Recently, the discussions around Walrus Protocol have indeed been quite intense. I took some time to dig deeper and found that this project is both imaginative and full of pitfalls.

Let's start with the promising aspects. The biggest headache in Web3 is data falsification and information black boxes. Walrus aims to break through from the source by using on-chain verification combined with a trusted node system—allowing ordinary retail investors to identify "air projects" and providing institutions with a truly reliable data source. If this mechanism can truly be implemented, the fundamentals supporting $WAL will be quite solid, which is why I find it interesting.

But the real challenges are right in front of us. Technically, real-time on-chain verification requires enormous computational power. Once the ecosystem explodes and user numbers surge, will the system experience congestion or even crashes? No one can guarantee that. The competitive landscape is also changing—more and more public chains and data tools are targeting this track. How long can Walrus's differentiated moat last? There's also an unavoidable topic: with a relatively small circulating supply of $WAL, large funds can easily manipulate it, and retail investors are at risk of becoming bagholders.

Honestly, Walrus's overall direction is correct; the question is whether it can survive long enough amid industry fluctuations. It depends on the team's actual execution capability and whether the market is willing to give it time to grow. Will it be the next dark horse, or just another concept feast? The answer to this suspense is left to time and the market.