Turn off the market display, let's talk about something straightforward.

Today, no emotional talk, no studying the moves of the whales, just sitting down to break down the most basic calculations—let’s see if the market is truly awake.

Look at the current situation of these three projects in the storage sector:

Filecoin (FIL). This veteran project’s technology is highly controversial, but its market cap is still there—billions of dollars. Arweave (AR). Focused on permanent storage, with a market cap in the billions. And then Walrus ($WAL), the only official storage protocol in the Sui ecosystem, with the most cutting-edge technical solutions, solid architecture design, sitting on the shoulders of the strongest public chain, Sui.

What’s its market cap? Less than $200 million.

Wait, let’s do the math. A project with the strongest technical capabilities, the most solid background, and the best ecosystem position, yet its market cap is only one-tenth, or even one-tenth of a tenth, of its predecessors. Is this scientific? Reasonable?

Honestly, this isn’t a question of reasonable or unreasonable. It’s the market dreaming.

To use a more intuitive analogy: Nokia feature phones (FIL) valued at $10 billion. The first-generation iPhone (AR) valued at $5 billion. So how much should the latest iPhone 16 Pro ($WAL) be worth? According to this logic, it’s $500 million?

That’s simply unrealistic. This is a naked pricing error.

And these kinds of errors have a characteristic—they will eventually be corrected. Especially when the error is so obvious that you could count it with your toes, the correction often exceeds expectations.

Why do these errors occur? In the early stages of a bull market, capital choices are very crude. Most people only recognize old-school storage concepts like FIL and AR, and have no interest in delving into new innovations. Capital is like a herd, flocking en masse to well-known leading projects, ignoring better new forces.

But when the market begins to become rational, and more people realize the technological gap and ecological value, this logical dislocation will inevitably reverse. #Gate广场创作者新春激励