HAEDAL協議

Haedal是在SUI網絡上構建的液體靜止協議。它允許用戶使用其SUI令牌，並為SUI區塊鏈的治理和權力下放做出貢獻。

Haedal is a protocol that provides liquid staking and liquidity management on the Sui blockchain. It allows users to stake SUI tokens and receive liquid staking tokens called haSUI, which can be used in decentralized exchanges, lending protocols, and other DeFi services.

Haedal是一項協議，可在SUI區塊鏈上提供液體積累和流動性管理。它允許用戶存放SUI令牌並接收名為Hasui的液體蓄積令牌，可用於分散的交易所，貸款協議和其他Defi服務。

Haedal also operates the Haedal Market Maker (HMM), an automated market maker that concentrates liquidity in specific price ranges and uses a dynamic leverage factor to adjust liquidity according to market conditions. This helps to minimize slippage for traders and ensure efficient capital use.

Haedal還經營著Haedal做市商（HMM），這是一個自動化的做市商，將流動性集中在特定價格範圍內，並使用動態的槓桿因素來根據市場條件來調整流動性。這有助於最大程度地減少交易者的打滑，並確保有效的資本使用。

Key Takeaways

關鍵要點

* Haedal is a protocol that provides liquid staking and liquidity management on the Sui blockchain.

* Haedal是一項協議，可在SUI區塊鏈上提供液體積累和流動性管理。

* Users can stake SUI tokens with Haedal to receive haSUI, a liquid staking token that can be used in various DeFi services.

*用戶可以將SUI令牌與HaeDal放置，以接收HASUI，這是一種可用於各種Defi服務的液體藏匿令牌。

* Haedal also operates the Haedal Market Maker (HMM), an AMM that uses protocol-owned liquidity to provide efficient trading and enhance yields for haSUI holders.

* Haedal還經營Haedal做市商（HMM），該AMM使用協議擁有的流動性來提供有效的交易並增加Hasui持有人的收益率。

* HMM is designed with a dynamic leverage factor to adjust liquidity according to market conditions, which helps to minimize slippage for traders and ensure efficient capital use.

* HMM的設計具有動態的槓桿作用因子，可根據市場條件調整流動性，這有助於最大程度地減少交易者的滑倒並確保有效的資本使用。

What Is Haedal?

什麼是海達爾？

The Haedal Protocol is a decentralized finance (DeFi) platform built on the Sui blockchain. It is composed of two main modules: the liquid staking protocol and the Haedal Market Maker (HMM), a market maker designed for efficient liquidity management.

HAEDAL協議是基於SUI區塊鏈的分散融資（DEFI）平台。它由兩個主要模塊組成：液體樁協議和Haedal市銷商（HMM），這是一個旨在有效的流動性管理的做市商。

Haedal aims to merge the strengths of native liquid staking and yield strategies with an intuitive user experience, positioning it as a key pillar of the Sui DeFi ecosystem.

Haedal的目標是將本地液體含有和產量策略的優勢與直觀的用戶體驗合併，將其定位為SUI Defi生態系統的關鍵支柱。

Liquid Staking with Haedal

液體浸泡

How liquid staking works

液體含有的工作原理

Liquid staking allows users to stake assets while retaining liquidity, unlike traditional staking, where assets are locked. With Haedal, users can choose to stake SUI tokens, the native cryptocurrency of the Sui network, to help secure the blockchain. In return, they receive haSUI, a yield-bearing token that grants users proportionate voting rights in the protocol.

與傳統資產鎖定不同的情況不同，液體放入使用戶可以在保留流動性的同時存放資產。使用Haedal，用戶可以選擇Stake Sui令牌（SUI網絡的本機加密貨幣）來幫助保護區塊鏈。作為回報，他們獲得了Hasui，這是一種承受屈服的代幣，授予用戶在協議中比例投票權。

This token is fully liquid and can be used in other DeFi services, such as decentralized exchanges (DEXs), lending protocols, or NFT marketplaces.

該令牌是完全液體的，可用於其他Defi服務，例如分散交流（DEX），貸款協議或NFT市場。

Haedal offers two staking modes:

Haedal提供了兩種藏匿模式：

Automated Staking: The protocol selects efficient validators, simplifying the process for users with a one-click experience.

自動化均值：該協議選擇有效的驗證器，簡化了一鍵式體驗的用戶的過程。

Manual Staking: Users can select specific validators based on their annual percentage yield (APY), offering more control.

手動放置：用戶可以根據其年度百分比（APY）選擇特定的驗證器，從而提供更多的控制。

Once staked, haSUI is minted and deposited into the user’s wallet.

