Honestly, the projects in the crypto space are basically revolving around a few directions—either promoting high TPS, lowering Gas fees, or building cross-chain solutions. But can these really solve the core issues of blockchain adoption? I doubt it. The fundamental bottleneck is actually: how to simultaneously achieve privacy protection and regulatory compliance.

Recently, I’ve been paying close attention to Dusk Foundation and gradually understanding why they chose a route that doesn’t seem as glamorous. This project didn’t follow the trend of hype or chasing hot topics; instead, they focused all their efforts on compliant financial infrastructure. Think about the real-world securities issuance, equity trading, and fund bond markets—people’s demand for privacy and compliance is extremely high—regulators need to review and monitor, ensuring transparency and traceability, while also protecting the business secrets and identities of participants. These two requirements seem contradictory, yet traditional public chains have never figured out how to satisfy both at the same time.

Dusk’s idea is quite straightforward: use cryptographic techniques like zero-knowledge proofs to enable assets on-chain to be verified without revealing private information. With this approach, Security Tokens, RWA, and similar assets have a solid foundational support that is truly usable. This method indeed stands out among many public chains and DeFi projects.

In the long run, this route is unlikely to cause explosive market enthusiasm like those hype-driven projects. However, once regulatory frameworks become clearer and traditional finance truly steps into the on-chain realm, this early positioning will turn into a core competitive advantage.