Key Points
- Upbit will launch WAL, supporting the KRW, BTC, and USDT markets.
- The Walrus mainnet goes live today after the project secured $140 million in funding.
South Korea’s largest crypto exchange, Upbit, announced the launch of Walrus (WAL) today.
The Walrus protocol promises to offer the next generation of data storage in a secure, efficient, and decentralized manner.
Walrus leverages Erasure Coding – a method for data replication and recovery used to break down unstructured data blocks into smaller slivers stored across the network’s storage nodes.
The project offers the advantages of decentralization and resilience against data loss.
WAL is the utility and governance token of the Walrus platform used for:
- Payments
- Security
- Governance
Upbit’s WAL Listing Announcement
In an official announcement, Upbit revealed that it will list WAL later today, at 19:00 South Korean time. WAL will be listed on the Sui network.
Trading will open for the following pairs:
- WAL/KRW
- WAL/BTC
- WAL/USDT
Today, Walrus launches its mainnet.
Walrus Tokenomics
In a recent post on X, the team at Walrus revealed how the WAL tokens will be distributed.
Over 60% WAL tokens go to the community for airdrops, grants, dev support, incentives and storage subsidies.
- 10% is used for the Walrus Airdrop to early adopters and earmarked for future distributions.
- 43% of tokens are for Community Reserve to be used for grants, dev support, incentive programs, and other ecosystem initiatives.
- 30% of the WAL tokens are for Core Contributors, early builders who contributed to the ecosystem.
- 10% of tokens will be used for subsidies, supporting storage nodes as the fee base grows.
- 7% of the tokens are set for investors participating in the fundraise.
The Walrus project recently secured $140 million in a fundraising round led by Standard Crypto VC firm. The funds will secure the scaling of programmable storage built on the Sui network.
In a recent announcement, the team behind the project said that storage will become dynamic, verifiable, and programmable.
