Walrus (WAL) Up Over 34% Following Mainnet Launch

Walrus Protocol, a decentralized data storage platform built on the Sui blockchain, announced its mainnet launch. Following Thursday’s announcement, the project’s native token, WAL, surged 34% in the past 24 hours.

Data from CoinGecko shows that WAL surged 65% to $0.6089 following the mainnet launch. However, the digital asset has relinquished some of its gains at press time, declining 20.6% to $0.485.

Walrus Mainnet Goes Live

The launched mainnet will enable industries to leverage data innovatively, driving efficiency, security, and growth by providing interactive and programmable storage. 

“The time is now: Walrus Mainnet is officially LIVE. We’re here to fundamentally transform how apps use and engage with data—empowering you to do more with your data,” the Walrus X handle revealed.

Notably, the breakthrough technology has far-reaching implications for AI, media, blockchain, and other data-intensive applications. Walrus protocol is poised to accelerate the adoption of programmable storage across industries.

With this technology, developers can build new applications and services that tap into the vast potential of data. Meanwhile, the launch follows a $140 million token sale led by Standard Crypto.

Walrus Protocol Gets $140M Boost Before Mainnet Launch

Before the latest development, the Walrus Foundation had successfully raised $140 million in a private token sale, marking a significant milestone in its mission to promote and grow the protocol.

Led by Standard Crypto, prominent investors, including a16z crypto, Electric Capital, and Franklin Templeton, have supported the digital asset. This substantial investment underscores the growing interest in decentralized data storage solutions and the potential of the Walrus protocol to revolutionize the industry.

The funding aims to expand and maintain the decentralized data storage protocol. By leveraging its investors’ support and the protocol’s potential, the Walrus Foundation will play a pivotal role in shaping the future of data storage.

What is Walrus About?

Walrus is a decentralized data storage protocol and application development platform that enables apps to publish, read, and program large data files and rich media content. Built on the Sui Network, Walrus leverages Move-based smart contracts to manage both on and off-chain data seamlessly. 

Developed by Web3 infrastructure experts Mysten Labs, Walrus demonstrates a significant advancement in decentralized data storage solutions. Admired due to its ability to store data of any size on-chain at scale, Walrus has emerged as the first storage network to do so. 

This capability empowers Web3 projects to expand their data utilization through smart contracts, enabling a wider range of businesses to operate on-chain. Walrus’s key features include a robust and reliable network, cost-efficient storage, and programmable storage that unlocks new use cases.

The decentralized protocol has various use cases, particularly for storing and managing large data files and rich media content such as videos, images, and audio. Its programmable storage feature enables innovative use cases through smart contract programmability.

Interestingly, upon its debut, notable exchanges, including Bybit, KuCoin, Bitget, and Gate.io, listed the Walrus native token, bolstering its legitimacy. Walrus has seen a significant increase in market activity, with a daily trading volume of $591,852,953.

Ranked 125th on Coingecko, Walrus (WAL) boasts a market capitalization of $611,961,590 at the time of writing.

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