While the entire market is chasing after hot coins, what are the truly knowledgeable players in the industry doing? They are looking for infrastructure projects that can take off together with ecosystem growth.

Recently, I chatted with several primary market investors, and everyone collectively complained about the same problem—it's too difficult to choose targets. Meme coins are too wild, with volatility that’s frightening; traditional public chains basically have no new stories to tell; new Layer1s have to wait for market validation. In the end, I shared an observation angle: the projects that can truly generate excess returns in this cycle are those that are tightly bound to high-growth ecosystems and are themselves extremely scarce in terms of core services.

How to understand this? Looking at Arweave from the last bull market makes it clear. Its significant rise was not driven by technological innovation but by the explosive growth of the Solana ecosystem, which increased storage demand. Data storage became a hard requirement for the ecosystem, and Arweave, as a solution, naturally benefited.

Now, the Sui ecosystem is also evolving rapidly. Blockchain games, AI applications, and social protocols are all exploding, and data storage is becoming a necessity. Against this backdrop, there is a project called Walrus, whose token caught my eye—this is not just a storage project, but more like a high-beta leverage tool during Sui’s rapid growth phase.

How to value it? Many people rely on intuition, but professional investing requires a coordinate system. I identified three reference dimensions to position this project:

The first dimension is ecosystem benchmarking. Arweave’s last cycle saw a rise of over 100 times from the bottom, mainly driven by the explosion of the Solana ecosystem increasing storage demand. Now, looking at Sui, with endless gaming, AI, and social applications, data demand continues to spill over. This logic can be fully replicated.