WitnetPrice

(WIT)

Witnet is a decentralized oracle network (DON) that operates as its own Layer 1 blockchain, specifically engineered for data integrity. It enables smart contracts to securely retrieve and verify information from any online source, such as APIs or websites, without relying on trusted intermediaries. The WIT token is the native utility coin of the network. It serves three primary functions: rewarding "witnesses" (node operators) for mining blocks and resolving data requests, acting as collateral to ensure honest behavior through "skin in the game," and serving as the payment currency for developers who wish to request data from the network.

The WIT token has a maximum supply that is hard-capped at 2,500,000,000 WIT. A significant milestone for the project is the first halving, which is scheduled to occur in October 2025. During this event, block rewards will be reduced by 50%, decreasing from 250 WIT to 125 WIT. This halving is a key component of the network's long-term economic model and is frequently identified by the community as a major deflationary milestone for the project as it continues to mature.

Witnet 2.0 marks the transition of the network from its original consensus mechanism to a Proof of Stake (PoS) model. This upgrade allows token holders to secure the network and participate in consensus by staking their WIT. To facilitate the full activation of the PoS network, a threshold of 200 million staked WIT was established. Users can engage in staking through official network tools, including the myWitWallet or the Sheikah desktop client. This transition is designed to improve network efficiency and provide new opportunities for the community to contribute to the decentralization of the oracle.

Yes, following updates in late 2024 and early 2025, the network introduced Delegated Proof of Stake (DPoS) capabilities. This feature allows users who do not wish to operate their own hardware or manage the technical requirements of a validator node to still participate in the staking economy. By delegating their WIT tokens to existing, active validators, these users can contribute to the network's overall security and earn rewards. This lowers the barrier to entry for community members and helps further decentralize the power within the Witnet 2.0 ecosystem.

Witnet employs a unique Reputation system to ensure the reliability of its data providers. New node operators often find they do not win blocks immediately because the network requires nodes to earn points for being consistently honest and online. A higher Reputation score increases a node's probability of being selected for data tasks and receiving block rewards. This system is designed to incentivize long-term participation and discourage malicious behavior. If a node is listed as "Not Active," it typically indicates that it hasn't mined a block recently or is still accumulating the reputation necessary to join the active witnessing set.

Unlike many oracle solutions that function as middleware on existing blockchains, Witnet is an independent Layer 1 blockchain. This allows it to focus exclusively on data integrity through a trustless model that uses randomness for node selection, rather than relying on manually selected or reputable node operators. As of 2025, it supports over 25-30 EVM-compatible chains, including Ethereum, Polygon, and Avalanche. Developers interact with the network using RADON, a domain-specific language used to write data requests. For those looking to acquire the token, WIT can be found on exchanges such as LBank.