Last March, this project completed a $140 million private funding round, with a truly豪华 lineup—led by Standard Crypto, followed by institutions like a16z crypto, Electric Capital, and Franklin Templeton. Given the market environment at the time, this funding size was indeed remarkable.

How the funds are spent directly affects the project's ceiling. Based on public information, the team did not choose the old route of throwing money to hype up the market, but instead focused on technological development and ecosystem incentives. Token allocation also reflects this restraint—50 billion tokens in total, with 10% airdropped to early users (already unlocked), 10% allocated for subsidies (linearly released over 50 months), and 43% reserved for the community, to be released until 2033. This pacing at least indicates that the team is thinking long-term.

Technology development indeed requires significant spending. Developing自主研发的纠删码算法, deep integration with the Sui ecosystem, and building a distributed delegated proof-of-stake mechanism are all hard technical skills. The core team comes from Mysten Labs (the team behind the Sui chain), with a solid technical background. The current network capacity has reached 4,167TB, although only 26% is in use now, the infrastructure is in place, and horizontal scaling is theoretically not complicated.

On the other hand, the $140 million figure also brings corresponding expectations. Institutional investors hold 7% of the shares, with unlocking starting from March 2026. If the project does not meet expectations by then, selling pressure could become a real issue. The current circulating supply is about 1.57 billion tokens, with a market cap close to $700 million. To maintain this valuation, real usage data is needed to support it.

The current data is somewhat cold—31 daily active users, 691 daily transactions, and only $19 in revenue over 24 hours. However, infrastructure projects share a common trait: they often start very quietly, but once a killer app emerges, the growth curve can experience exponential jumps. The key is when that inflection point arrives. The token price recently dropped to $0.1396, a decline of nearly 12%, with a market cap back to $220 million. Short-term fluctuations are inevitable; the long-term logic still depends on real technological implementation and the actual prosperity of the ecosystem.