What is the true competitive advantage of a blockchain project? My standard for judgment is straightforward: don’t just focus on the token price, but look at how many genuine builders are in the ecosystem.

The annual data recently released by Walrus provides a quite convincing answer—last year, the number of developers participating in hackathons reached 6,081. This is not just about the number of participants, but engineers who are continuously refining applications and genuinely working on products on this platform.

In the highly competitive storage track, what does attracting such a scale of developers signify? It indicates that the technology stack is truly user-friendly, and the ecosystem toolchain is sufficiently complete, encouraging developers to invest effort in building on it. Behind every developer, there’s potential to incubate killer applications.

In a bear market, high-quality developers are extremely scarce. Whoever can gather such a talent lineup will have the imagination space for the future ecosystem. So instead of obsessing over short-term price fluctuations, it’s better to see what these more than 6,000 smartest minds are building within this ecosystem. That is the true source of long-term value.