Mysten Labs Deploys Walrus Protocol Testnet, Targeting Layer-1 and Layer-2

The Sui Network’s data storage revamping took a new turn with the Mysten Labs deployment of the Walrus Protocol testnet.

Mysten Labs, the developer behind the Sui Network, has announced the deployment of the Walrus Protocol testnet. This marks a significant step in the development of the decentralized storage network.

The testnet launch brings several new use cases to Sui users, including the ability to upload and delete stored data. They can also now host the Walrus Explorer, which allows users to search and access stored data. This tool, built by Stakestab Inc., the creator of the Suiscan & Blockberry API Platform, makes data discovery quick and comprehensive.

The Walrus Protocol is expected to launch on the Sui mainnet in 2025.

Walrus Protocol Caters to Layer-1 and Layer-2

According to George Danezis, Mysten Labs’ Chief Scientist, the Walrus Protocol is designed to solve the pressing challenge of achieving a decentralized storage network. This challenge arises from the demand for blockchain projects to achieve greater decentralization and the need to support end-user applications with rich media and larger storage needs.

This challenge applies to both Layer-1 and Layer-2. Notably, Walrus also offers dApps operating on any L1 and L2s the ability to utilize Walrus Sites. This web hosting solution could serve as an alternative to their existing cloud hosting solutions.

Walrus utilizes Mysten’s Layer 1 network, Sui, to enable data storage. The data includes, but is not limited to, video, images, PDFs, and audio as binary large objects (BLOBs). These files are split into tiny fragments and distributed across multiple nodes for context.

The method employed for this process is known as “Red Stuff.” It is worth noting that the Ethereum Dencun upgrade first implemented BLOBs.

Walrus Protocol Compliments Existing Sui Network Upgrades

Sui offers a dedicated management architecture for Walrus to store its global state and metadata. Behind this functionality are speedy consensus, composability, and the opportunity to integrate storage into smart contracts on Sui. The primary focus hinges on improving the scalability of L2 networks.

The deployment of the Walrus Protocol also complements recent updates, including the Walrus devnet hackathon, which ran from August 13 to September 16. More than 40 projects and 288 developers participated, competing for a $50,000 prize pool.

With the new Walrus testnet launch comes the introduction of API endpoints that support deletable BLOBs. Beyond data deletion capabilities, other updates include the full tokenomics ecosystem for the Walrus token (WAL).

This includes epoch management, staking and unstaking, rewards, and the WAL token faucet for developers.

SUI Price Impact Amidst Walrus Protocol Testnet Launch

Following the news of the Walrus Protocol deployment, the price of SUI has seen some boosts. According to the latest market data, the SUI price traded at $2.04 at the time of writing.

This price action corresponds with a 1.93% surge in the past 24 hours. However, its trading volume suggests that traders may lose interest in the asset, unlike a protocol with new updates.

This metric reached $810.72 million after dropping by 14.56% within 24 hours. SUI may see some of its core performance metrics rebound once the community has priced in the Walrus Protocol update.

As the dust settles, some analysts expect the SUI to reach $2.5 amidst more favorable investor sentiments in the future.

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