Looking at the trends in DeFi over the past couple of years, it has gradually shifted from a phase of purely hype-driven speculation back to rationality. Ultimately, what determines the winners and losers now are the fundamental needs for privacy protection and data security. This is also why I have been paying close attention to protocols like Walrus — they don’t just shout about decentralization all day long, but instead start from the most basic architectural layer, fundamentally changing the logic of data storage and protection, and forging a truly differentiated path.

Let me talk about its storage mechanism, which I believe is the most hardcore part. When applications based on this protocol store files, there’s no centralized server that can be compromised in a single attack as in traditional systems. Files are first encrypted, then split into countless fragments, and dispersed across various nodes. Even if a node is hacked, the attacker only gets invalid fragment data. Without the private key, it’s impossible to piece everything back together or read the actual content. This distributed security system is far more credible than projects that hype Web3 but lack real action.

This architecture also inherently possesses censorship resistance. Whether it’s personal asset information or sensitive internal data of institutions, there are storage solutions that do not rely on centralized trust. As regulatory pressures intensify and geopolitical conflicts flare up, this feature is no longer just a bonus but has become an essential requirement.

Looking at its token design — it’s not a speculative chip for hype, but rather a mechanism that, through governance and staking, truly decentralizes the control of the network to participants. When you contribute to the network’s security, the system provides you with corresponding value feedback. The logic is straightforward and practical. I believe that in the next phase of DeFi competition, the protocols that will succeed are those like this — low-profile but laying a solid technical foundation. Projects that constantly hype concepts will eventually be weeded out by the market.