The modular infrastructure track has seen too many projects go off course. Some obsessively pile on technical parameters, copying what others do; some randomly assemble application scenarios, eager to occupy every niche, but end up muddled and unclear.

But this project incubated by Mysten Labs is quite interesting. It has raised $140 million, with a valuation soaring to $2 billion. The key is that their winning logic isn’t based on some cutting-edge technology or simply riding the wave of the ecosystem. Instead, they’ve built a complete approach: centered on modular collaboration, paving the way with compliance, and taking root through scene-based applications. It seems these folks aren’t just aiming to carve out a piece of the storage market cake, but are set to redefine the game rules.

It’s worth dissecting how they’re building their competitive moat and also understanding the pitfalls hidden behind their halo. Through this case, perhaps we can clarify what the correct approach to modular infrastructure really is.

**Strategic Positioning: Avoid the Red Ocean, Capture the Ecosystem Hub**

The smartest move is to steer clear of the bloodbath of old projects like Filecoin and Arweave. They precisely hit the wave of modularization, branding themselves clearly: a native storage hub for a leading ecosystem. By locking in high-value tracks like AI and RWA, they form a closed loop of storage-public chain-application scenarios. This not only avoids direct confrontation with giants but also targets the most critical pain point of the modular ecosystem.

Currently, many modular public chains suffer from the same problem: storage layers and public chain layers operate separately, and cross-ecosystem storage still relies on third-party intermediary tools — and this is the opportunity.