When it comes to the prospects of a project, capital moves often speak most directly. Walrus Protocol's strategic steps over the past year have almost vividly illustrated the process from initial interest by top-tier capital to recognition at the institutional level.

The funding round in March last year was a watershed moment. Raising $140 million at a $2 billion valuation, before the mainnet even launched, demonstrates that decentralized storage projects can secure this scale of funding early on. More importantly, who invested—Standard Crypto led, with a16z and Electric Capital participating. These institutions are not just casting wide nets; their deep involvement in the Sui ecosystem is well-known, driven by genuine strategic considerations rather than short-term hype.

Subsequently, Grayscale launched a trust product for Walrus, which is a significant move. Remember last August when Grayscale added Sui to its trust? Same model. Grayscale Trust is a symbol of institutional recognition, providing traditional capital with a compliant entry channel, effectively breaking through the funding ceiling.

Looking at the market, these fundamentals also resonate. The WAL token has been consolidating around $0.4–$0.45 (roughly the cost of institutional funding), as the market digests these positive signals. These signs, combined, tell the same story: from small-scale recognition by capital to a gradual expansion into the mainstream institutional horizon.