Walrus's token economic model contains many details. Looking at the distribution of the total supply of 5 billion tokens: the community and ecosystem account for the majority, reaching 55.56%, but within this, airdrops and various incentives are basically unlocked linearly. Although the core team and investors only hold 27.78%, their tokens are locked for 3 to 4 years—this design actually aims to prevent one thing: avoiding a flood of tokens hitting the market in the short term. The deeper logic is to synchronize the release rate of token circulation with the actual usage and node growth of the network.

The question boils down to this: the next 12 to 24 months are an observation window. As testnet incentives are completed, the mainnet is gradually launched, and the demand for node staking increases, whether the newly released tokens can be absorbed by real purchasing power and staking demand from applications will be the key to determining Walrus's price trend. Simply put, even if the token supply is reasonable, without enough application ecosystem and node participation to absorb it, liquidity pressure will eventually surface. During this period, the progress of ecosystem development and the maturity of mainnet functions almost determine whether the tokens can be released smoothly.