Recently, I’ve been looking into some new projects in the infrastructure track. The more I research, the more I realize that the way tokens are distributed can reflect a team’s true intentions.

The distribution plan of the Walrus project is quite interesting. The total supply is 5 billion tokens, but its logic is completely different from most projects. What is the common approach? Usually, the team and investors take 60-70%, leaving only a small portion for the community. Walrus does the opposite—it allocates 43% to community reserves, 30% to core contributors (including 20% to the team and 10% to Mysten Labs), 10% for user airdrops, 10% for ecosystem subsidies, and only 7% to investors. Among the new projects this year, this ratio is indeed relatively conservative.

However, good numbers and actual implementation are two different things. I checked the token unlock schedule and found several details that are particularly worth paying attention to.

The 10% (500 million tokens) allocated for user airdrops are unlocked immediately when the mainnet launches and are now circulating in the market. The 43% community reserve is split into two parts: one part (690 million tokens) is unlocked at launch, and the remaining is released linearly over time, fully unlocking only by 2033.

This design is quite interesting. It quickly injects tokens into the community early on, creating momentum. But over the next eight years, the tokens are gradually released, roughly equivalent to $75,000 worth of flow per day. This approach avoids a sudden sell-off that could cause a price crash, while ensuring continuous funding for ecosystem incentives and operations in the future.

But the 7% (350 million tokens) allocated to investors is the part that really needs close attention. According to the unlock schedule, there will be a big cliff in March 2026, which is the time when the lock-up period ends and tokens are unlocked all at once. Whether there will be selling pressure at that time is a key point to watch.