HAEDAL协议

Haedal是在SUI网络上构建的液体静止协议。它允许用户使用其SUI令牌，并为SUI区块链的治理和权力下放做出贡献。

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是一项协议，可在SUI区块链上提供液体积累和流动性管理。它允许用户存放SUI令牌并接收名为Hasui的液体蓄积令牌，可用于分散的交易所，贷款协议和其他Defi服务。

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还经营着Haedal做市商（HMM），这是一个自动化的做市商，将流动性集中在特定价格范围内，并使用动态的杠杆因素来根据市场条件来调整流动性。这有助于最大程度地减少交易者的打滑，并确保有效的资本使用。

Key Takeaways

关键要点

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

* Haedal是一项协议，可在SUI区块链上提供液体积累和流动性管理。

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

*用户可以将SUI令牌与HaeDal放置，以接收HASUI，这是一种可用于各种Defi服务的液体藏匿令牌。

* 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还经营Haedal做市商（HMM），该AMM使用协议拥有的流动性来提供有效的交易并增加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的设计具有动态的杠杆作用因子，可根据市场条件调整流动性，这有助于最大程度地减少交易者的滑倒并确保有效的资本使用。

What Is Haedal?

什么是海达尔？

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协议是基于SUI区块链的分散融资（DEFI）平台。它由两个主要模块组成：液体桩协议和Haedal市销商（HMM），这是一个旨在有效的流动性管理的做市商。

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的目标是将本地液体含有和产量策略的优势与直观的用户体验合并，将其定位为SUI Defi生态系统的关键支柱。

Liquid Staking with Haedal

液体浸泡

How liquid staking works

液体含有的工作原理

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.

与传统资产锁定不同的情况不同，液体放入使用户可以在保留流动性的同时存放资产。使用Haedal，用户可以选择Stake Sui令牌（SUI网络的本机加密货币）来帮助保护区块链。作为回报，他们获得了Hasui，这是一种承受屈服的代币，授予用户在协议中比例投票权。

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

该令牌是完全液体的，可用于其他Defi服务，例如分散交流（DEX），贷款协议或NFT市场。

Haedal offers two staking modes:

Haedal提供了两种藏匿模式：

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

自动化均值：该协议选择有效的验证器，简化了一键式体验的用户的过程。

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

手动放置：用户可以根据其年度百分比（APY）选择特定的验证器，从而提供更多的控制。

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

一旦粘贴，Hasui就会被铸造并存放在用户钱包中。

Utility of haSUI

Hasui的实用程序

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

Hasui令牌旨在将无缝集成到Sui的Defi生态系统中。它可以使用：

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

DEX：用于池中的交易或提供流动性（例如，Cetus Dex上的Hasui/Sui）。

Lending protocols: As collateral or for borrowing.

贷款方案：作为抵押品或借贷。

NFT marketplaces: For purchasing or trading NFTs.

NFT市场：用于购买或交易NFT。

Stablecoin protocols: For stablecoin-related DeFi activities.

Stablecoin方案：用于与稳定相关的DEFI活动。

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

这种灵活性使用户能够获得积分奖励，同时还可以促进产生产生的Defi策略，从而促进最佳的资本效率。

The Haedal Market Maker (HMM)

海达尔做市商（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）是自动化的做市商（AMM），旨在优化SUI上Hasui和其他资产的流动性。它旨在为Hasui持有人提供高效的交易和提高收益率的深厚流动性。

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.

与依靠外部流动性提供商的传统AMM不同，HMM使用协议拥有的流动性，该流动性最初由Haedal资助。这允许有效的资本部署，尤其是在协议的早期阶段。

Key mechanisms of HMM

HMM的关键机制

1. Dynamic liquidity concentration

1。动态流动性浓度

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.

与使用恒定产品公式（x * y = k）在无限价格范围内分布流动性的传统AMM不同，HMM集中在特定价格范围内的流动性可能会看到交易活动。它使用非线性杠杆因素动态调整流动性，与实际市场条件保持一致。

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.

这有助于最大程度地减少交易者的打滑并确保有效的资本使用，因为在最需要的地方（例如在高波动率时期）部署了流动性。

2. Oracle-based Pricing

2。基于Oracle的定价

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集成了高频Oracle价格供稿（例如Pyth网络），以使其内部流动性与实时市场价格保持一致。这样可以减少流动性提供者的无常损失风险，甚至可以通过资本利用价格变动，补充其他AMM和订购SUI的书籍来产生“无常利润”。

3. Inventory management

3。库存管理

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.

为了保持最佳的池平衡，HMM会动态调整资产价格。例如，如果一个资产中的一个资产（例如，SUI-USDC对中的SUI）由于交易活动而耗尽，则HMM将提高该资产的价格以鼓励销售压力并阻止进一步的购买。

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

这有助于恢复池的平衡并确保可持续的流动性提供。

Capital efficiency and risk management

资本效率和风险管理

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）能力迅速调节流动性，这有助于最大程度地减少由于市场波动而减少资本的缩减。此外，HMM设计为抗性