vault. This specific vault involves depositing both SUI and USDC and might expose you to "impairment loss" (also known as divergence loss) common in liquidity pools, so be aware of that risk.
- Thoughts on the Airdrop: It's uncertain how big the airdrop will be for someone staking just 5 SUI, as the total token supply distribution (tokenomics) isn't public yet. However, it's seen as a worthwhile effort because it's fun, teaches you about a new dApp, and if you're bullish on SUI anyway, using a platform like Haedal makes sense. The hope is that it ends up being worth your time and effort.
- Team and Trust: While the Haedal team on X has a blue tick (which is okay but limits visibility), finding a couple of team members and seeing they had an audit by Ottersec adds some confidence. They also had a seed funding round in January 2024 with several investors, which suggests a decent amount of trust from the industry.
- Growth Indicator (TVL): Checking their Total Value Locked (TVL) on DeFi Llama is seen as a bullish sign. Despite the price of SUI dropping significantly since January, Haedal's TVL has continued to grow. More TVL generally means the platform is gaining traction and is doing pretty well.
So, if you're into SUI and airdrop hunting, exploring Haedal, especially the Bybit campaign before April 7th, seems like a good move to potentially earn some HADL tokens. Just remember to understand how LSTs work and the specific requirements and risks of the Bybit campaign vault.
Transcript
Transcript
Right now, I think it is SUI airdrop season, so I'm going to cover the next DAP that I think you should get amongst. Let's dive in to Hadle. Hadle is an LST DAP, and this allows you to continue to get yield, and actually pretty decent yield for the SUI network, and then also engage in DeFi. It's kind of like JudoSoul, which is over on Solana. So here it is, Hadle.xyz. Come over here, launch the app, and then go ahead and connect your wallet. I'll disconnect this quickly, connect whatever wallet you're using. I'm just using SUI wallet, and connect away. So we'll quickly go through this platform here, but if you're familiar with the LST space, liquid staking token, this basically accumulates the staking rewards, and the staking rewards on SUI are quite low. They're around 2.5%. You can see here that it is actually in 3.13%. That's because it's getting staking rewards as well as actual liquid market-making fees. So if we hover over this little tab, the Hadle market maker, they take some of the fees, and you get some of the fees just by swapping in between them. So this is a pretty decent system, to be perfectly honest. Now, how it works is it all relates to an epoch. So if we want to stake, we stake. And then if we want to unstake, we have to wait until the end of the epoch. Very, very similar to JudoSoul over on Solana. So we'll come here. We've connected our wallet. And we'll just go. We don't have a whole lot of SUI in this wallet. So we're just going to go with 5 right now. We'll go and stake the SUI. And we'll approve. And you can see we're getting 4.755, etc. HA SUI. Then we close this, and we get prompted this little page here. But I'm going to click no thanks, because we'll go over that shortly. So we can see there is an exchange rate which is lower than what we were expecting. And that's just because that's how LSTs work. Same thing happens with Solana LSTs. It doesn't work the same with Ethereum LSTs for whatever reason. But it's because they have a crude value. So you're not going to see your HA SUI grow in terms of if you go and have one HA SUI. You know, a year later, you won't have 1.2 HA SUI. Just it would have grown. The value of HA SUI would have grown relative to SUI because it's compounding those staking rewards. So that's how it works. If you want to manually do this, you can do it as well. And you can select your validator. You can see the APY is around about 2.5%. Validator.com does not have an actual validator over here yet. Hopefully we get there in the future. But for now, we're just over on Solana. So when we are over here, stake it with validator.com. We'll look after the SUI, of course. And we're bullish on SUI. But that's how we do this. Let's go over to the withdraw tab. If we want to unstake, say, 10, we'll get 10.514. And we'll get this at the end of the epoch. So if I just did 1 right now as an example, we should get more, slightly more SUI. We can see we've got a balance of 14.26. And we'll only begin the unstake process. Like, this will come back to us at the end of the epoch. That's the standard thing in the LSD space. Just worth noting. If we want to instant unstake it, we will drop slightly. Or we should drop slightly. Because there is a small unstaking fee. But I guess the difference is we can't really see that fee if we're just doing 1 SUI. But we can see 100 SUI gives us 105.116 and 105.137. So there is a small fee attached. We can also swap out if we just want to use the liquidity pools. And this is going to give us pretty much the same. 100 HA SUI into SUI, it will use the liquidity pools. So that's how we do that. We've also got claim over here. This is where we claim the tokens when the epoch ends. So they don't go automatically into our wallet per se. But we can just unclaim them like this if we want to. And we have to wait until the end of the epoch. And then some time. So we'll just go and claim them here. When required. But the big value here is the DeFi aspect. So if you go and take HA SUI and pair it with SUI, you can go and get a little bit of APY in CETIS. It's not loading for me right now. Annoyingly. But you can see on turbos it's 9.21%. Which is quite decent to be perfectly honest. Or you can go and pair it with USDC. We've covered all this liquidity pool stuff in other videos. And we can cover it again in the future if required. But that gives us a nice little bit of yield. If we come up to the top we've got the high vault. Simple, automated and powerful. Maximize your yields like a pro. These have even higher rewards. And they're compounded multiple times a day. So I think this is pretty cool. However here SUI is outperforming HA SUI in USDC. So you're probably wanting to go into this pool to be perfectly honest. As opposed to this one. Or you may want to jump into both. You've got another panel here. Stats. If you want to