The evaluation of Walrus (WAL) reveals a stark contrast between the fundamental strength of the legitimate protocol and the critical risks associated with asset identification. The project, actively developed by Mysten Labs (creators of Sui), boasts exceptional team pedigree, professional-grade code velocity, and a compelling use case as a decentralized storage layer ('Red Stuff' technology) with strong community backing. However, a severe security discrepancy exists: while the evaluation praises the native Sui-based protocol, the Ethereum (ERC-20) token variant described in the context is flagged as a likely impersonation scam with no audits and a security score of 1/10. Consequently, while the weighted score reflects the high quality of the underlying Mysten Labs technology and robust tokenomics, the investment thesis carries 'High' risk due to the potential for capital loss if the incorrect asset is purchased. Investors must strictly verify they are interacting with the genuine Sui-native WAL token.