Research From @Dusk to today, I’ve become more and more concerned about a very practical question: for DUSK, is the demand truly “someone is using it for real,” or is everyone just locking up their coins for now and calling it demand?
Recently, Dusk has been getting more and more specific about its RWA track. The numbers shown on the official website are now: over €300 million in confirmed issuance, 50,000+ investor reach, and already more than 210 million DUSK tokens participating in staking. Looking at these figures alone, it definitely seems like there’s more substance than simply talking about a “privacy chain.”
But from a token-economics perspective, I think there’s a contradiction here.
Right now, DUSK’s two most clearly defined uses are Gas and Staking. The problem is: staking addresses security needs, but it doesn’t equal the creation of new external buy-side demand. Also, the official token issuance model is an initial 500 million tokens, and then releasing another 500 million over 36 years—where the planned release for the first four years alone is about 250.48 million. The block rewards that validators receive also inherently include newly issued tokens.
So what I really want to look at isn’t “how many tokens are staked,” but rather: the actual fees generated by real on-chain transactions—when will they start covering an ever-growing portion of the security budget?
Especially on August 15, @Dusk just published a new article about SME Tokenization. The path through NPEX, Dusk Trade, and regulated securities is indeed becoming clearer and clearer. But there’s one thing to pay attention to: issuing €300 million worth of assets on Dusk doesn’t mean there will be €300 million worth of DUSK demand in the same amount.
Between asset size, transaction frequency, Gas consumption, and the final flow back to DUSK holders, there are multiple layers.
That’s the data I want to track most right now.
If, in the future, Dusk Trade truly gets going and real assets continue to be traded—then as fee revenue begins to rise noticeably, DUSK’s economic model would look much more compelling than it does today. But until then, I won’t automatically equate “210 million tokens staked” with strong demand.
Locking tokens can reduce circulating supply; only usage can prove the value flows back.
#dusk $DUSK @Dusk
Recently, Dusk has been getting more and more specific about its RWA track. The numbers shown on the official website are now: over €300 million in confirmed issuance, 50,000+ investor reach, and already more than 210 million DUSK tokens participating in staking. Looking at these figures alone, it definitely seems like there’s more substance than simply talking about a “privacy chain.”
But from a token-economics perspective, I think there’s a contradiction here.
Right now, DUSK’s two most clearly defined uses are Gas and Staking. The problem is: staking addresses security needs, but it doesn’t equal the creation of new external buy-side demand. Also, the official token issuance model is an initial 500 million tokens, and then releasing another 500 million over 36 years—where the planned release for the first four years alone is about 250.48 million. The block rewards that validators receive also inherently include newly issued tokens.
So what I really want to look at isn’t “how many tokens are staked,” but rather: the actual fees generated by real on-chain transactions—when will they start covering an ever-growing portion of the security budget?
Especially on August 15, @Dusk just published a new article about SME Tokenization. The path through NPEX, Dusk Trade, and regulated securities is indeed becoming clearer and clearer. But there’s one thing to pay attention to: issuing €300 million worth of assets on Dusk doesn’t mean there will be €300 million worth of DUSK demand in the same amount.
Between asset size, transaction frequency, Gas consumption, and the final flow back to DUSK holders, there are multiple layers.
That’s the data I want to track most right now.
If, in the future, Dusk Trade truly gets going and real assets continue to be traded—then as fee revenue begins to rise noticeably, DUSK’s economic model would look much more compelling than it does today. But until then, I won’t automatically equate “210 million tokens staked” with strong demand.
Locking tokens can reduce circulating supply; only usage can prove the value flows back.
#dusk $DUSK @Dusk