After spending a long time on the Sui chain, you will notice a problem—there are quite a few DeFi projects, but the underlying infrastructure is actually tight. Storage is especially obvious, and it wasn't until the emergence of Walrus that this gap was filled.

Imagine NFT needing to store images, games needing to store resources, social applications needing to store content. Relying entirely on IPFS? The user experience can only be imagined. Walrus adopts a dPoS consensus model, where nodes participate in storage services by staking WAL tokens. This logic is quite straightforward—if you have tokens, you can participate; participation yields rewards. According to internal valuation, 1 WAL can be exchanged for 1 billion FROST, which seems to be a well-designed conversion ratio.

Currently, the total circulating WAL is 1.577 billion tokens, but how much is genuinely staked for running nodes is still unclear. However, from the derivatives side, some clues can be seen—holding a position worth $12.52 million, down 7% in the past 24 hours, indicating that many investors are observing and reducing their holdings. The Funding Rate is still negative, meaning longs are subsidizing shorts. This inverted structure actually indicates that market sentiment remains relatively stable.

The exchange coverage is becoming broader. Binance, Bybit, and OKX have long since listed WAL trading pairs, with spot and futures markets available. Recently, Kraken also joined, launching WAL/USD spot trading. More exchanges mean increased liquidity, which is definitely positive for future price movements.

From a technical perspective, the price is currently around $0.15. Support is roughly at $0.1481, resistance at $0.1545, with limited volatility. If it can hold above the key level of $0.145, the next upward cycle shouldn't be too far off. The key is whether new exchanges will connect in the future or whether on-chain applications' storage demands can truly be unleashed.