Turn off the market display, let's talk about something straightforward.

Today, no emotional discussion, no analysis of the whales' movements, just sitting down to break down the most basic calculations—let's see if the market is truly awake.

Look at the current situation of these three projects in the storage sector:

Filecoin (FIL). This veteran project has been controversial for its technology, but its market cap is still there—tens of billions of dollars. Arweave (AR). Focused on the concept of permanent storage, with a market cap in the billions. And then there's Walrus ($WAL), the only official storage protocol in the Sui ecosystem, with cutting-edge technical solutions, solid architecture design, sitting on the shoulders of the strongest public chain, Sui.

What about its market cap? Less than two billion dollars.

Wait, let's do the math. A project with the strongest technical capability, the most solid background, and the best ecosystem position, yet its market cap is only one-tenth, or even one-tenth of its predecessor. Is this scientific? Reasonable?

Honestly, this isn't a question of reasonableness. This is the market daydreaming.

To use a more intuitive analogy: Nokia feature phones (FIL) valued at 10 billion. The first-generation iPhone (AR) valued at 5 billion. So how much should the latest iPhone 16 Pro ($WAL) be worth? According to this logic, it should be worth 500 million?

This is simply unrealistic. This is a blatant pricing error.

And these kinds of errors have a characteristic—eventually, they will be corrected. Especially when the error is so obvious that you can count it with your toes, the correction force often exceeds expectations.

Why do these errors occur? In the early stages of a bull market, capital choices are very crude. Most people only recognize old storage concepts like FIL and AR, and have no interest in delving into new innovations. Capital is like a herd, flocking en masse to well-known leading projects, ignoring better emerging forces.

But when the market begins to become rational, and more people realize the technological gap and ecological value, this logical dislocation will inevitably reverse.