悲伤的小强

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Website update: Added the trading volume required to reach the individual reward cap for ranks 1,001 and below in the spot competition. The thresholds change as the data updates. Copy the results with one click.

The copied results will look something like this:
📊 PUMP Spot Competition Final Results
Rank 1 | Approx. reward: 8,163.00 USDT | Trading volume threshold: 74,322,110.34 USD
Rank 2 | Approx. reward: 6,802.50 USDT | Trading volume threshold: 62,219,040.47 USD
Rank 3 | Approx. reward: 5,442.00 USDT | Trading volume threshold: 49,576,106.43 USD
Rank 4 | Approx. reward: 4,081.50 USDT | Trading volume threshold: 36,599,453.16 USD
Rank 5 | Approx. reward: 2,721.00 USDT | Trading volume threshold: 25,051,579.71 USD
Ranks 6–20 | Approx. reward: 1,814.00 USDT | Trading volume threshold: 4,279,518.77 USD
Ranks 21–50 | Approx. reward: 907.00 USDT | Trading volume threshold: 1,169,018.49 USD
Ranks 51–200 | Approx. reward: 290.24 USDT | Trading volume threshold: 640,177.08 USD
Ranks 201–1,000 | Approx. reward: 47.62 USDT | Trading volume threshold: 92,266.94 USD
Rank 1,001 and below | Trading volume required to reach the individual reward cap: 83,008.15 USD | Reward cap: 6,800.00 PUMP (approx. 37.01 USDT)
Data last updated: 00:59 (Beijing time)

Dusk’s website confirms a €300M+ issuance size—can we directly understand that as already €300 million in on-chain trades?
No. The easiest mistake when researching projects is to mix up the same metric for three different concepts: “collaboration-covered issuance size,” “confirmed issuance size,” and “actual on-chain成交 volume.”
@Dusk ’s website currently discloses several noteworthy figures:
* The confirmed issuance size related to institutional partners exceeds €300M;
* Investors reached through the crypto market and partners exceed 50K;
* More than 210M tokens $DUSK participate in network staking;
* Network finality is about 10 seconds.
These numbers correspond to different layers.
€300M+ reflects issuance opportunities that Dusk is connected to or has confirmed, but it cannot automatically be equated with the amount of issuance already completed on-chain, nor can it be equated with secondary-market trading volume.
50K+ is the potential investor reach, and it doesn’t mean those 50,000 people have already opened accounts, completed KYC, or bought assets. The 210M+ staking is closer to a verifiable on-chain security metric, but it still needs to be analyzed together with total supply, node distribution, and staking concentration.
Therefore, I think assessing Dusk’s commercial progress should be based on a clear conversion funnel:
confirmed issuance size
→ signed issuance size
→ completed on-chain issuance size
→ actual subscription amount
→ secondary-market trading volume
→ asset size that continues to receive dividends, coupon payments, and redemptions
If you only look at the top-level numbers, it’s easy to overestimate short-term revenue; if you completely ignore these institutional pipelines, you might also underestimate the project’s readiness to enter the real financial market.
What I’m most interested in next isn’t the website numbers continuing to grow, but after Dusk Trade goes live, how many issuance projects can move from “confirmed” to actual subscriptions and ongoing trading.
Project narratives determine market imagination, but conversion rates ultimately determine whether the narrative can become cash flow. #dusk

Node returns “202 Accepted”—how many steps are left before real settlement is successful?
In traditional payment systems, “the bank has accepted” and “funds have arrived” are two different statuses. After studying the transaction lifecycle of @Dusk , I found that on-chain transactions also can’t be judged by only a single “success” message.
A typical Dusk L1 transaction goes through:
submission, node pre-validation, entry into the local mempool, propagation to other nodes, selection by the block producer, execution, and finally confirmation.
The easiest part to misunderstand is that the transaction submission API returning 202 Accepted only means the node has received the data and is preparing to propagate it—it does not mean it has entered a block.
Even if the transaction is in the node’s mempool, it only indicates it passed that node’s initial checks. After it enters a block, you still need to check whether the err field in the execution result is empty. If a contract rolls back due to parameter, state, or Gas issues, the Nonce and the already-consumed Gas may still be unrecoverable.
Finally, you must wait for the block to reach the finalized state. The official documentation explicitly warns that you cannot treat included, removed, or a regular accepted as a direct signal of payment finality.
This is crucial for Dusk’s future service securities settlement. What institutions care about is not whether the UI pops a green banner, but which irreversible state the asset delivery and accounting entries are based on.
Dusk’s website lists a network finality metric of about 10 seconds, but applications must still correctly identify final state rather than guessing the outcome by relying on a fixed 10-second wait.
I assess whether an institutional settlement system is mature by focusing on:
1. Stability of final confirmation time;
2. Execution failure rate;
3. Number of block rollbacks and re-reconciliations;
4. Whether the application distinguishes between submission, execution, and final confirmation;
5. Whether the asset side and payment side use the same finality standard.
Real on-chain settlement isn’t just that the transaction was sent—it’s that all parties involved have a consistent answer to “when it is okay to record the books.” #dusk $DUSK

