To determine whether an on-chain ecosystem is truly growing healthily, analyzing on-chain data is the most reliable method.

Currently, the Walrus network's locked-in value has exceeded $52 million. What’s worth noting is the true flow of funds—about 65% of the capital has entered privacy liquidity pools and staking contracts for storage nodes. In other words, the major funds are engaged in real network activities rather than simply stacking in a staking pool to play with numbers.

The staking data for the WAL token is even more interesting. So far, 120 million WAL tokens have been staked, accounting for 48% of the total circulating supply—nearly half of the tokens are locked up. This brings two immediate benefits: a significant increase in network security (since it becomes more costly for malicious actors to cause a dump), and a corresponding reduction in selling pressure in the secondary market.

From an infrastructure perspective, storage nodes have increased by 120 in the past month, and the available storage capacity has expanded by approximately 300TB. This synchronized growth of nodes and capacity indicates that both users and node operators are genuinely optimistic about this network for the long term—no one would continue to invest hardware resources in a project without confidence.

These solid on-chain indicators are steadily building a more robust foundation for the value of the WAL project.