Looking at projects like Walrus, many people habitually apply an old pattern: infrastructure = cold start = waiting for the ecosystem to mature.

But this is exactly where the market is most prone to pitfalls.

Why? Frankly, short-term capital prefers projects with "clear concepts, measurable benchmarks, and whitepapers that paint a rosy picture." Walrus is a bit different—it’s true value isn’t in the documentation but gradually revealed through on-chain application data.

When you see signs like "a certain application begins migrating," "storage volume suddenly jumps," or "the ecosystem frequently calls the same set of interfaces," the smart money has already been quietly positioned. By then, the market’s reaction is already lagging.

This is why experienced players proactively position themselves in such projects—not because they fully understand, but because they see that "the value of this thing can’t stay hidden forever."

Walrus isn’t in a rush to make everyone understand. It’s waiting for a critical point: when "data storage" shifts from a minor issue to an insurmountable bottleneck, forcing the market to reprice. That’s when the true surface will emerge.