Decentralized storage has evolved dramatically since Filecoin pioneered the space in 2020. As we sit in January 2026, Walrus (built by Mysten Labs on the Sui blockchain) emerges as a strong "next-gen" contender, often positioned as a direct challenger to Filecoin. While Filecoin remains the market leader in raw capacity and adoption, Walrus brings innovations in cost, speed, programmability, and integration that address many of Filecoin's longstanding pain points.