The token model design of outstanding projects in the crypto industry often reveals the true intentions of the project team. Take Walrus Protocol as an example, a storage protocol developed by Mysten Labs, which has made a clever move in the distribution of its native token WAL.

First, look at the numbers: a $2 billion valuation and $140 million in funding. Sounds impressive, but the key lies in the distribution method. Out of a total of 5 billion WAL tokens, investors only received 7%, while the initial community airdrop accounts for 10%. Converted into RMB, the value of the tokens given for free to the community is roughly $200 million, which easily surpasses many VC firms. Such a generous distribution is quite rare in the crypto space, where projects are often eager to raise funds.

Where does this confidence come from? The key is that Walrus is not a project that needs funding to survive. Mysten Labs has built the product with its own resources, and the testnet is already running smoothly, which is why they sought funding. Therefore, the team is not afraid when negotiating with capital partners—if you want more tokens? Sorry, I don’t need them. The investors involved are long-term supporters like Standard Crypto and a16z, with deep mutual interests, so they naturally accept these terms.

The logic behind WAL’s design is also quite thoughtful. It’s not just a speculative tool but is closely tied to storage functionality, truly supporting the economic operation of the ecosystem. This design gives the token real utility, rather than just relying on stories to support its price. The entire model signals that the project team prioritizes the interests of users and builders; fundraising is just a side effect. This "community-first" approach is indeed solid in the current industry wave.