When I look at the idea of tokenized storage capacity in Walrus, I don’t treat it as an abstract financial primitive. I see it as a claim on real, continuously verified work. That distinction matters. The security comes from how storage commitments are anchored on Sui. A storage capacity token is not just minted and freely redeemed. It is bound to on-chain commitments, time windows, and cryptographic proofs that link capacity to actual data availability.
Once capacity is consumed—used to store data for a given duration—it cannot be reused without renewing that commitment. Double-spend risk is reduced because redemption is stateful. The chain tracks whether capacity has already been allocated, challenged, or expired. Fraud would require forging availability proofs or replaying old commitments, both of which fail once the on-chain state advances.
From my perspective, the strength here is not novelty, but tight coupling between accounting and verification.