Cut the shares into 1,000 lots—doesn’t mean there will suddenly be 1,000 more buyers in the market.
Many people talk about security tokenization and their first reaction is: “lower the investment threshold.” But after reading @Dusk ’s analysis of SME financing recently, I actually think: splitting shares into smaller units may be the simplest step in the entire chain.
What truly constrains the private placement market is often not that the shares are not cut small enough, but that issuance, investor qualification checks, shareholder registers, share transfers, dividends, voting, and settlement are scattered across different institutions and systems. Every transfer may involve manual verification and duplicate registration.
So tokenization doesn’t really need to solve “how to turn one share into ten thousand units.” What it needs is the ability to connect the complete asset lifecycle—from issuance to exit.
Take a Dutch BV company as an example: company formation, the shareholder register, and share transfer all involve clear legal procedures, and some steps also require notarization. On-chain registration can improve efficiency, but you can’t assume that once a Token is generated, it automatically replaces legally recognized processes, investor needs, and compliant trading venues.
This is also the key to how I understand Dusk’s collaboration with NPEX: it’s not about creating a Token first and then hunting for use cases, but trying to connect real issuers, investors, and regulated market infrastructure to the same technical workflow.
What I’ll focus on next isn’t “how many assets have announced tokenization,” but:
1. The number of issuers that actually completed financing;
2. The proportion of independent investors and their repeat purchase rate;
3. Secondary market trading volume and the bid-ask spread;
4. Whether share transfers and dividends are truly executed on-chain;
5. Whether SME financing time and overall costs are reduced.
Asset slicing can only reduce nominal value; only a complete market lifecycle can reduce friction. The key to evaluating an RWA project should also shift from “how many Tokens were issued” to “how many real transactions were completed.”
#dusk $DUSK

When I rechecked the latest network upgrade records for @Dusk , I found a more important change than a typical version update: after the Boreas upgrade, the Dusk mainnet has stopped receiving and executing new Phoenix transactions.
Boreas shipped alongside Rusk 1.7, and the mainnet reboot boundary was set on June 10, 2026 at block 4,414,095. Phoenix was disabled when the mainnet restarted; the testnet stopped after reaching height 4,000,000 on August 7. Current new transactions mainly use the Moonlight model.
But “stopping new transactions” doesn’t mean Phoenix is deleted. Nodes still retain the ability to decode old Phoenix transactions, replay their historical execution, and synchronize chain state, because an Archive Node must be able to replay old blocks. Put plainly: when a bank stops opening a certain type of old account, it doesn’t mean past transaction history can be removed from the ledger.
Boreas also introduced versioned transaction handling, deterministic VM charging rules, a Reverted Event marker, and adjusted the Slash execution order to occur before ordinary transactions. This shows the upgrade focus is not merely swapping the transfer model, but tightening the boundary of how different nodes interpret the same transaction.
The real question to follow up is: what will Dusk’s privacy route be handed to next? Moonlight is a public-account model, while DuskEVM positions Hedger as the future privacy path. Going forward, we should focus on Hedger delivery, wallet migration, handling of old Phoenix balances, and whether the documentation is updated consistently.
The most dangerous thing about studying privacy projects is not the technical changes, but the continued use of the old architecture to explain the new network. #dusk $DUSK

Many blockchains propagate transactions via Gossip: once a node receives a message, it randomly forwards it to nearby nodes. The approach is simple, but as the network grows, duplicate data, bandwidth consumption, and propagation delays also increase.
After reviewing the network documentation for @Dusk , I found that Dusk’s Kadcast is not entirely random diffusion; instead, it organizes message propagation between nodes through a structured overlay network. Its goal is not to have every node blindly notify all its neighbors, but to deliver block and consensus messages at more predictable times while controlling bandwidth.
It’s like city deliveries. Random Gossip is like every warehouse noticing a package and notifying all surrounding warehouses; Kadcast tries to pre-design transfer routes to reduce how many times the same package gets shipped redundantly. For consensus that needs fast Proposal, Validation, and Ratification, the more stable the propagation delay, the less likely nodes are to miss their responsibilities because messages arrive late.
However, structured networks also come with trade-offs. Even if a process is still running, it may fail to participate properly in propagation when there are problems with node ports, NAT, firewalls, or neighbor-connection configuration. Dusk nodes require Kadcast to use 9000/UDP, and failures in these UDP connections may not be as easy to detect as ordinary web-service issues.
Therefore, I won’t only look at the average block time. I’ll also pay attention to the number of node peers, the tail latency of message propagation, the consensus missed-signature rate, and the distribution of nodes across different regions. What the network truly fears isn’t being slightly slower on average—it’s a small number of messages that are occasionally slow enough to miss the consensus window. #dusk $DUSK

