Dusk Trade is meant to be a neobroker: MMFs, ETFs, bonds and RWAs held as real ownership, structured to operate as a regulated MTF. Before judging an application layer like that, I want to know what stands underneath it. So I measured the collateral.
Mainnet explorer: 215.26M DUSK bonded across 185 active provisioners. Market cap 47.43M against a price of 0.079 puts circulating supply near 600.4M. Which means roughly 35.9% of every circulating DUSK is locked as stake right now.
Divide it out. That is 1.164M DUSK per provisioner on average, about $92,000 of the operator's own capital sitting behind each node. Not a signature that can be revoked. A bond that is forfeited.
Then the part worth sitting with. All of that collateral earns 19.8574 DUSK per block, one block every ten seconds, whether the block settles a bond trade or nothing at all. Over the last day I counted a few hundred transactions across the whole network. Measured as cost per transaction, this is an absurd way to run a chain.
Measured as a precondition, it is the only way. A neobroker cannot tell a client that settlement becomes final once enough other people start trading. The venue has to open with the guarantee already funded. Dusk is buying a security budget ahead of the volume it is built to carry, and the 35.9% says the operators running those nodes have accepted that bill in advance.
That is also the honest limit of the figure. Stake tells you what it would cost to attack the ledger. It tells you nothing about whether assets arrive on it. NPEX plans 300M+ EUR onchain through Dusk; until that lands, this is capacity waiting on demand.
If you were signing off on custody of a tokenised bond, which would you want to see first - the licence of the venue, or the collateral behind the ledger it settles on?
#dusk @Dusk $DUSK
Mainnet explorer: 215.26M DUSK bonded across 185 active provisioners. Market cap 47.43M against a price of 0.079 puts circulating supply near 600.4M. Which means roughly 35.9% of every circulating DUSK is locked as stake right now.
Divide it out. That is 1.164M DUSK per provisioner on average, about $92,000 of the operator's own capital sitting behind each node. Not a signature that can be revoked. A bond that is forfeited.
Then the part worth sitting with. All of that collateral earns 19.8574 DUSK per block, one block every ten seconds, whether the block settles a bond trade or nothing at all. Over the last day I counted a few hundred transactions across the whole network. Measured as cost per transaction, this is an absurd way to run a chain.
Measured as a precondition, it is the only way. A neobroker cannot tell a client that settlement becomes final once enough other people start trading. The venue has to open with the guarantee already funded. Dusk is buying a security budget ahead of the volume it is built to carry, and the 35.9% says the operators running those nodes have accepted that bill in advance.
That is also the honest limit of the figure. Stake tells you what it would cost to attack the ledger. It tells you nothing about whether assets arrive on it. NPEX plans 300M+ EUR onchain through Dusk; until that lands, this is capacity waiting on demand.
If you were signing off on custody of a tokenised bond, which would you want to see first - the licence of the venue, or the collateral behind the ledger it settles on?
#dusk @Dusk $DUSK
