Honestly, I've been a bit annoyed by the "either-or" rhetoric lately. There are always people shouting about overthrowing traditional finance, but the real business opportunities are not about who destroys whom, but about how to connect the two worlds well.

Recently, I had tea with a few friends from traditional finance, and they are very envious of blockchain's efficiency. What do they truly desire? They are not after virtual currencies, but the infrastructure that automates processes and operates 24/7 without closing. But here’s the problem—they fear "out-of-control transparency" and a regulatory vacuum. That’s why big institutions always hover on the outside.

This is where Dusk’s brilliance becomes evident. It doesn’t forcefully oppose but thinks ahead: why reveal all transactions to the world? Dusk has designed a clever solution—transaction privacy is maintained on-chain, but regulators hold the keys. In simple terms, it’s an "auditable darkroom" that satisfies institutional privacy needs while providing regulators with necessary visibility. Finally, institutions dare to come in.

Even more impressive is that it directly solves the old problem: institutions need mature compliance tools to go on-chain, but perfecting those tools requires a sufficient market size. Dusk’s approach is to develop this set of tools in advance and then say "ready to use." This move effectively breaks the deadlock.

Looking at RWA (Real-World Assets), you can see how powerful it is. Real estate funds can now issue fractional shares directly on-chain, with the system automatically enforcing compliance restrictions—which is impossible in the traditional world. It’s not just about "moving" assets onto the chain, but creating financial instruments that didn’t exist before. This kind of innovation creates a real moat.

As for the DUSK token, its role in this ecosystem is very clear. Institutions need to spend it for services, and validators need it to maintain the network. This isn’t hype; it’s a genuine use case.