Walrus stands out to me less as a storage token and more as a quiet infrastructure trade riding Sui’s throughput curve. When I track WAL on-chain, the signal isn’t volume spikes, it’s staking behavior. Supply keeps getting parked by participants who look like builders and early infra funds, not fast money chasing momentum.
The blob-based architecture matters economically. As real data usage grows, node costs don’t rise at the same pace, which creates a subtle efficiency edge most markets won’t price in early. That’s where mispricings usually live.
Liquidity tells another story. WAL depth tends to improve around Sui-native launches, hinting at capital rotation into foundational layers rather than apps. That’s classic late-rotation behavior.
The real variable is execution. If tooling adoption accelerates, WAL supply tightens structurally. If it stalls, you’re holding time, not hype.
