Walrus

Walrus generated $502.5K in gross revenue from Sep 2024 to Mar 2026 (550 days), with $502.5K retained as net revenue. Its primary token utilities include Network Security, Staking Rewards, Service Payments, and Delegated.

This averages $$914 in daily gross revenue across the tracked period.

WAL accrues value through 2 mechanisms: Direct Token Burn and Direct Revenue Share.

• Direct Token Burn: Short-term stake shifts incur a penalty fee that is partially burned, and slashing penalties for underperforming nodes also result in partial burning of staked WAL, creating deflationary pressure.
• Direct Revenue Share: At the end of each epoch, all collected storage fees are distributed to storage node operators and their delegators proportionally to stake weight, minus operator commission. Staking WAL is required to be eligible.

Yes, Walrus burns WAL tokens via Direct Token Burn.

WAL serves 4 primary functions within the Walrus ecosystem: Network Security, Staking Rewards, Service Payments, and Delegated. The protocol generates fees from user activity. Value flows back to token holders through Direct Token Burn and Direct Revenue Share.

Token utilities:

• Network Security: Walrus uses delegated proof-of-stake where storage node operators and delegators stake WAL tokens to secure the network; nodes must maintain minimum WAL stakes to participate in the active storage committee that manages data storage.
• Staking Rewards: Staking rewards are distributed at epoch boundaries proportional to stake weight, funded by storage fees and protocol subsidies. In epoch 18, ~12M WAL were allocated as rewards, yielding ~31% annualized returns.
• Service Payments: Users prepay for blob storage with WAL tokens, locking in fixed rates for up to two years. Storage resources can also be extended, traded, or reassigned to new data.
• Delegated: Token holders delegate WAL to storage node operators who vote on protocol parameters (penalties, pricing, epoch lengths) with voting power proportional to their total delegated stake. Holders participate indirectly through staking choices.

Value accrual mechanisms:

• Direct Token Burn: Short-term stake shifts incur a penalty fee that is partially burned, and slashing penalties for underperforming nodes also result in partial burning of staked WAL, creating deflationary pressure.
• Direct Revenue Share: At the end of each epoch, all collected storage fees are distributed to storage node operators and their delegators proportionally to stake weight, minus operator commission. Staking WAL is required to be eligible.

In 2026, Walrus generated $63.3K in gross revenue. Of that, $63.3K was retained as protocol revenue (treasury).

Year-by-year revenue breakdown:

• 2026: $63.3K gross revenue — $63.3K to protocol
• 2025: $439.2K gross revenue — $439.2K to protocol

Walrus's gross revenue has increased by 254.1% over the past 90 days compared to the prior 90-day period, from $18.0K to $63.7K.

• Recent 90d daily average: $724/day
• Prior 90d daily average: $200/day