What is Walrus (WAL)?
Walrus (WAL) is a native cryptocurrency token used within the Walrus protocol, a decentralized finance (DeFi) platform that focuses on secure and private blockchain-based interactions. The protocol supports private transactions and provides tools for users to engage with decentralized applications (dApps), governance, and staking activities.
The Walrus protocol is designed to facilitate decentralized and privacy-preserving data storage and transactions. It operates on the Sui blockchain and utilizes a combination of erasure coding and blob storage to distribute large files across a decentralized network. This infrastructure is intended to offer cost-efficient, censorship-resistant storage suitable for applications, enterprises, and individuals seeking decentralized alternatives to traditional cloud solutions.
The WAL token serves multiple functions within the protocol. Users pay for data storage using WAL, and node operators are rewarded in WAL for maintaining uptime and reliability. Additionally, WAL can be staked by token holders to participate in the governance of the protocol, which includes voting on system upgrades and economic decisions. Token staking also enables users to receive rewards for contributing to network security.
The Walrus project was founded by a group of professionals with expertise in storage systems and blockchain infrastructure. The team has ties to Mysten Labs, the developers behind the Sui blockchain, which Walrus uses as its foundational layer. This collaboration enables Walrus to utilize the scalability and performance features offered by the Sui ecosystem.
The total and maximum supply of WAL tokens is set at 5 billion. As of now, approximately 1.47 billion WAL tokens are in circulation.
WAL is listed on Binance for trade and purchase. The current price of WAL is updated in real time on Binance.
