Walrus's dual token system (WAL + FROST) appears sophisticated on the surface, but upon closer examination of the mechanics, significant problems emerge.

Starting with WAL, the primary token: with a total supply of 5 billion tokens, the project airdropped 10% directly—seemingly generous at first glance. However, the underlying data is concerning—43% of the community reserve pool unlocks 22.4 million tokens monthly. This means throughout the entire 8-year cycle, the market faces continuous selling pressure. At current prices around $1, this single factor alone generates approximately $22.4 million in monthly sell pressure. How can the market absorb this?

Looking at the secondary token FROST, the project's claim is "1 WAL can swap for 10 billion FROST, used for node liquidation." This sounds reasonable, but the problem is there's currently no secondary market for FROST. I spoke with several node operators—the FROST they earned simply sits frozen in their wallets because there's nowhere to exchange it. Essentially, this token has no liquidity and cannot be realized into cash.

The most frustrating design flaw is here: to earn FROST, you must first stake WAL. You're trading real assets for a token with zero liquidity. I know a node operator who committed 100,000 WAL and earns 500 billion FROST monthly—but this number is so large it's meaningless, worthless enough that you couldn't even buy a coffee.

Community members are now saying "FROST should just be abolished," but the project has never directly responded. From this perspective, FROST appears designed specifically to lock up WAL liquidity. For retail investors, there are truly few opportunities to profit from this mechanism.