WAL has experienced a significant pullback from its high levels, with the decline exceeding 50%. The market's sentiment premium has basically been fully released.

In terms of project positioning, Walrus focuses on the underlying infrastructure of the public chain ecosystem—storage and data availability. This path doesn't have any sexy narratives or short-term explosive points, but the actual demand on the chain continues to accumulate.

The early incentive plan has already validated the feasibility of the model, and the return mechanism is truly effective. In the DePIN sector, targets are scarce, and once the market rebounds, funds tend to flow first into projects that clearly explain their 'cost and security.'

Additionally, the Sui ecosystem is expanding, and as long as the valuation of the main chain recovers, infrastructure projects will find it hard to bypass.

Currently, it's more about assessing probability and return ratios rather than chasing hot trends. For patient investors targeting this space, this position is worth considering.