Walrus's dual-token system (WAL+FROST) appears flashy on the surface, but a closer look at the rules reveals many issues.

First, let's talk about WAL, the main token: a total supply of 5 billion tokens, with 10% airdropped directly by the team, which initially seems like a generous move. However, the underlying data is disappointing—43% of the community reserve pool needs to unlock 22.4 million tokens every month. This means that throughout the entire 8-year cycle, there will always be continuous selling pressure in the market. At the current price of around $1, just this monthly unlock alone represents a selling pressure of $22.4 million. Who can handle that?

Next, look at the auxiliary token FROST. The project team claims, "1 WAL can be exchanged for 1 billion FROST, used for node liquidation." Sounds good, but the problem is there is currently no secondary market for FROST. I asked several node operators, and they all said that the FROST they receive is ultimately frozen in their wallets because there's nowhere to exchange it. In other words, this token is just like a virtual currency with no liquidity.

The most frustrating part of the design is this: to earn FROST, you first have to stake WAL. Essentially, using real assets to exchange for a token that has no liquidity. I know a node operator who invested 100,000 WAL and can earn 50 billion FROST per month, but this number is so huge that it’s meaningless—it's not even enough to buy a cup of coffee.

Currently, some community members are shouting, "Just forget about FROST," but the project team has yet to respond directly. From this perspective, FROST seems more like a tool designed specifically to lock in WAL liquidity. For retail investors, there are really few opportunities to profit from this mechanism.