The launch of Mysten Labs' Walrus Protocol testnet on Sui Network marks a significant event in decentralized storage. This innovation brings new possibilities to users and dApps, as well as impacts the market value of SUI.

Features of Walrus Protocol

Mysten Labs' Walrus Protocol aims to create a decentralized storage network supporting both Layer-1 and Layer-2 solutions. It allows for the storage of large data blobs like images and videos, distributing them across multiple nodes. Walrus Sites offers web hosting as an alternative to cloud solutions.

Compatibility with Sui Updates

The Walrus Protocol leverages Sui Network’s management architecture to store global data and metadata. This upgrade enhances L2 network scalability and integrates storage into Sui smart contracts. The testnet includes APIs for deletable data and other tokenomics upgrades.

Impact on SUI Price

Following the Walrus Protocol launch, SUI price has risen by 1.93% to $2.04. However, with a decreased trading volume of $810.72 million, trader interest might wane. Some analysts predict a SUI price increase to $2.5 amidst rising investor sentiment.

The Walrus Protocol testnet launch brings significant changes to Sui Network, offering enhanced storage capabilities and influencing SUI market activity. Further improvements are expected to positively affect the token's value.