Judging how far a project can go, technology is just the threshold; what truly determines life and death is whether the economic model design is sufficiently sophisticated. Recently, I took an in-depth look at Walrus Protocol's WAL token mechanism, and this design approach is indeed worth analyzing.

Let's start with the demand side. If Rollup and DApp want to utilize network-level storage and data verification services, they must pay a fee—this fee is settled directly with WAL. This is not an arbitrary demand; it is a necessary cost for the network's real operation. The more they use, the more tokens are consumed and locked; conversely, less usage means less token locking. This is the source of the driving force.

Next, consider the supply side balance. Storage nodes and validators must provide services and earn rewards, which requires staking WAL first. On one hand, this ensures that these participants' economic interests are tied to network security; on the other hand, a large amount of tokens are staked and locked long-term, effectively reducing liquidity pressure. This forms a bidirectional constraint mechanism.

Above that is governance and ecological space. WAL holders are not just passive beneficiaries; they can also vote to decide network parameters. Even more imaginatively, as the ecosystem evolves, WAL could develop into a voucher for other value-added services within the payment ecosystem or for obtaining special rights.

In my opinion, WAL's role is somewhat like a "toll + equity" hybrid. The Walrus network is like a toll highway—there is real traffic and cash flow. WAL is one end representing the toll (actual utility), and the other end representing the ownership stake in the road (governance rights and appreciation potential). In the long term, the value backing of WAL depends on the data volume the network can carry, the importance of transactions, and the overall activity level of the ecosystem. This kind of asset requires patience to follow the fundamentals; it is not a short-term speculative game.