In the Web3 storage space, if you stay long enough, you'll notice a strange phenomenon—white papers are more and more exaggerated, technical jargon piled up like academic papers, with terms like erasure codes, usability, decentralization levels, and parameters pushed to the limit. But how many projects that can actually be implemented, operate smoothly, and generate sustainable profits? The number is few.

When I looked at the Walrus project, my initial intention was actually quite simple. I wasn't attracted by the technical buzzwords of RedStuff, nor was I impressed by its $2 billion valuation. Instead, it was its performance style over the past two years—that it didn't rely on the hype of a "technological revolution," nor did it go around shouting about disrupting the storage market. Yet, it managed to develop two of the most challenging business routes—AI and RWA—simultaneously in a very short period. That is truly worth paying attention to.

So I spent quite some time analyzing Walrus from the technical, ecological, commercial, and risk perspectives. The final conclusion is straightforward—this is a project that takes "practical implementation" as its primary design principle.

The following analysis is not just a regurgitation of the white paper, nor a technical science show, but rather from the perspective of practical application, to see how Walrus's system actually operates.

Let's start with the first key point: Walrus's success doesn't mainly come from its technical brilliance, but from choosing the "middle ground" approach. Many people, when talking about Walrus, immediately think of the RedStuff 2D erasure code. But honestly—