The WAL token holders have direct influence on the development of the Walrus protocol too. WAL isn't only meant for payment and staking. This token also allows voters to have governance power over the network by voting on essential parameters and updates on the network. This governance power depends on the staked or delegated amount of WAL held by users with storage nodes, with high staked amounts giving users higher voting power. Recent information indicates that WAL governance includes slashing costs, reward ratios, and technological rules governing network security and incentives with a total supply fixed at 5 billion tokens.
When locking WAL in smart contracts, the owners acquire voting power and help secure the data storage operations. Proposals for nodes and delegators are cast every epoch, and when quorum is reached, the proposals become valid.
This stake-based approach has aligned interests: those who are actively involved help set the direction of the protocol in return for sharing rewards on the network. WAL governance has been pertaining to the mainstream since the mainnet, as well as the testnet, has progressed.
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