On March 26, the blockchain storage protocol Walrus of the Sui ecosystem completed a $140 million financing round, led by Standard Crypto, with participation from A16Z and Franklin Templeton, selling the token $WAL, with a total valuation of $2 billion. This valuation is comparable to the Sui public blockchain, but why should a sub-protocol be worth this price? To be honest, I am somewhat tired of new projects this year being valued in the billions or even hundreds of billions. With such valuations, the altcoin season can't possibly come; let me simply share my views:

The mismatch between the value and valuation of these projects stems from the 'concept cycle' in the crypto world: innovative concepts attract incremental funds, over-investment in technology drives up valuations, and when bubbles burst, funds become stagnant. New concepts like ICOs, DeFi, NFTs, etc., innovate profit-sharing mechanisms, bringing in fresh liquidity.