BlOck GoJo X

Январь 2026 Исследовательский отчет
1. Исполнительное резюме
Walrus — это протокол, специфичный для хранения, который арендует емкость у набора валидаторов Sui вместо создания отдельного слоя консенсуса. Токен WAL не является «монетой хранения» в смысле Filecoin; это токен, который комбинирует пропускную способность и управление, который измеряет чтения, записи и вес ставки внутри сети с кодированием с исправлением ошибок, устойчивой к византийским ошибкам. Проект завершил закрытое тестирование в Q4-2025, запустился в основной сети в начале января 2026 года и в настоящее время обрабатывает 40–50 TiB/день. Полностью разводненная оценка (FDV) составляет ≈ 2,4 млрд долларов при цене 0,48/WAL, что подразумевает 25-кратный годовой доход от хранения — это много, но не является аномалией среди сетей DePIN на ранней стадии. Ключевые открытые вопросы: (i) может ли базовый уровень Sui выдержать нагрузку по доступности данных без скачков цен, (ii) выживают ли параметры кодирования с исправлением ошибок при ротации валидаторов противника и (iii) принимают ли корпоративные покупатели модель ценообразования, которая дешева, но не имеет фиксированного срока.

Plasma — это новая цепочка первого уровня, которая сохраняет все инструменты Ethereum, но заменяет механизм консенсуса, чтобы платеж достигал окончательности менее чем за секунду. Команда также подключила рынок комиссий для приема стейблкоинов напрямую и добавила тихую интеграцию с Bitcoin для дополнительной страховой защиты. Ниже представлен полевой отчет, который объединяет аудиты кода, интервью с валидаторами, панели мониторинга в цепочке, пилоты процессоров платежей и разговоры центральных банков, чтобы выяснить, выдерживает ли дизайн испытание.
1. Почему еще одна цепочка
В прошлом году стейблкоины переместили более семи триллионов долларов, однако пути, по которым они движутся, все еще воспринимают их как граждан второго сорта. Время блоков, волатильность газа и несоответствие базовой валюты создают трение, которое не скрыть ни одной полировкой интерфейса. Plasma началась с противоположного конца: создать бухгалтерскую книгу, которая предполагает, что каждая транзакция — это перевод доллара, а затем позволить сложным контрактам существовать как гостям, а не наоборот.

В начале этого года команда перешла на DuskEVM, второй уровень исполнения, который по-прежнему работает на той же цепочке, которую голландские эмитенты тестировали с конца 2024 года. Ничего в этом переключении не является косметическим: байт-код, который инженеры банков уже проверили на Forknet, теперь работает в точности так же, в то время как под капотом родной мост хранит активы в той же учетной области, которую уже признает Управление финансовых рынков. Короче говоря, сеть, наконец, ведет себя как публичный реестр, когда разработчики этого хотят, но все еще ведет себя как реестр уровня безопасности, когда контролеры стучат.

1. Почему Dusk переоценивается в начале 2026 года
Текущая траектория Dusk не определяется единой нарративой. Это convergence трех конкретных векторов: путь приложения к регулируемым ценным бумагам, слой выполнения EVM, разработанный для уменьшения интеграционных трений, и система конфиденциальности, явно ориентированная на аудит, а не на непрозрачность. В совокупности эти векторы помещают Dusk в более узкую категорию с более высокими ограничениями, чем платформы смарт-контрактов общего назначения.
Ключевой аналитический вопрос прост: может ли Dusk превратить архитектурные намерения в повторяемые эмиссии, соответствующую вторичную торговлю и устойчивую активность разработчиков, не нарушая регуляторные требования или совместимость.

Dusk Network has been grinding since 2018 to build something pretty niche: a Layer 1 blockchain that’s actually usable for regulated finance—think tokenized securities, compliant DeFi, and real-world assets (RWAs) where privacy matters but regulators still need to peek under the hood when required.
Right now, in late January 2026, things are starting to feel real. The mainnet (including DuskEVM) kicked off around January 7, the DuskTrade waitlist went live mid-month with some nice incentives, and Hedger (their privacy layer) is in public alpha for people to poke around.
The Tech Stack – Clean and Purpose-Built
They went with a modular approach that makes sense for institutions:
• DuskDS is the foundation: handles consensus, staking, data availability, native bridging, and quick final settlement. It uses stuff like EIP-4844 for cheaper data blobs and pre-verifies transitions so there’s no long dispute window like optimistic rollups.