look at the stats. To see how much progress has been made in terms of staking. And then under other we've got bridge and random. So now let's go through the current campaign. And basically how we could do well off the airdrop aspect. So this is the Twitter. So make sure you give them a follow. They only have a blue tick. Which is completely fine. But it also means that we can't see all the team members. But we have found a couple of team members. Which I'll cover shortly. They say here. Hello the tick is HADL. The time is April. That's it. That's the tweet. Initializing TGE 99%. So get amongst it right now. Literally today or tomorrow. The ticker is HADL. Now if we come back to HADL.xyz. We've got something fun here under other. And it just says random. And I don't think that's enough fun. But what we can do here. Is we can actually participate in the HADL random vault. And this is like my understanding is a no loss lottery. So we've got a little bit of SUI here. We'll just go on with like five. Because I need it for a couple more tutorials. And this is not a massive chance of winning. But we're putting all the SUI into here. And then the estimated prize spot. Well it's 5.77 HA SUI. Which is nothing crazy. But I'm sure it'll grow and grow. And then you don't get any rewards. You only have your SUI here. The rewards get split into the pool. So we go ahead and we deposit the SUI. And if we win. Well I've never won. But I assume if we win. We're going to see a claim button. Where we actually have to go and claim a prize. Kind of like pull together on Ethereum. If you've used that in the past. You can see the winners are kind of low at present. But I think we could potentially see this in the future. Where there's a couple of draws per week. But then there's one big one every month. And that starts to get more and more attention. Regarding the mechanism. You can have a read of this if you like. But there are 5 winners. 50% of the rewards. 11%, 11%, 11%, and 11%. And 6% of the protocol income. And the claim time. You have to do it 60 days. Otherwise they get returned to the new price pool. So let's go over this current system they've got with Bybit Web3. So it's back on the airdrop arcade. And maybe Haydel is going to do their launch on Bybit. We'll have to wait and see. So if you complete a couple of social tasks. And stake at least 5 SUI on Hayvolt. To claim a share of 714,300 Haydel. At present I'm unsure of what the tokenomics look like. So when we've got that information. I'll let you know. But this. It could be like 5% of the supply. It could be less. Who really knows. We can see here. The window is until April 7th. So I'm expecting. You know. Early April. Maybe second week of April. To actually be the token generation event. The link will be below. But this is how we have to do it. We actually need a different wallet. Because it needs a Bybit wallet. So the link is below. But this is what it looks like. Just so you can see. It has 300,000 users. 3.7 star rating. And about 500 reviews. So all I've done is. I've just imported my seed phrase. From my SUI wallet. Into this wallet. And we go ahead. And we connect our wallet. Connect. And confirm. Then we're going to go. And deposit. I will copy this. A little bit strange. It's a little bit harder. Than I was expecting it to be. But that's okay. Come in here. Send. And I'll paste here. Next. I'll go with 6C. Next. And confirm. Transaction has been submitted. We will close this. Give a little bit of a refresh perhaps. We do have to connect our X account. It's up to you if you do this. What you really want to do. Is you want to see. Can they post on your behalf. Because if they can. Then that's not a good sign. And all. All you can see here. Is basically they can't. They can't read your DMs. Or do anything like that. So I am going to authorize the app here. And then we go ahead. And we click start again. We give them a follow. Click start on this one. It opens a new tab. You may have already followed them before. In which case you don't have to repeat this. Repost the official campaign. You can see there's a lot of retweets. So we'll go ahead and repost that. And then stake at least 5 sui on Hayvolt. So click on start here. And then I'll jump into this one. And I'm going to go with 5 sui. As expected. It adds some USDC. We'll deposit it. It's about $20 worth. Depositing in this vault may expose you to impairment loss. Which is these days called divergence loss. I'm going to do so anyway. And I'll approve. Now to be honest. I'm unsure if this is going to be a decent airdrop for anybody with like 5 sui worth of assets that are playing here. But it's fun. It teaches you to learn something. It's a cool dab. It works out well. If you're bullish on sui you should try it anyway. And hopefully it ends up being worth our time. That's all I can really say there. I've deposited 5 sui and 7.16 USDC. It's just sitting here in the LP. Hopefully growing and growing. Then we can come back here. It says completed. Lucky draw. Registration is successful. You've successfully entered. The winners will be announced at 12 a.m. midnight UTC. Actually in one day. Okay. So that's sooner than I was expecting. That is a little bit strange. Because it says it here. But not here. But either way we're involved. Now regarding the team. Here are a couple people from the team. You've got blah blah blah. And you've got Luke. The other only people that we've managed to find. We did find that they do have an Otisec audit. And checking out Misari. Which I definitely recommend. They did do a seed round. We just don't have how much they actually managed to raise. But we know they did this this year. January 3rd. Quite a few investors that got amongst us. So in my opinion it's got to have a decent amount of trust. The final thing we'll end with is their TVL. Which I always like to check on DeFi Llama. You can see they had a massive spike in January. If you see it kind of dip down. Well that's because SUI was you know up around $4.50. $5. And so the fact that we're now half price SUI. And we're still growing the TVL. This is quite a bullish thing to be perfectly honest. The more TVL there is the better. And I think this is doing pretty well. So that are my thoughts. Let me know yours. And make sure you subscribe. And check out these other two SUI videos. Right here.