Comma3 Ventures, EE, Surfer
Taipei City, Taiwan
Joined February 2013
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從總體經濟看市場，還得多是巴菲特
Among the world's wealthiest individuals, Warren Buffett stands alone as the only one to increase his fortune.
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Let’s vote for UXLINK!
#1 on the leaderboard now 🔥
UXLINK is the largest social infrastructure and platform with 50 million users and 400+ partners, the absolute leader in the web3 social space. Since our investment, we have witnessed UXLINK consistently maintaining innovation and continuing to build. UXLINK not only maintains the health of its own business, achieving growth and profitability, but also brings irreplaceable value to the entire industry—mass adoption and ecosystem partners’ growth—making it a truly deserving high-quality project in recent years.
@comma3vc @Comma3_Intern @Dennyjason2 @Ivantok4 @0x_nico0
Walrus @Walrus_CN 的FDV天花板有多高？為什麼我們認為潛力巨大?
TL;DR
我們認為，Walrus 合理的峰值FDV可能落在 200 億至 400 億美元之間。
為何 Walrus 擁有如此顯著的估值潛力？
1. 巨大潛在市場(TAM)且具成長性
Walrus 所瞄準的市場遠超目前主流的去中心化儲存、資料可用性（DA）與智慧財產鏈等垂直應用領域，涵蓋範圍更廣，潛在規模更大。
2. 原生支援 Web3，同時兼容 Web2
Walrus 的基礎架構不僅適用於區塊鏈原生應用，同時也支援 Web2 企業級系統的整合與導入，能有效促進傳統產業採用去中心化技術。
3. 可編程性創造技術轉折點
Walrus 引入可編程儲存機制，使其具備發展為**混合式去中心化資料庫管理系統（dDBMS）**的潛力，為資料儲存與管理模式帶來創新轉變。
Walrus 如何擴大 TAM 並引領去中心化儲存升級？
目前市場上主流的去中心化儲存方案存在多項限制：
1. 應用場景受限於靜態／冷資料：僅適用於低頻率資料儲存，市場規模受限。
2. 架構缺乏可編程性：無法進行資料處理或與 SQL 整合，難以支持動態應用與複雜邏輯。
3. 不利於企業導入：缺乏標準 API、開發工具與企業可理解的資料結構。
4. 高冗餘與低效率：資料重複與編碼複雜，導致運算成本與儲存成本過高，資料存取效能低落，不利於大規模採用。
Walrus 的解決方案與技術優勢
Walrus 透過可編程性、模組化設計與效能優化，有效克服上述問題，成為真正具備「大規模應用潛力」的去中心化儲存基礎設施。
1. Walrus + @SuiNetworkCN = 去中心化 DBMS 潛力
結合 Walrus 的可編程儲存能力與 SUI 的高效能、並行執行架構，未來有機會發展為新一代的去中心化資料庫管理系統（dDBMS）。
2. 混合式資料架構推動市場擴展
隨著 Web2 與去中心化技術融合趨勢加速，混合式資料架構將成為主流，更多應用將落地於 Walrus/SUI，進一步擴大市場與收入規模。
市場規模與估值模型推演
全球 DBMS 市場規模與潛在滲透率
• 2023 年全球資料庫管理系統（DBMS）總營收已達 1,000 億美元，預計至 2028 年將成長至 1,500–2,000 億美元。
• 若去中心化儲存技術於混合式架構中取得 1%–3% 的市佔率，即代表每年將有 15 億至 60 億美元的營收流向該賽道。
市值預測模型（以成長型科技公司估值倍數推算）
• 成長型雲端與資料基礎建設公司，其市值／營收倍數通常落在 10–20 倍。
• 以此推算，若 Walrus 能在 2028 年實現上述收入，其潛在市值（FDV）可達 150 億至 1,200 億美元。
與其他領先專案的估值對比分析
當前 FDV: Filecoin $55億, Celestia $40億, Story Protocol $60億
歷史高點 FDV: Filecoin $3,640億, Celestia $220億, Story Protocol $73億
Walrus 憑藉其可編程性與可擴展性，擁有更廣泛的應用潛能與技術深度，具備超越上述專案或與其估值總和相匹配的潛力。
總結觀點
綜合市場規模、技術優勢、應用潛力與估值對標分析，我們認為 Walrus 的合理峰值FDV 可能落在 200 億至 400 億美元區間。隨著去中心化資料基礎設施的持續成熟，未來仍具備更大的上行空間與成長潛力。
@comma3vc @Comma3_Intern @Dennyjason2 @Ivantok4 @mrblock
What Could Be the FDV Ceiling of @WalrusProtocol — And Why?
TL;DR
We believe a reasonable peak FDV (Fully Diluted Valuation) for Walrus could range between $20B–$40B.
So, Why Such a High Ceiling?
1. Massive Total Addressable Market (TAM):
Walrus targets a broader TAM than any existing solutions in decentralized storage, data availability (DA), or IP chains.
2. Architected for Both Web3 and Web2:
Its infrastructure is designed not just for blockchain-native projects, but also for seamless adoption by traditional enterprises, bridging the Web2/Web3 divide.
3. Programmability as a Game Changer:
Walrus enables programmability, unlocking the potential to evolve into a hybrid decentralized Database Management System (dDBMS).
