Spent time this week digging into Dusk ($DUSK , #Dusk, @Dusk Foundation) and what caught me wasn't the zero-knowledge tech, it was the order of operations. The pitch is about unlocking economic inclusion, bringing institution-level assets to anyone's wallet. But looking at who's actually plugged in right now, it's NPEX, 21X, licensed custodians, regulated venues with MTF and broker licenses under one umbrella. The individual wallet part is still framed as where this is heading, not where it is. Even the technical design mirrors this: DuskEVM ships privacy as an optional module, Hedger, layered onto otherwise standard, visible Solidity contracts, so confidentiality is something you turn on if you're building for a compliant institutional flow, not the resting state for a regular user interacting with the chain. It makes sense operationally, regulated capital needs certainty before retail liquidity follows, but it does mean the retail-facing story arrives a step behind the infrastructure story. I keep wondering what "anyone's wallet" actually looks like once the institutional rails are the thing being optimized for first.
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