Walrus’ WAL Liquid Staking Token Now Goes Live

Walrus, a Sui-based decentralized storage protocol, has made a strategic move by launching it WAL liquid staking token, now available on WalrusLST and Haedal platforms. The introduction of the asset brings a new dimension to crypto locking, allowing users to earn rewards while using their tokens as collateral for lending – a move already embraced by the Scallop protocol.

Walrus Firm Makes Big Move

In the latest move that sent shockwaves through the crypto market, Walrus, a decentralized storage protocol on the Sui blockchain designed to manage large-scale unstructured data, has introduced a locking asset. The WAL Liquid Staking token launched just minutes before this was published and is now available on platforms like WalrusLST and Haedal.

This new offering allows asset holders to stake their tokens while keeping liquidity. It opens up new chances for earning yield and improving capital use. Scallop has also led the way by supporting LST as collateral for lending. This feature enables users to benefit from rewards while using their LST holdings to borrow more assets.

What is WAL Crypto?

WAL is the native token of Walrus and forms the basis of the ecosystem. This cryptocurrency has three key functions that support its use and governance. First, it allows payments. Users can prepay for storage services with the cryptocurrency, and the costs are designed to remain stable despite changes in fiat currency values.

Also, staking is a critical component of the cryptocurrency, which will now be further boosted by the launch of the WAL liquidity staking token. Within the ecosystem, delegated stakes not only secure the network but also incentivize node operators and delegators through rewards. It also discourages short-term stake manipulation via a mechanism that burns a portion of tokens for rapid stake shifts.

In addition, the overall governance of the ecostem is decentralized through its asset, empowering node operators to vote on key protocol parameters such as slashing thresholds, thereby ensuring community-driven decision-making.

Following the launch of the token, the crypto has a notable rise following a period of consolidation. Currently, the Walrus crypto is valued at $0.4509, up by 2.13% in a day. Over the past week, the cryptocurrency has surged by 3.5% despite a 0.3% monthly dip.