Beyond Cycles: Why Walrus Protocol's Test Lies in a Bull Market? Opening Hook: We often think of bear markets as the litmus test for stablecoin protocols, but the real challenge may lie hidden in a frenzied bull market. Let's analyze Walrus's long-term positioning from a cyclical perspective. During market frenzies, capital chases high returns, and stable assets are easily seen as "opportunity costs" and sold off. This puts unique pressure on protocols like Walrus: how to maintain attractiveness in a high-yield environment? Their strategy may not be to focus on returns, but rather to enhance their efficiency and security as an "intermediate state" for asset conversion, becoming a convenient and reliable asset transfer station for investors chasing hot trends. This is a crucial point for realizing their ecosystem value. From a compliance perspective, bull markets are often accompanied by stricter regulatory tightening. Walrus's early compliance preparations may now transform from a "cost item" into an "entry qualification," creating opportunities for it to attract institutional inflows. Technological barriers face a different test in a bull market: can it handle the surge in high-frequency minting and redemption requests due to increased market activity without slippage or delays? Therefore, when observing Walrus in a bull market, the key indicators should differ: the depth of the protocol stablecoin as a trading pair on mainstream DEXs, progress in integration with emerging high-yield protocols, and the relative stability of its market performance after regulatory developments. It may not be the most eye-catching performer in a bull market, but the certainty it builds could be a ticket across multiple cycles. @WalrusProtocol #Walrus $WAL