South Korea’s largest crypto exchange, Upbit, announced the launch of Walrus (WAL) today. Walrus offers the latest in data storage technology.
Launch of WAL Token on Upbit
Upbit will list Walrus (WAL) today at 19:00 South Korean time on the Sui network. Trading will open for the following pairs: WAL/KRW, WAL/BTC, and WAL/USDT. Today also marks the launch of the Walrus mainnet.
Features of Walrus Protocol
The Walrus protocol promises secure, efficient, and decentralized data storage using Erasure Coding for data replication and recovery. This provides decentralization and resilience against data loss. WAL is the utility and governance token of the Walrus platform, used for payments, security, and governance.
Walrus Tokenomics
In a recent post, the Walrus team revealed WAL token distribution. Over 60% of WAL tokens go to the community for airdrops, grants, dev support, incentives, and storage subsidies. 10% is for the initial airdrop and future distributions, 43% for community reserve, 30% for core contributors, 10% for subsidies, and 7% for investors.
The Walrus project recently secured $140 million in a funding round led by Standard Crypto. The funds will support the scaling of programmable storage on the Sui network.
