Sui's new version of the "three-horse carriage":

Sui provides a high-performance execution layer

@MMTFinance is responsible for liquidity infrastructure

@WalrusProtocol completes the storage layer

From a valuation perspective, $WAL has experienced a serious valuation inversion.

In March, Walrus sold 7% of its total tokens in a private placement round at a price of $0.4, raising $140 million, led by Standard Crypto, with participation from a16z crypto, Franklin Templeton Digital Assets, and other institutions.

The current price of WAL is $0.24, significantly lower than the $0.4 from the private placement round.

This inversion typically occurs in two scenarios: either the project's fundamentals are problematic, or the market has yet to recognize its true value.

Considering several key signals:

▌Grayscale launched the WAL trust, gaining institutional recognition

▌Sui ecosystem TVL surpassed $2.5 billion, continuing to heat up

▌Walrus has a clear technological advantage in the decentralized storage track

I tend to lean towards the latter.

The deeper logic may be that the market is still pricing Walrus using the valuation logic of "single-chain projects," while it is actually building a "multi-chain data infrastructure."

The roadmap indicates that by Q1 2026, it will support Solana and Avalanche. Once cross-chain deployment is completed, Walrus will no longer be just a "Sui ecosystem project."

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