Walrus Protocol's exploration in the derivatives track is worth paying attention to. The project focuses on three main directions: First is an innovative liquidity pool mechanism—through structural design, it ensures users have access to high-leverage trading opportunities while reducing the frequency of liquidation risks, which is a significant challenge in on-chain derivatives trading. Second is a seamless cross-chain trading experience, allowing users to participate in derivatives markets on multiple public chains with just one click, eliminating the old problem of liquidity fragmentation. Third is the pace of ecosystem expansion—recently launching a new liquidity mining pool and preparing institutional-grade customized trading services, indicating that the project is moving from retail markets toward professional institutional markets. $WAL, as the ecosystem token, plays a dual role in incentives and governance. Currently, the derivatives track is highly competitive, but projects with complete technical solutions and execution capabilities remain scarce.