Recently, I went through the entire logic of Dusk Foundation and Dusk Network again, and I feel a bit complicated.

On one hand, it’s not a project that rides the hot topics every day or relies on slogans — there’s indeed not much hype. But on the other hand, it hits precisely on the core nerve of 2025-2026: RWA, regulated assets on-chain, institutional compliance entering the market, and how privacy and regulation can coexist.

Honestly, many chains on the market are shouting "financial on-chain," but Dusk is asking a more practical question: when truly moving regulated assets onto the chain, how to do privacy protection, audit accountability, compliance requirements, and traceability all at once? This isn’t just a concept; it’s operational difficulty.

Rather than sounding like a "research report," it’s better to approach it logically: treat it as a public chain that wants to enter the formal system, look at the chips, the path, the risks, and then decide whether it’s worth paying attention to.

The data in front of us is clear: by early 2026, DUSK’s price is around $0.05, with a 24-hour trading volume of several million dollars, circulating supply of about 480 million tokens, a hard cap of 1 billion tokens, and a total market value of over $20 million. What does this set of numbers indicate? It’s still a small-cap asset with relatively limited liquidity. This means that even if the logic is solid, market sentiment and price fluctuations can easily amplify the price; conversely, if it truly takes root in the "compliant financial on-chain" track—