The WAL token is the native token of Walrus, a decentralized storage protocol built on the Sui blockchain, which launched its mainnet in March 2025. The project focuses on securely, efficiently, and programmably storing large-scale data such as videos, images, and AI files.

Currently, WAL is priced at approximately $0.421, with a market capitalization of around $527.37 million and a 24-hour trading volume of $155.14 million.

The WAL token serves multiple purposes, including:
  - Payment for storage services, with a mechanism that stabilizes costs in USD and protects against token price volatility.
  - Staking for network security, allowing users to earn rewards based on node performance.
  - Governance, where token holders can vote on system parameters, with voting power weighted by the amount staked.

WAL also includes a token-burning mechanism to regulate supply. This includes penalties for short-term stake withdrawals, creating deflationary pressure and incentivizing long-term holding.