• DuskEVM gives full Ethereum compatibility—Solidity, Hardhat, MetaMask, the usual suspects—so devs can port or build contracts without reinventing the wheel. Settlement happens directly on DuskDS (no wrapped tokens, no custodians), and gas is paid in native DUSK.
• Hedger (alpha live) mixes homomorphic encryption and zero-knowledge proofs to let you hide balances, amounts, and transfers while keeping everything auditable. Proving is fast (under 2 seconds in-browser), and it supports things like private order books to cut front-running in serious trading setups.
• DuskVM is still coming for deeper privacy-native apps.
This setup lowers the bar for EVM devs and institutions while keeping the compliance + privacy combo that general chains usually fumble.
What’s Live in Early 2026
• DuskEVM mainnet since early January → instant Solidity deployment + settlement on a privacy-aware L1.
• DuskTrade waitlist open (announced around Jan 22): built hand-in-hand with NPEX (a licensed Dutch exchange with MTF, Broker, ECSP creds). Goal is to bring €300M+ in tokenized funds/securities on-chain for issuance, trading, near-instant settlement, and automated corporate actions. Sign-ups include raffle-style prizes up to $500 in RWAs.
• Hedger alpha testing → devs and early users can experiment with confidential yet compliant transactions.
• Extra glue like Chainlink CCIP and data feeds to move regulated assets cross-chain (Ethereum, Solana, etc.).
Recent official posts show steady activity: Binance AMA on Jan 22 with CTO Hein Dauven talking RWAs/privacy (recording available), waitlist promo videos getting decent traction (hundreds of likes, thousands of views), and replies tying into broader RWA chatter.
Adoption Picture
Mostly institutional so far. The NPEX tie-up gives a real regulated entry point for European structured finance. Waitlist buzz and Hedger tests suggest builders are paying attention, especially in compliance-heavy spaces. Retail side is quieter, but privacy tokens got hot mid-January—DUSK saw big spikes (120%+ days, volumes jumping to $100M+), then corrections (25% drops in single days). It’s volatile, classic post-launch behavior.
Devs & Token Economics
EVM compatibility is the killer feature here—migrate existing code, tap privacy/licensed assets without months of custom work. GitHub keeps moving with Rusk/Piecrust tweaks.
DUSK does the heavy lifting: staking/governance on base layer, gas/fees on EVM, privacy ops. As RWAs and DeFi pick up, demand should follow activity.
Price-wise (as of late Jan 26, 2026), it’s been a rollercoaster—recent quotes hover ~$0.18–$0.20 after earlier peaks near $0.28 and dips. Market cap roughly $90–$100M range, volumes swing wildly day-to-day. TVL is still early/low since production apps are just ramping.
Real Challenges
Being regulation-first is great for big players but caps wild permissionless experiments. RWA space is crowded (Ethereum L2s, Solana projects, etc.), so Dusk has to prove its privacy + auditability edge wins issuers. On-chain metrics aren’t screaming yet—inflows need to materialize for the flywheel to spin.
Where It’s Headed
Early 2026 is the proof-of-life phase. DuskEVM makes building easy, DuskTrade starts routing real tokenized value, Hedger opens compliant privacy doors. If NPEX actually migrates meaningful AUM and attracts more licensed partners, Dusk could lock in a defensible spot in Europe’s regulated on-chain markets.
It won’t be explosive retail hype—more like slow, institutional build-out. But in a world where traditional finance keeps digitizing (and privacy regs tighten), that deliberate focus on “auditable when needed” could age really well. Execution over the next few quarters will tell the story.
@Dusk
#Dusk
$DUSK

The blockchain space has spent years chasing faster blocks, cheaper gas, and shinier narratives. Now the conversation is shifting toward something harder to fake: infrastructure that actually works for autonomous AI agents, verifiable reasoning, and real economic flows instead of just demos. Vanar Chain is one of the few projects approaching this from the ground up rather than bolting features onto an existing stack. As of late January 2026, with the price sitting around $0.008 and steady (if modest) volume, it’s worth looking past the chart noise to see what the architecture and live products are actually doing.