One of the most dangerous misunderstandings when refilling an exchange or using a payment system is treating a node’s returned “202 Accepted” as proof of funds arriving.
I’ve re-assembled the transaction lifecycle for @Dusk . After the transaction is submitted to the node, “202” only means the node has received the data and is preparing to forward it—it does not mean the transaction is already in the real mempool, nor that it has been packaged, executed successfully, or reached final confirmation.
A single Dusk L1 transaction must go through several stages: submission, pre-validation, entering the local mempool, network propagation, block selection, contract execution, and block finalization. Even if the transaction is already included in an accepted block, you still need to check whether the Error in the Executed event is empty; if a contract error occurs, the Nonce or Phoenix Notes may still be consumed, and Gas must be paid as well. Only when the block status becomes Finalized can you treat the transaction as an irreversible result.
This is like a shipping system showing “picked up.” It only proves the courier has received the parcel; it does not prove the parcel has been delivered to the recipient.
Therefore, if an exchange credits an account early based on the transaction hash, it may mistake a transaction that has been replaced, failed to execute, or has not yet been finalized as real deposits. What’s most worth monitoring next is how the wallet displays the transaction stage, what finality standard the exchange uses, and the proportion of executions that fail but still have Gas paid.
Receiving a transaction doesn’t mean executing it; executing a transaction doesn’t mean final settlement. What a financial system truly needs to confirm is the last step.#dusk $DUSK

Now the creator task board has non-TGE token tasks, which leads to the inability to display rewards. Added a column for estimated token quantity to be received.
Dashboard address: alpha666.cc

Many people see DUSK’s maximum supply of 1 billion coins and their first reaction is: “Supply is limited.” But after comparing its tokenomics documents for @Dusk , I think the more worth studying part isn’t the final number—it’s who will continue paying the network’s security costs once new issuance gradually decreases.
Dusk’s initial supply is 500 million coins, with an additional 500 million planned to be released over 36 years. In the first four-year cycle, about 250.48 million coins are released; roughly 19.8574 coins per block. After that, each four-year period decreases by around 50%. Plainly put, in the early stages the network is mostly supported by new token subsidies to nodes. As block issuance declines, the network will need to gradually rely on transaction fees and real on-chain activity to take over.
This is like a new shopping mall opening where the developer subsidizes the security guard budget. The subsidy can quickly establish order, but it can’t permanently replace merchants’ rent payments. Even if Dusk has a large amount of staking in the future, if trading volume and fee revenue don’t grow in step, node income will keep becoming more dependent on continuously decreasing issuance.
Of course, decreasing issuance doesn’t automatically mean node revenue must decline: coin price, staking ratio, transaction fees, and node competition will all change the actual returns. That’s why I won’t just focus on “how many coins are left unissued.” I’ll also track the fee per block, the share of issuance rewards, the number of active nodes, and the concentration of staking.
The supply cap answers the question of how many up to $DUSK there could be. Whether fees can take over the security budget is what determines whether this chain can operate and sustain itself long-term. #dusk

When developing a research infrastructure project, the easiest mistake is to treat every product listed on the official website as if it were already mature and running.
Based on the current information available for Dusk, the native L1 is already a live network; Dusk Trade is still in the construction phase; and the DuskEVM-related bridging documentation currently mainly points to testnet processes. These three states correspond to entirely different risks: mainnet focuses on stability and usage, testnet focuses on technical validation, and in-development products are judged by delivery capability.
Therefore, I won’t simply summarize the situation with the claim that “Dusk already has a complete financial market.” More precisely, it has already built some underlying capabilities, while working to complete EVM compatibility, transaction entry points, and institutional asset liquidity flows.
Future value will depend on whether these modules can be connected in the right order, not on how comprehensive the roadmap looks. If Dusk Trade keeps being unable to open, or if DuskEVM remains on test environments for a long time, then asset issuance may lack a liquidity exit. Next, key areas to track are the mainnet launch time, active addresses, real trading volume, and the continued issuance of institutional assets.
@Dusk #dusk $DUSK

Many people put TermMax alongside Morpho and Aave in a competitive comparison table, as if fixed rates would eventually replace floating rates. But in traditional finance, money markets and bond markets coexist for a long time because they serve different funding time horizons.

