TL;DR
- Idea: Decentralized secure blob storage protocol on Sui enabling data markets for AI applications
- Catalyst: Recent Binance Alpha & Spot listing, strong $140M funding, partnerships and technical upgrades
- Risks: High competition from established storage networks, potential dilution from unlocks, reliance on Sui network adoption
- Score: 8.00/ 10
Coin
- Name/ Ticker: Walrus (WAL)
- Segment: DePIN
- Status: live
- Price: $0.243400
Key Metrics
- Market Cap: $360 498 426
- FDV: $1 180 000 000
- Circulating Supply: 1 478 958 333
- Total Supply: 5 000 000 000
Sources
Technology
- USP: Decentralized secure blob storage leveraging Sui for coordination, ensuring high availability and programmability
- Core Technology: Erasure-coded blobstore with delegated proof-of-stake, Move-based smart contracts, epoch-based committee selection, Sui object-based storage representation
Roadmap
- 2024-09-17: Whitepaper published
- 2025-01-16: Testnet v2 redeployed
- 2025-03-27: Mainnet launch
- 2025-09-03: Seal Access Control launch
- 2025-10-10: Binance listing
Team & Investors
Team
- Managing Executive — Rebecca Simmonds: Managing Executive at Walrus Foundation; former senior roles at Sui ecosystem
- Cofounder & CEO — Evan Cheng: Cofounder of Walrus; former Director of R&D at Mysten Labs
- Technical Lead — :
Investors
- Standard Crypto — private sale • 2025-03-21
- a16z Crypto — private sale • 2025-03-21
- Electric Capital — private sale • 2025-03-21
- Franklin Templeton Digital Assets — private sale • 2025-03-21
- Creditcoin — private sale • 2025-03-21
- Lvna Capital — private sale • 2025-03-21
- Protagonist — private sale • 2025-03-21
- Karatage — private sale • 2025-03-21
- RW3 Ventures — private sale • 2025-03-21
- Comma3 Ventures — private sale • 2025-03-21
- The Raptor Group — private sale • 2025-03-21
Total funding: $140.00M
Tokenomics
- Utility: Governance, staking for storage nodes, and payment for data storage services
- Vesting: Community reserve unlocks linearly until March 2033; core contributors vest over 4 years from launch; investors vest under private sale agreements
Pros & Cons
Strengths
- Decentralized secure blob storage with high availability
- Built on Sui for parallel transaction execution
- Strong $140M funding from top-tier investors
- Multi-exchange listing including Binance, Kraken, and KuCoin
- Community-first token distribution aligning users and contributors
- Open-source protocol with active developer community
- Programmable storage for AI and web3 applications
- Deflationary burn mechanism planned for transactions
- On-chain governance via Walrus Foundation
- Erasure coding reduces storage costs and enhances reliability
Weaknesses
- Competition from established decentralized storage networks like Filecoin and Arweave
- High fully diluted valuation with potential dilution risks
- Reliance on Sui network adoption and performance
- Token price volatility due to limited trading history
- Early stage centralization risk in node committees
- Unclear schedule for token unlocks and vesting
- Low current protocol revenue and usage metrics
- Technical complexity may hinder mainstream developer adoption
- Regulatory uncertainty around data ownership tokens
- Limited liquidity compared to major Layer 1 tokens
Price Scenarios (target: 2026-04-16)
- Bear: $0.100000 — Assumes 60% decline from current price due to market dilution and competition risks
- Base: $0.243400 — Assumes price remains stable at current level reflecting steady adoption
- Bull: $0.500000 — Assumes 2x current price based on increased ecosystem adoption and token burns
How to Buy & Store
CEX
- Binance
- Kraken
- KuCoin
- Crypto.com
- Gate
DEX
- Uniswap
- Aster DEX
- SushiSwap
- PancakeSwap
- Gate DEX
Storage
- Sui Wallet
- Sui Extension
- MetaMask with Sui plugin
- Ledger
- WalletConnect
Verdict
Walrus stands out as a promising DePIN storage solution with robust funding and strong technical foundations, yet faces significant competition, execution, and market adoption risks. Recommend monitoring adoption metrics and token unlock events before making a long-term commitment.
Official Links
Source: Coin Research (internal)
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