Blobs stored in Walrus are associated with Sui objects, which track the blob's owner and lifetime. Definition: It is the basic data unit stored by Walrus and refers to large-capacity binary data such as images, videos, AI datasets, and website resources. Function: It serves to move large amounts of data that are difficult for on-chain applications to store directly to a verifiable off-chain storage layer. 2. Red Stuff on-chain state mapping: It is an encoding and recovery protocol between off-chain storage nodes rather than a direct state. Definition: A two-dimensional erasure coding protocol presented by the Walrus white paper, which...
Investment View
The strategy is to position it as a “verifiable data market infrastructure”. Pricing policy has two sides to sustainability. The fixed price of $0.023/GB/month is favorable for developer adoption, but the actual cost of node operators is exposed to regional power cost, hardware, bandwidth, operating personnel, and WAL price fluctuations. If the price is too low, node quality may deteriorate, and if the price is too high, adoption will slow compared to existing clouds. Walrus governance adjusts system parameters and penalties based on WAL stake. According to the white paper, governance focuses on adjusting operating parameters such as shard recovery...
Walrus is a decentralized blob storage protocol that uses Sui as a coordination and governance layer, and was presented in the initial document as an infrastructure that solves large-capacity unstructured data storage and data availability issues. The current official positioning is not a simple repository but a Verifiable Data Platform for AI, on-chain finance, and data markets, and its core properties are availability, programmability, verifiability, and privacy connectivity. The official document also explains that Walrus binds blobs to Sui objects, operates Mainnet/Testnet, and operates in a storage node·publisher·aggregator structure.
Investment View
$$ SSR \= \frac{Protocol\ Revenue}{Node\ Operating\ Cost + Staker\ Required\ Return} $$ $SSR \geq 1$: Fee-based self-sufficiency $SSR \< 1$: Subsidy, token inflation, dependence on external growth capital While Walrus annualized revenue indicated by DeFiLlama is in the $20K range, Mainnet operates about 100 storage nodes and PB-level capacity. It is reported. On the positive side, this can be a TAM expansion, and on the negative side, it can be a strategy to compensate for the lack of storage fee traction with the AI and data market narrative. Although WAL token utility is clear, current public revenue data...