HAEDAL, the utility and governance token of the Haedal Protocol, soared over 25% following a high-profile listing on South Korea’s Bithumb exchange.
The HAEDAL token has surged by over 25% in the past 24 hours following the news of its listing on Bithumb, one of South Korea’s largest crypto exchanges.
Trading at $0.1602 after hitting an intraday high of $0.1742, HAEDAL came within a hair’s breadth of its all-time high of $0.1744 set just three days ago,
CoinMarketCap data shows that the market cap has now touched $31.16 million, signaling renewed investor interest following a volatile debut just days ago.
Bithumb Listing Resulted in HAEDAL Surge
The rally comes on the heels of Bithumb’s announcement that it would begin supporting a KRW trading pair for HAEDAL starting at 6:00 PM KST on May 2, 2025.
Bithumb, the second largest exchange in South Korea, will list Haedal Protocol (HAEDAL) for Korean won trading pairs. Trading will start at 6:00 pm local time on Friday, May 2. Haedal is a liquidity staking protocol based on Sui. https://t.co/c2IgqIIh4A
— Wu Blockchain (@WuBlockchain) May 2, 2025
This marks yet another major exchange listing for the token, following Binance Alpha, Bybit, KuCoin, and MEXC earlier this week.
These listings arrived in rapid succession after HAEDAL’s mainnet launch and token generation event on April 29, when the project also distributed 5% of its 1 billion token supply via an airdrop.
The Bithumb catalyst also sparked a sharp uptick in derivatives trading. Data from CoinGlass shows HAEDAL’s open interest in futures skyrocketed 128% in 24 hours to over $40 million.
Moreover, the funding rate held steady at 0.0050%, which is a sign of balanced long and short positions and growing institutional interest.
But What Is HAEDAL?
HAEDAL is the governance and utility token of the Haedal Protocol, a next-generation liquid staking platform built on the Sui blockchain.
haello otters, $HAEDAL will be listed on @BithumbOfficial! 🔥🔥🔥 https://t.co/MsHxX5QVa9 pic.twitter.com/bk5nMQjSYi
— Haedal🦦 (@HaedalProtocol) May 2, 2025
Through its staking mechanism, users can deposit SUI or WAL tokens into the Haedal ecosystem and receive haSUI or haWAL — yield-bearing, liquid staking tokens that remain usable across DeFi applications.
This allows users to earn validator rewards while maintaining liquidity, a key innovation for Sui-based staking.
Users who stake HAEDAL tokens into veHAEDAL receive governance rights, boosted farming rewards, and a share of staking revenues.
Bithumb Targeted by South Korea’s FTC
The timing of the Bithumb listing is notable, especially as the exchange was recently designated a public disclosure target by South Korea’s Fair Trade Commission. Moreover, the firm was also classified as a conglomerate on May 1st.
The move classifies Bithumb as a large-scale enterprise, indicating its rapid growth due to a surge in virtual asset trading. The regulatory acknowledgment adds legitimacy to the exchange and, by extension, to new tokens it chooses to list.
However, the exchange is now also subject to stricter laws and compliance when it comes to listing tokens.
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