There has been an interesting phenomenon in the Sui ecosystem recently—a project focused on data storage that has simultaneously driven both decentralized storage and RWA (Real World Asset) tracks.

Technically, it certainly has some impressive capabilities. Red Stuff erasure coding algorithm addresses the pain point of large file storage, but what’s even more impressive is the Quilt feature—reducing small file storage costs by a factor of 420. This number is quite staggering, but it also highlights the significant room for optimization. As a result, leading projects like Decrypt and Pudgy Penguins have moved in, and the total on-chain asset scale of the ecosystem has already surpassed $800 million.

The design of the ecosystem token is also worth noting. It serves both as a pledge certificate for on-chain assets and as a governance voting right for holders. The dual role makes the token itself a direct carrier of the ecosystem’s value. More importantly, the deflationary model, combined with institutional funding (such as recognition from major players like Grayscale Trust), provides long-term support that cannot be underestimated.

Starting from the fundamental Web3 need for data privacy, and extending all the way to the compliant on-chain process of RWA, this project is redefining how data and assets circulate on the chain. Whether for developers, asset parties, or investors, this direction is worth continuous observation.