一旦粘貼，Hasui就會被鑄造並存放在用戶錢包中。

Utility of haSUI

Hasui的實用程序

The haSUI token is designed to integrate seamlessly into Sui’s DeFi ecosystem. It can be used in:

Hasui令牌旨在將無縫集成到Sui的Defi生態系統中。它可以使用：

DEXs: For trading or providing liquidity in pools (e.g., haSUI/SUI on Cetus DEX).

DEX：用於池中的交易或提供流動性（例如，Cetus Dex上的Hasui/Sui）。

Lending protocols: As collateral or for borrowing.

貸款方案：作為抵押品或借貸。

NFT marketplaces: For purchasing or trading NFTs.

NFT市場：用於購買或交易NFT。

Stablecoin protocols: For stablecoin-related DeFi activities.

Stablecoin方案：用於與穩定相關的DEFI活動。

This flexibility allows users to earn staking rewards while also engaging in yield-generating DeFi strategies, promoting optimal capital efficiency.

這種靈活性使用戶能夠獲得積分獎勵，同時還可以促進產生產生的Defi策略，從而促進最佳的資本效率。

The Haedal Market Maker (HMM)

海達爾做市商（HMM）

The Haedal Market Maker (HMM) is an automated market maker (AMM) designed to optimize liquidity for haSUI and other assets on Sui. It is designed to provide deep liquidity for efficient trading and enhance yields for haSUI holders.

Haedal做市商（HMM）是自動化的做市商（AMM），旨在優化SUI上Hasui和其他資產的流動性。它旨在為Hasui持有人提供高效的交易和提高收益率的深厚流動性。

Unlike traditional AMMs that rely on external liquidity providers, HMM uses protocol-owned liquidity, which is initially funded by Haedal. This allows for efficient capital deployment, especially in the early stages of the protocol.

與依靠外部流動性提供商的傳統AMM不同，HMM使用協議擁有的流動性，該流動性最初由Haedal資助。這允許有效的資本部署，尤其是在協議的早期階段。

Key mechanisms of HMM

HMM的關鍵機制

1. Dynamic liquidity concentration

1。動態流動性濃度

Unlike traditional AMMs that distribute liquidity across an infinite price range using the constant-product formula (x * y = k), HMM concentrates liquidity within specific price ranges that are likely to see trading activity. It uses a non-linear leverage factor to adjust liquidity dynamically, aligning with real market conditions.

與使用恆定產品公式（x * y = k）在無限價格範圍內分佈流動性的傳統AMM不同，HMM集中在特定價格範圍內的流動性可能會看到交易活動。它使用非線性槓桿因素動態調整流動性，與實際市場條件保持一致。

This helps to minimize slippage for traders and ensure efficient capital use, as liquidity is deployed where it is needed most, such as during periods of high volatility.

這有助於最大程度地減少交易者的打滑並確保有效的資本使用，因為在最需要的地方（例如在高波動率時期）部署了流動性。

2. Oracle-based Pricing

2。基於Oracle的定價

HMM integrates high-frequency oracle price feeds (e.g., Pyth Network) to align its internal liquidity with real-time market prices. This reduces impermanent loss risk for liquidity providers and can even generate “impermanent profit” by capitalizing on price movements, complementing other AMMs and order books on Sui.

HMM集成了高頻Oracle價格供稿（例如Pyth網絡），以使其內部流動性與實時市場價格保持一致。這樣可以減少流動性提供者的無常損失風險，甚至可以通過資本利用價格變動，補充其他AMM和訂購SUI的書籍來產生“無常利潤”。

3. Inventory management

3。庫存管理

To maintain optimal pool balance, HMM adjusts asset prices dynamically. For example, if one asset in a pool (e.g., SUI in a SUI-USDC pair) becomes depleted due to trading activity, HMM will increase the price of that asset to encourage selling pressure and discourage further buying.

為了保持最佳的池平衡，HMM會動態調整資產價格。例如，如果一個資產中的一個資產（例如，SUI-USDC對中的SUI）由於交易活動而耗盡，則HMM將提高該資產的價格以鼓勵銷售壓力並阻止進一步的購買。

This helps to restore the equilibrium of the pool and ensure sustainable liquidity provision.

這有助於恢復池的平衡並確保可持續的流動性提供。

Capital efficiency and risk management

資本效率和風險管理

HMM leverages Sui’s high transaction-per-second (TPS) capacity to adjust liquidity rapidly in volatile pairs, which helps to minimize drawdowns in capital due to market fluctuations. Additionally, HMM is designed to be resistant

HMM利用SUI的高度交易（TPS）能力迅速調節流動性，這有助於最大程度地減少由於市場波動而減少資本的縮減。此外，HMM設計為抗性