Walrus's recent $140 million funding round has reshaped industry perceptions—reaching a $2 billion valuation on the eve of its mainnet launch. What does this number signify?

Let's first look at some details of the funding. As a core project incubated by Mysten Labs, Walrus's funding sets a precedent for large-scale financing of L1 blockchain teams through incubation protocols. The list of investors is particularly noteworthy: top-tier institutions like a16z, Standard Crypto, and Electric Capital have long been loyal supporters of Mysten Labs. Their direct participation in Walrus indicates a high level of confidence in its development trajectory.

From a competitive perspective, Walrus's valuation has already caught up with Filecoin. The key difference is—Filecoin has been running its mainnet for years, while Walrus has not yet launched but is already valued at this level. This is not a bubble; rather, it reflects capital's bet on a new paradigm in the decentralized storage sector.

Ecosystem synergy is the real bonus. Projects on the Sui chain are expanding rapidly, which means storage demand is expected to surge. As a native storage infrastructure for Sui, Walrus naturally benefits from ecosystem advantages. The funding is directed toward technological iteration, institutional partnerships, and community incentives, further solidifying its position.

In simple terms, whether institutions or retail investors, the current logic chain they are betting on is: Sui ecosystem prosperity → rising storage demand → increased value of Walrus. During times of market volatility, assets deeply held by capital like this often offer relative certainty.