The TermMax–Morpho collaboration is precisely leveraging this complementarity: idle order funds first earn floating yield on Morpho; once orders are matched with borrowers, they are switched to TermMax for fixed yield; and borrowers approaching maturity can move their fixed debt over to Morpho’s floating market.

This means users don’t have to commit permanently to one side. If you expect interest rates to rise, you can lock in fixed borrowing costs; if you expect rates to fall, you retain the option to revert to the floating market.

What’s truly valuable isn’t which protocol has the higher APY, but whether capital can migrate between fixed and floating with low friction. If @TermMax can become the fixed end of this switching pathway, it has a chance to evolve from a standalone product into DeFi interest-rate infrastructure.

The failure conditions are equally clear: if the cross-protocol migration cost is too high, liquidity is insufficient, or risk parameters aren’t compatible, then the theoretical advantage of the combination will remain only on an architecture diagram. #TermMax

When discussing RWA, people often focus only on how stocks and bonds can be tokenized, while overlooking the payment issue after trades.
The cooperation plan previously announced by Dusk, NPEX, and Quantoz Payments is to introduce the digital euro EURQ, which complies with the MiCA framework, into Dusk as the payment leg for on-chain security trading. Its significance is not that there is “one more stablecoin,” but that it attempts to bring both the asset leg and the funds leg onto the chain at the same time: when securities complete settlement, euro-denominated funds are transferred in sync, bringing it closer to true atomicized DvP settlement.
If securities are on-chain but the funds still have to be handled by the banking system, the efficiency advantages of on-chain trading get fragmented. Therefore, I believe the key to whether Dusk can build an institutional-grade market is not only how many assets it issues, but also whether it can establish a stable, redeemable, and liquid settlement currency.
But a cooperation announcement does not equal scaled rollout. What is more worth tracking next is the actual issuance volume of EURQ, the redemption efficiency on-chain, the proportion of EURQ used in security trades, and whether any real settlement volume emerges.
@Dusk #dusk $DUSK

Dusk’s official website currently lists four types of data at the same time: institutions that have confirmed issuance of more than €300 million, potential investors reaching more than 50,000 people, more than 210 million DUSK tokens participating in staking, and an approximately 10-second deterministic finality.
These four figures all look strong, but they cannot be put together as “ecosystem scale.”
€300 million represents asset supply intent, 50,000 people represent potential distribution channels, 210 million staked tokens reflect network security investment, and 10-second finality is settlement performance. The first two answer whether there is a business, while the latter two answer whether the network can carry the business. What truly determines whether @Dusk can form a growth flywheel is whether there is conversion between these four elements.
For example, among the assets with confirmed issuance, how many are actually deployed on-chain? Among potential investors, how many have completed identity verification and wallet binding? Does asset trading generate sustained Gas fees? After institutional business growth, can the staking amount continue to remain diversified?
The easiest mistake to make here is to equate “confirmed issuance” directly with on-chain TVL, and to equate “investor coverage” directly with active users. They’re more like the upstream of a sales funnel, not the result that has already been completed.
My assessment of $DUSK won’t be based on whether any single number keeps growing; I’ll look at whether issuance, investors, transaction fees, and staking security can form a causal chain. Only when assets truly settle and users truly trade will institutional resources be converted from project endorsement into network demand.
#dusk

When researching RWA public chains, I found that many projects aren’t facing a technical cold start—they’re facing an asset cold start: the chain is already built, but there are no issuers, licensed trading venues, or investors willing to bring real business onto it.
What’s most worth studying about Dusk right now isn’t the label of “privacy public chain,” but rather its asset entry point with NPEX.
The data currently shown on @Dusk official website is: NPEX has confirmed that the issuance size exceeds €200 million, and the investor base is over 20,000. A cooperation announcement in November 2025 also mentions that NPEX has previously helped more than 100 small and medium-sized enterprises complete financing. Compared with recruiting issuers from scratch, this ready-made network of companies and investors may be Dusk’s real first-mover advantage.
But here, we must distinguish three concepts: historical financing size, the confirmed migration or issuance size, and the size of on-chain assets that have truly already completed settlement on Dusk. Only the last category can continuously generate trading, Gas, and settlement demand.
So I won’t simply count the “€200 million” toward Dusk’s on-chain TVL. The next truly effective metrics should be: how many assets have completed native issuance, how many investors have completed on-chain access, how much the secondary market has traded, and how much fees these activities generate for the network.
If NPEX’s traditional asset supply can be smoothly converted into on-chain activity, then $DUSK won’t get just an RWA narrative—it will gain a real demand entry point. If assets keep lingering in the confirmation and preparation stages, it will be difficult for the cooperation scale to translate into token value.
#dusk $DUSK