Expanding TAM: Why Walrus Is Built for the Future
Current decentralized storage solutions face several limitations:
1. Limited to Static/Cold Data:
Pure storage use cases restrict the addressable market to low-frequency data needs.
2. Non-Programmable Architecture:
Without programmability, these systems lack the flexibility to process data or integrate with SQL-based applications.
3. Not Enterprise-Friendly:
Missing APIs, developer tools, and standardized data structures hinder adoption among Web2 companies.
4. Inefficient and Resource Heavy:
High redundancy and complex encoding result in:
• Elevated computational and storage overhead
• Sluggish data retrieval
• Reduced efficiency and scalability
How Walrus Solves These Challenges
Walrus overcomes all of the above with its programmable and efficient design, making it uniquely positioned for mass adoption.
1. Walrus + @SuiNetwork = dDBMS Potential:
Pairing Walrus’s programmable decentralized storage with SUI’s high-performance, parallel execution capabilities could give rise to a truly decentralized Database Management System (dDBMS).
2. Hybrid Structures Drive Market Expansion:
As hybrid models (Web2 + decentralized components) gain traction, more applications will naturally land on Walrus/SUI—expanding market size and revenue potential.
Walrus Opportunity Estimation
Market Size & Revenue Potential
• Global DBMS market revenue reached $100B in 2023 and is projected to grow to $150B–$200B by 2028.
• If decentralized storage captures even 1%–3% of this market through hybrid adoption:
• That implies $1.5B–$6B in annual revenue flowing into decentralized storage.
Valuation Projection
• Growth-stage Cloud/Database companies typically trade at 10–20x revenue multiples.
• Based on the above revenue range, Walrus could be valued at $15B–$120B by 2028.
Benchmarking Against Leading Projects
Current FDV : Filecoin $5.5B, Celestia $4B, Story Protocol $6B [lower case]
Peak FDV : Filecoin $364B, Celestia $22B, Story Protocol $7.3B [best case]
Walrus provides greater programmability and broader use cases than these projects, positioning it for an even higher ceiling—or at least comparable to their combined valuation.
Final Thoughts
Taking into account the revenue potential, market adoption trends, and comparative benchmarks, we believe a reasonable peak FDV for Walrus lies in the $20B–$40B range—with upside beyond that as the decentralized data infrastructure space matures.
@comma3vc @Comma3_Intern
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Check @WalrusProtocol , the Flagship Product of @SuiNetwork , Set to Launch Mainnet on March 27(中英文)
We’re excited for the mainnet launch of Walrus, SUI’s groundbreaking programmable decentralized data storage solution, on March 27.
So, what makes Walrus truly special? Here’s a brief overview:
Developed by the SUI team, Walrus redefines the decentralized storage landscape by introducing three key advantages over existing models: cost efficiency, programmability, and flexible data access and deletion.
Key Highlights:
1. Unmatched Cost Efficiency
Walrus delivers significantly lower storage costs—up to 100x more efficient than platforms like Arweave and Filecoin.
2. Beyond Basic Storage
With programmable features, Walrus supports advanced use cases, including Data Availability (DA) and Intellectual Property (IP) storage on-chain.
3. User-Controlled Data
Walrus gives users full control over their data, including the ability to modify or delete content as needed—something not possible with most current decentralized storage systems.
4. $SUI Becomes Deflationary
The design of Walrus contributes to making $SUI a deflationary asset, enhancing its long-term value proposition.
5. Cross-Ecosystem Compatibility
Walrus is not limited to the SUI ecosystem—it’s designed to seamlessly integrate with both Web2 and Web3 applications.
@Ivantok4 , @comma3vc , @Dennyjason2 , @Comma3_Intern , @0x_nico0
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The leading DEX on @SuiNetwork ecosystem @CetusProtocol just hit new record high on multiple numbers, and it's only the beginning !
Why? What we can expecting more?
(1) SUI DeFi lego and its LSD still in early days
(2) SUI meme coins season just getting warm up
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5) 另外從當前的實際操作數據來看，在SUI上完成DEX Swap花時0.73s，而在Solana上花時4.45s，SUI上的速度快了Solana6倍
>此更新於7/26 rollout，為漸進式更新主網，SUI用戶將感受到越來越快速的主網
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Why RWA?
As TradFi enters the crypto space, RWA/Tokenized Asset is gaining traction faster than ever (641%+ surge for tokenized treasuries in 2023).
According to Citi and BCG, RWA market cap is expected to skyrocket to $4 to $16
trillion by 2030 (worthy to mention that the
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ETH L1 gas fee still dominating the cost for L2 Rollups from 60~85%
After Cancun upgrades, L1 gas fee will lower up to 10X(theoretically), and we are expecting L2 profitability increase up to 6X (from 15% profit ratio up to 94% )
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#BITCOIN ETF 3 day trading volume hitting $10B leading by @Grayscale , @BlackRock and @Fidelity
Wall Street folks are coming in hot 🔥🔥🔥
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Our portfolio Shrapnel just closed a series A $20M fundraise.
Shrapnel is a AAA game studio and direct spun out from HBO Interactive, it’s Call of Duty-style FPS shooting game will be launch in December this year!
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