In the crypto ecosystem, what determines how far a project can go is often not how beautifully the technical documentation is written, but whether the economic model is cleverly designed. Take the storage network project Walrus as an example; its token $WAL is like a set of precise gear systems, with each link tightly interlocked, forming a self-consistent closed loop where the interests of all participants are aligned.

Simply put, many people understand $WAL as just a means to "pay for storage fees," but in reality, it serves much more than that. The token carries three completely different functional layers.

First, the **Utility Layer**—the most straightforward part. When users need to store data or retrieve files, they must spend $WAL to purchase these services. The greater the demand, the more tokens are consumed. This "burning" mechanism creates an inherent buying pressure for the token.

Next is the **Security Layer**. Want to become a storage node and earn rewards by participating in network operations? You need to stake $WAL as an "entry ticket." This mechanism serves multiple purposes: locking up circulating tokens to reduce price volatility; the amount staked determines the node's influence and reward share, incentivizing long-term commitment; and the interests of nodes and the network are deeply intertwined, ensuring no one sabotages their own stake.

Then there's the **Governance Layer**. WAL holders can vote on core protocol parameters—how storage fees are set, how new tokens are released, how the incentive pool is allocated... This transforms into a form of ownership certificate, endowing the token with investment attributes.

These three layers are interconnected. Users' storage demands drive token consumption → nodes stake tokens to maintain the network → governance rights benefit long-term holders. Once this flywheel starts spinning, it creates a self-reinforcing ecological feedback loop. That’s why many storage projects can maintain relatively stable token values—because demand, security, and rights are truly unified.