When I studied Dusk, I increasingly felt that judging it by the TVL and active addresses of an ordinary public chain might mean choosing the wrong measuring stick from the very beginning.
The focus of @Dusk is not on retail traders frequently buying and selling, but on the institutional market composed of securities issuance, investor eligibility, trading, and settlement. Two figures currently shown on the official website are noteworthy: NPEX has confirmed that the issuance size exceeds €200 million, and the existing investor base is over 20,000.
This is not the same concept as “announcing a partnership,” because what Dusk is trying to connect is already-existing issuance demand and the investor network—not first create a chain and then wait for projects to appear out of thin air.
But I won’t directly equate €200 million with trading volume on the Dusk chain. Between a “confirmed issuance” and the actual completion of assets being put on-chain, forming secondary liquidity, and continuously generating settlement fees, there is still a long way to go.
Therefore, at this stage, the most important factor in assessing $DUSK is not the short-term hype in the traditional crypto market, but whether these confirmed asset demands can gradually be converted into on-chain issuance volume, the number of holders, and real settlement activity.
If the conversion succeeds, Dusk will have a growth curve different from ordinary DeFi; if it remains for the long term in the stage of pending issuance and infrastructure build-out, no matter how beautiful the data looks, value cannot be transmitted. This conversion path is the core that I will focus on observing next.
#dusk $DUSK

When I first open a privacy-chain block explorer, I often run into a problem: if all information is hidden, how do exchanges, institutional treasury, and audit systems reconcile transactions?
Dusk doesn’t require all users to use the same privacy mode. Instead, on DuskDS it provides two native transaction models.
Moonlight uses a public account structure—balances, sender, recipient, and amount can all be observed—making it more suitable for exchange top-ups, institutional fund management, and business needs that require public records; Phoenix uses an encrypted Note structure. It uses zero-knowledge proofs to verify that the balance is sufficient and that there is no double-spending, while hiding the specific amounts and the transaction relationships.
Both are ultimately settled on the same chain. The Transfer Contract routes different transactions into the corresponding verification flows. This makes me feel that @Dusk isn’t really about “how to hide everything,” but rather “how much different financial activity should be made public.”
Of course, choices also add complexity. Whether ordinary users can understand the differences between the two account types, whether wallet switching is smooth, and whether funds can move conveniently between public and private environments will all affect real adoption.
Privacy capability sets the technical ceiling; only the product experience determines how many people are willing to use it.
#dusk $DUSK

Many people, upon first seeing Dusk, casually categorize it under the “privacy chain” track. But after researching it, I believe that label actually narrows down the real problem it aims to solve.
Traditional financial institutions do not necessarily *not* need blockchain—they simply cannot accept having investors’ identities, account balances, counterparties, and changes in holdings fully exposed. Yet if closed databases continue to be used, it becomes difficult for assets to obtain the verifiability and open settlement capabilities that public chains offer.
@Dusk ’s chosen path is to place compliance rules directly into on-chain workflows, while using zero-knowledge proofs and selective disclosure to protect sensitive information. The transactions that need to be public can be public; balances and identities that should be confidential can be hidden. When audits or qualification checks are required, only the necessary information is then proven to an authorized party.
This means Dusk’s competition may not just be other public chains, but rather the entire legacy infrastructure composed of securities registration, asset issuance, identity verification, and transaction settlement.
However, an architecture suitable for institutions does not mean institutions will necessarily adopt it. What’s truly worth watching next is how many issuers are willing to move real assets, investors, and settlement processes onto the chain. Technology answers “can it be done,” while the market must answer “is anyone using it.”
#dusk $DUSK

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Thank you all for your teachers’ support. Daily active users have reached 2,000+. I’m really happy to see on X that more people have noticed my dashboard data through teachers’ screenshots. Although I haven’t made any money yet, I’m preparing to connect my wallet for commission rebates and for spot and futures commission rebates. Wallet invitation code: 30% commission rebate — ALPHA6666. I haven’t applied for the spot and futures invitation code yet. Once I apply, I’ll list it on the website—if the teachers have any needs, they can link/bind it. Thanks again for your support, everyone!