Analysis of the New Protocol Walrus Developed by the Sui Team

Mysten Labs is preparing to launch a new project, the Walrus protocol, following the Sui network and the DeepBook protocol. Although there are many protocols in the decentralized storage market, Walrus has garnered widespread attention due to its cost-effectiveness, security, and programmability. As one of the advanced decentralized storage projects, the future practicality and value of Walrus are worth looking forward to.

The Uniqueness of Walrus

storage cost efficiency

Walrus uses Red-Stuff encoding, demonstrating costs lower than Arweave and Filecoin, with efficiency up to 100 times greater than them. Walrus only requires 4-5 times the replication, while Arweave needs full network data storage, resulting in up to 500 times the replication cost. At the same time, Walrus significantly reduces the probability of data loss.

Compared to Arweave and Filecoin, Walrus combines the advantages of both. It maintains low replication costs while minimizing the risk of data loss. Additionally, as the network grows, Walrus actually alleviates the burden on each node, making its storage costs more efficient than its competitors.

programmability

The most notable feature of Walrus is its "programmability". Traditional storage serves only as a data warehouse, while Walrus achieves programmable decentralized storage through the Sui network, giving stored data more functionality.

For example, when minting an NFT, the image file can be stored in Walrus, and its blob data object can be created on the Sui network, connected to the NFT object. This solves the traditional NFT "incomplete" problem, making NFTs through Walrus true Web3 assets.

Additionally, since Walrus's blob data can be stored as Sui objects and controlled by Move smart contracts, smart contracts can transfer the stored data to other users or automatically change ownership. This programmability is a key feature that makes Walrus superior to other protocols.

data access and deletion

Unlike existing storage protocols, Walrus allows users to discard or modify their data whenever needed. This feature greatly enhances the application potential of Walrus in traditional enterprises and Web2 companies, increasing market expectations for its diversity.

Walrus and Sui Network Collaboration

Walrus should be regarded as a storage stack aimed at enhancing applications on Sui. It not only complements the Sui network from a storage perspective but also actively influences the governance token SUI of the Sui network, making the two inseparable.

The symbiotic relationship between Sui and Walrus

Mysten Labs has focused on storage issues since the early design phase of Sui. Sui introduced the unique concept of a storage fund, where the fees submitted by users to validator nodes are divided into computation-related Gas fees and data storage fees. The storage fund continuously allocates funds to validator nodes while the data is retained on-chain.

Walrus achieves programmability of data by storing large-scale blob data and objectifying its metadata on Sui, without directly storing the data on Sui. Ultimately, Sui and Walrus establish a symbiotic relationship, complementing each other's shortcomings and creating unique advantages.

Walrus makes SUI a deflationary asset

When creating blob data objects in Walrus, SUI will be locked in the storage fund based on the object size. Although part of the fee can be refunded by deleting data, a portion will produce a destruction effect, reducing the circulation of SUI. The increased use of Walrus leads to a decrease in the circulation of SUI, forming a virtuous cycle.

The Importance of Walrus

Build a complete Web3 decentralized infrastructure

Mysten Labs is not just building a blockchain, but is creating a complete decentralized infrastructure for Web3. They are leading innovations in various fields such as execution, storage, consensus, and communication, while understanding users' inertia towards Web2 services and creating the most suitable UI.

The widespread application of Walrus

Walrus is not limited to the Sui ecosystem and can be used by any third party, and may even serve as an alternative to existing storage protocols or other DA layers. This availability expands the demand for SUI beyond the Sui network and has the potential to make SUI a more attractive asset by creating external demand.

The development prospects of Walrus

The operation mechanism of Walrus is efficient and can perform tasks that existing storage protocols cannot complete, and it has a solid network and user base through the Sui network. If Walrus becomes the representative storage protocol of Web3, it has the potential to become the leading protocol in the storage field.