#dusk Recently, the overall crypto market has been warming up again, and many people are watching price movements—quickly calculating positions and bets. But lately, I’ve been thinking about a more fundamental question: in the next round of competition, what exactly will people be competing on? Speed? More fund locking? Or who can truly bring the real-world financial rules onto the blockchain?

I’ve spent quite some time researching the Dusk project, and I found that it’s not betting on short-term hype. Instead, it’s targeting the RWA track—a path that requires deep, long-term cultivation. Its strategy follows three steps: first, lay a solid technical foundation for privacy and compliance; second, get the network operations and validation mechanisms running smoothly; and only then move on to integrate with institutional-grade financial applications.

As of early 2026, @Dusk has already completed more than €200 million in tokenized securities via Chainlink. It has also collaborated with a Dutch securities exchange to advance the NPEX application, with plans to tokenize over €300 million worth of RWA assets.

So what I can feel is that Dusk isn’t aiming to build “absolute anonymity that nobody can ever trace.” Its approach is: “keep it confidential in normal times, and allow checking when needed.” Daily transactions are encrypted for privacy, but once a compliant party obtains authorization, they can conduct targeted audits. This logic closely matches the disclosure rules of traditional finance, and it’s also an important reason Dusk is able to achieve regulatory alignment with the EU’s MiCA.

That said, just because the technical roadmap works doesn’t mean the job is done. The real difficulty in RWA has never been simply putting assets on-chain. The real challenge is whether the underlying business rules can be trusted and accepted. Who owns the assets, how the law recognizes them, who provides custody, and how cross-border disputes are handled—these off-chain issues don’t automatically get solved just because you’ve moved something onto the blockchain. Dusk may have a first-mover advantage in the European market, but how big the ecosystem can become and how much of the real business can actually be implemented remain unknown.

In my view, the ultimate value of $DUSK hinges on one key leap: turning “it can be done technically” into “institutions truly are willing to use it.” The RWA track has never lacked storytellers—it’s missing the complete closed-loop system that can give traditional financial institutions confidence to hand over their assets.

What do you think about Dusk’s RWA route?