When people talk about liquidity staking tokens, many immediately think of a particular brand, but this track is not a market dominated exclusively by a single player.

On Sui, the liquidity staking protocol Haedal issues haSUI and haWAL, which is one option within this space.

Opening the list of pools for transaction protocols of the Cetus type reveals that liquidity staking tokens issued by other protocols, such as afSUI and vSUI, are also circulating in the market, with each accumulating a certain amount of trading volume and depth.

Haedal’s differentiation is that it covers staking for both SUI and WAL assets, and pairs this with its own market-making mechanism and automated liquidity products—forming an entire ecosystem rather than simply issuing a staking token.

For users, understanding how many competitors exist in this space helps them make better-informed comparisons when evaluating protocol fees, liquidity depth, and product completeness across different protocols.

Different pools corresponding to different liquidity-staking tokens typically follow narrower price ranges than ordinary volatile trading, usually because the underlying assets are relatively similar in nature. This is also why liquidity providers who are familiar with this space pay particular attention to the depth differences among the various LST pools.

There are multiple agreements coexisting in the ecosystem, and to a certain extent this also indicates that this direction has already been validated by the market as a real need, rather than being decided solely by a single team.