Walrus (WAL) token is the native cryptocurrency of the Walrus Protocol, a decentralized data storage network built on the Sui blockchain. It serves multiple purposes:
· Payments: WAL is used to pay for decentralized storage services.
· Security & Staking: Token holders can stake WAL to help secure the network and earn rewards.
· Governance: WAL functions as a governance token, allowing holders to vote on protocol decisions.
Walrus differentiates itself with technical innovations like its "Red Stuff" encoding algorithm, designed for efficient and cost-effective storage of large files such as AI datasets and NFT media.
The total supply of WAL tokens is 5 billion, with over 60% allocated to community initiatives like airdrops and ecosystem development. The token has been available for trading on major exchanges like Kraken and Backpack since its mainnet launch in March 2025.
I hope this content is helpful for you! Would you like more detailed information about how its staking mechanism works or how it compares to other storage tokens?