Where Vanar Stands Right Now
Vanar runs as a modular, EVM-compatible Layer 1 focused on PayFi (programmable payments), real-world asset tokenization, and AI-driven applications. The chain recently rolled out its V23 protocol upgrade, which reportedly pushed active nodes up significantly and improved overall stability. On the product side, the AI stack—Neutron, Kayon, Flows—moved from roadmap slides to live usage starting in early 2026. myNeutron, in particular, lets people upload documents, compress them into on-chain “Seeds,” and use that persistent context across different AI platforms (ChatGPT, Claude, Gemini, etc.) without losing continuity every time they switch tools.
This isn’t vaporware; subscriptions inside myNeutron convert directly to $VANRY , feeding treasury pools, staking rewards, and development. It’s a small but concrete flywheel: real usage → token demand → network security.
Why Building for AI from Day One Beats Retrofitting Later
Most chains treat AI as an afterthought—throw an oracle here, an off-chain compute layer there, maybe an indexing service. That works for simple queries but falls apart when you need persistent memory, auditable reasoning, and automated actions that agents can trust without constant human babysitting.
Vanar embeds those primitives at the protocol level:
• Neutron turns messy files (invoices, contracts, logs) into compact, verifiable “Seeds” stored directly on-chain. Think semantic compression that makes data AI-native instead of forcing models to re-parse everything from scratch.
• Kayon layers reasoning on top, letting agents ask natural-language questions over those Seeds and get explainable, compliant answers.
• Flows keeps workflow context alive across steps so an agent doesn’t forget what it was doing three transactions ago.
Because these live at the infrastructure layer rather than in a dApp or middleware, latency drops, trust assumptions shrink, and composability improves. Chains that retrofit similar capabilities usually end up with higher friction and more points of failure.
“AI-Ready” Is More Than High TPS
Throughput numbers still get headlines, but for agentic systems they’re table stakes. What matters more is native support for:
• Long-term, queryable memory that survives chain reboots and tool switches.
• On-chain inference with explainability (critical for compliance in payments/RWAs).
• Safe automation that can trigger real value movement.
Vanar delivers proof points here with live tools. myNeutron already acts as a universal knowledge base; Kayon handles contextual reasoning; Flows ties it into automated industry workflows. $VANRY sits underneath as the gas and utility token, so every query, compression, or automation increases organic demand.
Cross-Chain Reach via Base Changes the Game
No matter how good a single-chain AI stack is, it stays niche if agents can’t move value or data across ecosystems. Vanar recognized this early and pushed cross-chain availability, starting prominently with Base (Coinbase’s Ethereum L2). AI agents built on Vanar tools can now operate in higher-liquidity environments, interact with Ethereum-aligned users, and settle payments compliantly without being trapped on one network.
This isn’t a full migration—it’s composability. Developers keep working in familiar environments while tapping Vanar’s intelligence layer. The result: broader distribution, more potential users, and expanded $VANRY utility beyond the native chain. In a world where AI agents will increasingly span multiple blockchains, this kind of reach matters more than isolated performance.
New L1s Face an Uphill Battle in the AI Era
The base-layer wars are mostly over. Ethereum, Solana, various L2s, and modular players already provide plenty of secure, scalable infrastructure. Launching another vanilla L1 in 2026 is like opening a new coffee shop next to five Starbucks—possible, but you need a very clear differentiator.
What’s scarce isn’t another fast chain; it’s proven, production-grade AI readiness. Vanar has that in the form of deployed products showing memory, reasoning, and contextual automation working today. New entrants without equivalent live demos risk looking like another speculative bet in a market that’s increasingly rewarding utility over promises.
Payments Aren’t Optional—They’re the Finish Line
AI agents won’t use Metamask pop-ups or seed phrases. They need embedded, compliant rails that handle global settlement with built-in validation and auditability. Vanar’s PayFi focus integrates exactly that: structured data from Neutron, reasoning from Kayon, and automated flows that trigger real transfers (e.g., conditional RWA releases or invoice settlements).
This closes the loop. Intelligence without economic execution is interesting but incomplete. $VANRY captures value from those real flows—gas for queries, fees for automations, staking for security—rather than relying on narrative pumps.
Positioned for Readiness, Not Hype—And That Leaves Room to Grow
Most AI-crypto projects lean on short-term stories: “we added Grok API” or “agent launch incoming.” Vanar takes the quieter path: build the primitives agents and enterprises actually need, prove them in production, then let usage compound.
The current market cap and price reflect broader sentiment more than fundamentals right now. If AI adoption in Web3 accelerates—more agents handling payments, more RWAs needing compliance checks, more dApps requiring persistent context—protocols with native intelligence will pull ahead structurally.
