Friends interested in Walrus should indeed understand the underlying risk exposure. The project itself has solid technical capabilities, but when viewed within the entire storage sector, competitors are also very active—Filecoin and Arweave are both pushing their respective upgrades, and the competition for market share is becoming increasingly fierce.

On the other hand, the project's growth is largely tied to the development pace of the Sui ecosystem. If the ecosystem's traffic growth does not meet expectations, there will be a chain reaction affecting the demand for protocol usage. Additionally, attention should be paid to token-level risks; large-scale unlocking windows could lead to selling pressure, which is especially prone to trigger in a bear market environment.

Overall, the technical fundamentals serve as a long-term safety net, but the current strategic layout should focus more on implementation progress and ecosystem collaboration, using these two aspects to hedge against market uncertainties. Being cautious and rational, rather than aggressive or reckless, is always the right approach.