A method implemented by a network element (NE) in a network, comprising composing a first network storage entity by mapping a plurality of logical storage units to a plurality of physical storage units in a physical storage system according to a first storage metric associated with the plurality of physical storage units, arranging the plurality of logical storage units sequentially to form a logical circular buffer, and designating a current logical storage unit for writing data and an upcoming logical storage unit for writing data after the current storage unit is fully written, and rebalancing the physical storage system while the physical storage system is actively performing network storage operations by relocating at least one of the logical storage units to a different physical storage unit according to a second storage metric associated with the plurality of physical storage units.