The Real Risks
• Competition from bigger players integrating AI faster than expected.
• Developer inertia—teams are comfortable with existing stacks and may adopt slowly.
• Regulatory headwinds around PayFi and tokenized assets.
• Macro crypto conditions keeping liquidity tight.
Bottom Line
Vanar isn’t trying to be the next meme chain or the flashiest L1. It’s methodically building the intelligent infrastructure layer that agentic Web3 will eventually require. With live products already generating $VANRY demand, cross-chain expansion underway, and a focus on payments that complete the stack, it offers one of the cleaner exposures to the shift from narrative-driven to utility-driven blockchain infrastructure.
In a space full of noise, the projects that quietly enable real intelligence—and prove it with working code—tend to age the best. Vanar looks like it’s on that path. Whether it captures meaningful share depends on execution and timing, but the architectural bet feels sound.
@Vanarchain
#Vanar
$VANRY

Decentralized finance has spent years perfecting the movement of value, yet it still leans on fragile infrastructure for the movement of data. That gap is no longer a minor technical inconvenience. It is becoming the defining constraint for the next generation of applications, especially those that rely on high volume media, large datasets, intensive analytics, and autonomous execution logic. Walrus Protocol is positioned directly inside that constraint, not as a generic file locker, but as a programmable storage layer engineered for availability, cost discipline, and composability.
Many crypto systems still treat storage as an afterthought. The execution layer settles transactions, while everything else quietly lives somewhere else. When that “somewhere else” is centralized, the application inherits centralized failure modes. Access can be throttled. Content can disappear. Policies can change overnight. And the user experience degrades at the exact moment adoption begins to scale. Walrus is built to remove that bottleneck by making decentralized storage feel like infrastructure, not an experiment.
This matters in 2026 because the market is shifting from narratives toward utility. Users are less impressed by abstract promises and more focused on reliability, cost, speed, and survivability under pressure. Storage becomes strategic in that environment because applications that cannot persist data securely and retrieve it quickly will struggle to compete.
@Walrus 🦭/acc $WAL #walrus
Walrus Protocol focuses on large, unstructured data objects often called blobs. These blobs are the natural format for modern application content: images, video segments, game assets, social content, model checkpoints, and archival datasets. Traditional onchain storage is not built for that. It is expensive, limited, and often inefficient. So the ecosystem needs a specialized layer that handles blob persistence while still connecting cleanly to onchain logic.
The core design choice that gives Walrus its edge is advanced erasure coding. Instead of replicating full copies of data across nodes, the protocol transforms a blob into smaller encoded fragments and distributes them across a storage network. The practical benefit is resilience with controlled overhead. Even if a meaningful portion of fragments becomes unavailable, the original blob can still be reconstructed, because recovery depends on a threshold, not perfect replication. This approach is explicitly intended to handle the normal chaos of decentralized environments: nodes disconnect, hardware fails, networks lag, and yet data must remain recoverable.
Walrus documentation describes the cost dynamics in a direct way: encoded storage overhead is kept around a multiple of the original blob size rather than full replication across many nodes. That is a critical detail for sustainability because storage economics decide whether the network becomes a real backbone or remains a niche option used only during incentive phases. Cost stability is not marketing, it is survival. If storage costs scale predictably, builders can price products confidently and enterprises can model long term commitments without fear of hidden blowups. If costs swing unpredictably, adoption stalls regardless of how impressive the technology looks on paper.
Another defining feature is programmability around data availability. A strong storage layer is not only about putting data somewhere. It is about proving that data remains available when it matters. Walrus introduces an onchain style control plane interaction model where storage lifecycle events can be coordinated, availability can be verified, and retrieval can be trusted without relying on a single party. The protocol has described a lifecycle where blobs are registered, space is acquired, data is encoded and distributed, stored by nodes, and availability is attested through a proof mechanism. The point is not the buzzwords. The point is that data becomes a first class resource that applications can reason about, rather than a silent dependency that can break unpredictably.
The encoding engine itself is not generic. Walrus uses a specialized erasure coding approach known as Red Stuff, designed for fast recovery with minimal replication overhead. Speed matters here because storage is not just archival. Many applications need active retrieval, repeated reads, and low friction access. If recovery is slow, the system becomes a cold storage warehouse rather than a live infrastructure primitive. Red Stuff is presented as a key mechanism that keeps reconstruction practical while preserving resilience.
