Hackathon Winners Propel Liquid Staking on Sui
Winning projects share in prize pool of 25M SUI delegated from the Sui Foundation and $125,000 USD in SUI tokens
The Sui Foundation is excited to announce the winners of the Sui Liquid Staking Hackathon. Over thirty projects were eligible for the prizes, with five winning teams and six honorable mentions selected. In addition, two teams won bounties offered by DeFi protocols on Sui.
The goal of the hackathon was to identify and reward developer teams that build liquid staking functionality into their apps and products. We can’t wait to see how all the projects progress!
Liquid Staking Protocol winners
The Liquid Staking Protocol category covers fundamental liquid staking implementations. The Sui Foundation will delegate 25 million in SUI tokens equally among the top 3 teams.
First place: Aftermath Finance
Aftermath Finance's afSUI provides a fully on-chain, decentralized, and liquid extension of Sui's native staking mechanism. It uses SIP6 to provide a completely decentralized Liquid Staking Token (LST) extension on top of Sui's native staking mechanism. The design is meant to provide LST without limiting to the ability of token holders to delegate.
Second place: Haedal Protocol
Haedal is a liquid staking protocol built on Sui that allows anyone to stake their SUI tokens to contribute to governance and decentralization of the Sui blockchain. Users will receive haSUI in return so that they can continue to participate in DeFi activities to earn additional yields.
Third place: Volo
Volo is a decentralized liquid staking platform dedicated to offering a fully decentralized LST for Sui and supporting the ecosystem's growth with LST utility and yield strategies. With an emphasis on decentralization, enhanced liquidity, and ease of use, Volo helps users within the Sui Network to maximize their earnings while retaining access to their staked assets.
LST DeFi and Tooling winners
The LST DeFi and Tooling category covers products adding utility to Sui LSTs in interesting ways or LST related tooling and infrastructure. First prize received $50K SUI, while second received $30K SUI and third received $20K SUI.
First place: Aftermath Finance
LSTs are limited by the fact you still need to hold the native token to execute transactions on the network. Ideally, one could stake all of their SUI for an LST and use that LST as gas when transacting on the network. Using three key features of Sui—SIP6, sponsored transactions, and programmable transactions—Aftermath is enabling this feature for afSUI.
Second place: Bucket Protocol
Bucket Protocol is a Collateralized Debt Position (CDP) protocol within the Sui ecosystem, supporting multiple assets for collateralization, including $SUI, $BTC, $ETH and LSTs, while extending stablecoin loans in $BUCK at a zero-interest rate. Its real-time liquidation mechanism ensures both security and capital efficiency, and the inbuilt flash loan services facilitate the price stability of the stablecoin $BUCK. Through a diversified yield pool and SDK, Bucket Protocol exhibits exceptional composability and scalability. Leveraging its innovation and stability, Bucket Protocol aspires to be the underlying DeFi engine within the Sui ecosystem.
Third place: Wisp Swap
wispSUI is a DeFi protocol designed to enhance decentralization within Sui blockchain's liquid staking ecosystem by allocating capital across various LSTs, offering a seamless staking experience with improved risk-adjusted yields, and introducing innovative features such as vdAMM, Dynamic Fees Model and governance participation.
Honorable Mentions (in alphabetical order)
Honorable mentions will split $25K SUI.
DegenHive supports several DeFi primitives (LST, AMM pools, and internal NFT marketplace trading) which earn hSUI, a LST, which is distributed among Hive Members via their on-chain identity primitive implemented via HiveProfile (soul-bound NFT).
Desig is a pioneering MPC-TSS and ZK-based multisig solution that provides an intuitive, real-time, one-click staking aggregator on Sui.
Interest Protocol allows you to trade your LST principal and yield separately and be rewarded for monitoring the protocol and validators.
Kana Labs offers portfolios to stake and yield in different protocols on Sui along with cross chain compatibility.
Legato is a permissionless yield tokenization protocol for liquid staking assets on Sui blockchain that enables new strategies for staking and provides additional tools for users to capitalize on market volatility. Stakers can hedge their risk by selling their yield in advance and lock in today's APR rate. Non-stakers can perform arbitrage on the APYs by trading these future yield tokens through our exchange platform.
SUISA integrates SUI LSTs by wrapping StakedSui for fungibility, leveraging bribes for better yield, and utilizing dynamic NFTs for customer loyalty.
Bounty winners
Three Sui DeFi apps offered their own bounties as part of the hackathon.
Cetus Bounty: SuiStrat + Volo
Scallop Bounty: SuiStrat
SuiStrat’s DeFi strategy aggregator builds on Sui to simplify user operations and maximize user profit through many effective strategies including:
- One-step leverage on Bucket protocol that helps users complete the folding collateralized-debt position minting with one click to achieve leverage purposes
- Flash transfer collateral to LST on Scallop protocol that uses the flash transfer function to help users transfer their SUI collateral to LST (like afSUI) with the best UI to achieve maximum benefits
Congrats to all the winning teams and thank you to all of the projects that participated!
