I initially misunderstood Moonlight and Phoenix as two privacy settings for the same Dusk transaction.
The separation is more useful than that.
Moonlight supports public account activity when transparency is acceptable. Phoenix provides shielded transfers when balances and transaction details should remain confidential.
This means an application does not need to force every action into one visibility model.
A regulated venue could keep general market activity public while protecting private settlement flows or sensitive investor positions and disclose specific evidence only when required.
@Dusk_Foundation is not making privacy mandatory everywhere.
It is making transaction visibility a design choice.
#dusk $DUSK
If you were building a regulated venue on Dusk, where would you use Phoenix privacy first?