I went back to the same paragraph in Dusk's docs twice before it actually landed.
It said @Dusk Trade is not the base protocol. Just a product layer, sitting on top of the actual stack, and the architecture underneath it changes depending on the market it's built for.

I'd been reading about Dusk as if it was one thing. Privacy, settlement, the trading experience, all folded into a single idea in my head. Turns out the protocol and the product are treated as separate layers on purpose.

That distinction matters more than it sounds. A Layer-1 built for regulated finance can't assume every market needs the same rules wrapped around it. What a fund needs from onboarding and disclosure isn't what a bond issuer needs. Keeping the product layer separate from the protocol seems to be how Dusk avoids forcing one shape onto every regulated market it touches.

I don't fully know yet how much of that product layer is shared across markets versus rebuilt each time. The docs describe it as depending on regulatory requirements, but not the boundary of what stays constant.

Still turning that part over.

#dusk $DUSK