So where does the opportunity live, beyond theory?
In 2026, the biggest demand wave is coming from applications where data volume grows faster than transaction volume. AI driven agents and automated systems are producing and consuming large amounts of state, context, and artifacts. Media heavy platforms are scaling content libraries. Gaming and interactive experiences require rapid asset streaming with strong persistence. Onchain analytics and proof systems generate bulky datasets that need long term retention. In all of these categories, the execution layer alone is not enough. The winner is the stack that makes data cheap enough to store, safe enough to trust, and available enough to build on.
This is where Walrus becomes more than “decentralized storage.” It becomes an enabling layer for data markets.
Data markets are an emerging concept where datasets are not merely hosted, but managed, referenced, verified, and exchanged with cryptographic guarantees. The storage layer is foundational because the integrity of the market depends on persistent access. If data cannot be reliably fetched, it cannot be priced, licensed, used, or audited. In that world, storage stops being a backend cost center and becomes part of the value creation pathway.
The token model becomes meaningful only when tied to real usage. A storage network token should not rely on constant hype to remain relevant. It should be consumed by the system’s economic engine: fees for storage, incentives for node operators, and staking behavior that protects network health. The healthiest indicator is a feedback loop where more applications store more data, which increases fee flow, which strengthens participation, which improves reliability, which attracts more builders. That is the flywheel that turns infrastructure into a durable asset.
From a market analysis perspective, Walrus also benefits from a narrative shift that is easy to underestimate: data availability has become a mainstream concern. Earlier cycles cared about speed and low fees. The next phase cares about completeness: can a system guarantee that what an application depends on will still be there tomorrow, next month, next year, without a central switch that can turn it off.
To evaluate Walrus without getting trapped in surface level excitement, focus on measurable adoption signals instead of pure sentiment:
First, growth of stored blob volume over time.
Second, the number of production integrations.
Third, retrieval performance under load, not just in quiet periods.
Fourth, node distribution quality and whether storage power becomes concentrated.
Fifth, how pricing evolves as usage expands.
These indicators reveal whether the protocol is becoming infrastructure, or simply remaining a well designed experiment.
One of the most underrated angles is how decentralized storage improves DeFi product design. Advanced financial applications increasingly rely on heavy datasets: backtesting libraries, strategy execution traces, proof artifacts, risk snapshots, and content used for decision systems. If these components live centrally, the DeFi product inherits centralized fragility. If they live in a decentralized storage layer with programmable availability verification, the product becomes harder to censor and easier to maintain globally.
Walrus also fits a broader trend: modular stacks. Builders want best in class components that are composable instead of monolithic systems that force tradeoffs. A specialized blob storage layer that connects cleanly to onchain execution is aligned with that direction. When modularity wins, the primitives that become standard choices gain network effects that are difficult to dislodge.
Walrus already crossed a key milestone with its public mainnet in late March 2025, shifting the protocol from concept validation into real usage conditions. That transition matters because mainnet economics are stricter than test environments. Incentives cannot compensate forever. Reliability becomes visible. And builders decide whether the tool is truly production ready.
The strategic question for 2026 is simple: can Walrus convert technical credibility into persistent demand? If it does, storage becomes its own value corridor in crypto, especially as data heavy applications multiply. If it cannot, the market will still need the solution, but attention will flow toward whoever operationalizes it best.
A clean way to think about the thesis is this: money networks settle value, but data networks settle context. The next era of Web3 will be defined by context rich applications that require both. Walrus is aiming to be the context layer that remains reliable at scale.
Final thought: the strongest crypto infrastructure tends to look quiet right before it becomes unavoidable. Storage is not glamorous, but it decides who can scale. Walrus Protocol is not competing for headlines. It is competing for dependency, the kind of dependency that makes builders say, “this is the layer we build on.” If that happens, the long term impact will be larger than most traders expect.
@Walrus 🦭/acc $WAL #Walrus

Если вы сведете крипторынки к основам, большинство исходов определяется одной переменной: надежно ли основное состояние. Открытие цены, логика ликвидации, обновления ораклов, рисковые движки, учет портфеля, наборы для обучения ИИ и исследование стратегий зависят от данных, которые остаются последовательными во времени. Когда эта последовательность нарушается, сбой редко выглядит драматично. Он проявляется как тихое смещение, отсутствующие фрагменты, несовпадающие снимки или бэктесты, которые не могут быть воспроизведены через шесть недель.