After years of research and observation of data infrastructure, I’ve noticed a common phenomenon: most people judge Web3 storage projects by surface-level metrics like funding amount and valuation, and they tend to skim over technical parameters. The result? They’re prone to pitfalls and miss out on truly insightful investment logic.

One project has been making waves over the past two years—Walrus. Incubated by Mysten Labs, it raised $140 million and its valuation soared to $2 billion, becoming a hot topic right away. But if you only see it as a storage accessory for a certain public chain, you’re being superficial. The project team’s ambitions go far beyond that.

I want to approach this from a different perspective—no longer stuck in binary debates like whether the technology is good or whether the business prospects are promising. Instead, I’ll explore four dimensions: where does value come from, how are barriers built, what does the endgame look like, and where are the risks. The deeper you dig, the more interesting it gets. You’ll realize that every technical choice, every economic design, and every ecosystem layout serves a single ultimate goal—becoming the standard infrastructure for modular Web3 storage.

**Let’s start with technology selection, which is full of strategic considerations**

Choosing a technical framework is essentially choosing a development path. Walrus adopted RedStuff’s 2D erasure coding and formed close collaboration with specific ecosystems. This decision was not made lightly. It balances two seemingly contradictory needs: maintaining versatility and ecosystem compatibility on one side, and ensuring performance and rapid deployment on the other. What appears to be a compromise is actually a precise strategic positioning.

This approach to technical trade-offs sets Walrus apart from competitors. Many similar projects either pursue extreme versatility (resulting in insufficient ecosystem adaptation) or sacrifice long-term flexibility for quick deployment. Walrus has found that delicate balance, which itself reflects project insight.

A project that reaches this level is never because it has achieved industry-leading technology in a single aspect. The real factor that allows it to survive bull and bear cycles is a robust underlying architecture and a closed-loop value chain. That’s why Walrus is worth paying attention to.