Entering the storage race of 2026, many are still pondering the old question of "what is the cost per GB," but the real game has long shifted to another dimension. Represented by Walrus, the new storage protocol is not about competing on hardware costs but about experimenting with a mathematically driven, self-balancing token capital framework.

**Logic of the Storage Fund**

Most storage projects have fallen into the same trap: users lock tokens, miners store data, but once the token price plunges, miners disappear instantly, and the data evaporates. Walrus has a different approach—introducing a storage fund mechanism. The tokens prepaid by users are not directly sent to nodes but are placed into a controlled fund pool. This pool gradually releases rewards to operators according to "Epochs." This transforms storage from a "one-time purchase" into a "sustainable long-term contract." The system always maintains enough liquidity to support node operation, allowing continued operation even amid price fluctuations.

**The Tug of War Between Supply and Demand**

On the supply side, it's straightforward: nodes must stake a large amount of tokens to qualify for storage, serving as both risk collateral and an entry ticket for system subsidies. On the demand side, as more applications (blockchain games, AI training datasets, etc.) come online, the actual consumption of tokens continues to grow. This creates an interesting tension—a balance between deflationary pressure and yield incentives—where dynamic equilibrium emerges from this tug-of-war.