I keep getting stuck on the €300M+ number.
Not because it is large. Because I realized I was still looking at $DUSK through the usual TVL lens, and I am not sure TVL is measuring the part of this system that institutions would actually care about.
Dusk says it has €300M+ in confirmed issuance. That is different from capital temporarily sitting inside a protocol. Issuance means an asset has entered the infrastructure and now needs ownership records, compliance, settlement and eventually secondary activity. The important part comes after issuance. Does that asset keep moving?
This is where the number becomes uncomfortable. €300M issued once can look stronger than €50M of TVL while producing very little recurring demand for $DUSK . What I actually want to trace is how often those issued assets settle, change hands, generate fees and bring participants back.
“Maybe the balance sheet is less important than the repetition.”
If issuance keeps creating settlement activity, TVL could badly understate Dusk's economic footprint. If those assets mostly sit there, €300M becomes another impressive number with weak circulation underneath.
So I keep watching the same gap.
Not assets announced.
Assets that keep needing the network.
#dusk $DUSK @Dusk
Not because it is large. Because I realized I was still looking at $DUSK through the usual TVL lens, and I am not sure TVL is measuring the part of this system that institutions would actually care about.
Dusk says it has €300M+ in confirmed issuance. That is different from capital temporarily sitting inside a protocol. Issuance means an asset has entered the infrastructure and now needs ownership records, compliance, settlement and eventually secondary activity. The important part comes after issuance. Does that asset keep moving?
This is where the number becomes uncomfortable. €300M issued once can look stronger than €50M of TVL while producing very little recurring demand for $DUSK . What I actually want to trace is how often those issued assets settle, change hands, generate fees and bring participants back.
“Maybe the balance sheet is less important than the repetition.”
If issuance keeps creating settlement activity, TVL could badly understate Dusk's economic footprint. If those assets mostly sit there, €300M becomes another impressive number with weak circulation underneath.
So I keep watching the same gap.
Not assets announced.
Assets that keep needing the network.
#dusk $DUSK @Dusk
