Gate.io, KuCoin, and MEXC exchanges all listed the Walrus crypto (WAL) token following its mainnet launch and token generation event (TGE).
The Walrus token is a decentralized data storage project built on the Sui (SUI) blockchain.
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A Successful Launch For Walrus So Far: Gate.io Has An Ongoing WAL Airdrop Pool
Gate.io listed Walrus (WAL) for spot trading with USDT as its pair yesterday at 10:00 AM UTC. Users were able to deposit from yesterday, withdrawals did not go live until 10:00 AM UTC today.
From March 27 to April 8, Gate.io users can stake their tokens to earn additional WAL every hour, based on the proportion of assets they have staked. The total airdrop pool consists of 200,000 WAL tokens, worth around $50,000 at current prices.
The listing on Gate.io and the other aforementioned exchanges followed the TGE for the WAL token. The TGE was planned to coincide with the launch of the Walrus mainnet, allowing users to leverage their WAL tokens across the Walrus ecosystem.
Per CoinGecko, WAL is up over 15% from its launch price. It launched at around $0.41 and within 12 hours it hit $0.61 before beginning to retrace. It has seemingly settled above $0.45 and is currently fluctuating between $0.46-0.48.
At current prices, WAL has a circulating supply market cap of around $600 million while its fully diluted valuation sits at $2.3 billion. With the hype around its launch and the multiple CEX listings, WAL has racked up more than $600 million in trading volume in its first 24 hours.
(COINGECKO)
What Is Walrus Crypto? Are The WAL Tokenomics Good?
Walrus crypto is developed by Mysten Labs and acts as a decentralized storage and data availability protocol on the Sui blockchain. The main goal for Walrus is to tackle challenges around scalability, cost, and fault tolerance, all common issues for decentralized storage networks.
The project is backed by some of the biggest VC’s around. During a recent $140 million funding round, the likes of a16z crypto, Electric Capital, and Franklin Templeton Digital Assets all invested into Walrus.
Its decentralized storage protocol works by distributing data across a global network of nodes, each competing for stake from users. By being built on the Sui network, Walrus aims to improve resilience and cost-efficiency while ensuring high availability for storing large, unstructured files.
The team behind Walrus has stated that the main use cases it has in mind for its technology are NFTs, decentralized social media, and large AI datasets.
The WAL token serves a trio of roles within the ecosystem. It’s used as payment for storage and securing the network via staking. Lastly, it acts as a governance token and will be used by the community to participate in decision-making for the project. Users will be able to delegate WAL to node operators to earn rewards or vote on changes to the network.
(walrus.xyz)
As for tokenomics, WAL has a maximum supply of 5 billion tokens and is native to the Sui blockchain. Over 60% of that supply is going direct to the community to help bootstrap adoption and growth.
This includes 10% for airdrops to early users, and 43% reserved for grants, developer support, and incentive programs, with the rest set aside as subsidies for storage node operators.
The remainder of the allocation includes 30% for core contributors and 7% for early investors who backed the project during fundraising.
BONUS: Best Wallet (BEST) Is Fast Becoming The Go-To Multi Chain Web3 Wallet
Best Wallet (BEST) continues to pry users away from the dinosaur wallets and onto its game-changing Web3 wallet. The demand for Best Wallet isn’t slowing down and is still seeing hundreds of daily downloads via the Google and Apple app stores.
The presale for its native BEST token continues to perform well also, and is about to hit $11.5 million in early-stage funding. This most recent spike in both presale funding and wallet usage comes as the team recently pushed a huge upgrade, making Best Wallet fully multi-chain.
With its latest update, native Bitcoin support is now included within the Best Wallet app. Now Bitcoin is supported, users can store all tokens within the biggest ecosystems, including Bitcoin, Ethereum, Tron, Solana, Cardano, and 200 more.
Best Wallet has revolutionary features that cannot be found in other notable wallets such as MetaMask and Trust Wallet. All from within the app, users can trade, stake, game, bet, and use a host of DeFi protocols.
Another exciting feature for Best Wallet users is the launch of an upcoming crypto debit card. Slated to be launching soon, users will be able to spend their crypto anywhere in the world that accepts Apple or Google Pay.
Currently, the Best Wallet app’s most popular feature is its ‘Upcoming Tokens’ feature. Within the app, users can participate in carefully curated presales at prices normally reserved for VC’s and angel investors.
