After years of crypto investing, I increasingly notice a pattern — infrastructure projects are always undervalued by the market until the application layer truly takes off, at which point they are re-priced. In my view, Walrus is positioned right at this point.

First, let's talk about valuation. WAL's current fully diluted valuation is $793 million. In the decentralized storage sector, this price isn't actually high. But more importantly, Walrus's technical design clearly targets the AI era — storage and verification of large-scale unstructured data, a demand that Filecoin and Arweave didn't foresee when they were initially designed.

The token distribution structure is also quite interesting. Over 60% goes to the community and ecosystem, while the team and investors hold a smaller share, with clear lock-up arrangements. The community reserve will be linearly released until March 2033. This design is beneficial for the project's long-term stability.

What truly attracts me is WAL's value capture logic. Users pay storage fees with WAL, of which 0.5% will be burned, creating a deflationary model. Currently, daily storage fees aren't large (the total over the past week was only $3,140), but imagine the data volume for AI training and on-chain data verification — the growth potential is exponential.

Support from a major exchange is also noteworthy. After listing, they provided 5 spot trading pairs plus perpetual contracts, which is quite rare on large platforms. The current daily trading volume is around $12 million, with sufficient liquidity depth, so large funds can enter and exit without significant slippage.

Recently, there has been quite a bit of discussion in the community about the rotation of storage narratives, with some opinions pointing toward 2026. Compared to the rapid hype cycles of DeFi and NFTs, the value of infrastructure projects can better withstand the test of time. Of course, this isn't a short-term explosive target, but more suitable for those willing to hold long-term.