Walrus's dual-token system (WAL + FROST) appears to be elaborately designed on the surface, but upon closer examination of the rules, there are quite a few problems.

First, about WAL, the primary token: with a total supply of 5 billion, the team directly airdropped 10%, which initially looks generous. However, the underlying data is disappointing — 43% of the community reserve pool unlocks 22.4 million tokens each month. This means throughout the entire 8-year cycle, there will constantly be ongoing selling pressure in the market. Based on the current price of around 1 dollar, just this item alone creates 22.4 million dollars of selling pressure monthly — who can absorb that?

Looking at FROST, the auxiliary token, the project's claim is "1 WAL can be redeemed for 10 billion FROST, used for node liquidation." It sounds good, but the problem is there's currently no secondary market for FROST. I asked several node operators, and the FROST they received all ends up frozen in their wallets because there's nowhere to convert it to cash. Simply put, it's like virtual currency with no way to realize its value.

The most heart-wrenching design is this: to earn FROST, you must first stake WAL. In other words, you exchange real assets for a token with no liquidity. A node operator I know put in 100,000 WAL and earns 500 billion FROST monthly, but this number is so large it's meaningless — not even worth the price of a cup of coffee.

People in the community are now shouting "just skip FROST altogether," but the project has never properly responded. From this perspective, FROST seems designed specifically to lock up WAL liquidity. For retail investors, there really aren't many opportunities to profit in this mechanism.