One of our most exciting deals in Q4 24 was @HaedalProtocol, and here are the reasons why @AnimocaVentures invested: 1. Optimistic on @SuiNetwork 's future in DeFi as its TVL grew 107.6% to $2.26bn QoQ (as of 12/31/24) according to Messari. Sui is also becoming a focal point for institutional adoption with support from VanEck, Frankin Templeton etc. LSD is core in liquidity creation & capital efficiency improvement. 2. Haedal is the #1 LSD protocol on Sui with 841,300+ users & $130mn in organic TVL. The LST staking ratio on Sui is still low (~5%) vs. ETH (11%+) & SOL (9%+) with opportunity to grow as absolute yield picks up, which is Haedal’s focal point with upcoming new products. 3. Haedal Market Maker (HMM) has reached $529mn in volume within 2 months. Unlike traditional AMM DEXes, it does not require a large TVL to maintain liquidity depth. HMM’s main goal is to further boost HaSUI’s APR. 4. HaeVault simulates market makers' strategy on CEX to DEX, allowing regular users to access the professional LP yields in DEXes. It has accumulated $7.2m TVL in 2 weeks. 5. DeFi is extremely operationally heavy and the Haedal team is very experienced and resourceful. 6. Investor line-up is also very long-term Sui aligned and has a deep understanding on Sui's defi ecosystem.