#dusk @Dusk The more I look at Dusk’s XSC Standard, the more I think the Moonlight vs Phoenix comparison gets to the real question: how public should on-chain securities actually be?

Moonlight is the straightforward side. Balances and transactions are visible, which makes things easier for exchanges, custody, and anyone who needs to verify activity on-chain. Phoenix goes the other way: transaction details are shielded, while still allowing the relevant parties to verify what they need to.

Personally, I think both have a place.....

If securities are going on-chain, full transparency sounds great until you realize that investors, funds, and institutions probably don’t want their positions and trading activity permanently exposed. But complete privacy creates its own problems, especially when regulators or counterparties need information.

That’s what makes Dusk’s approach interesting to me. It isn’t really “privacy vs transparency.” It’s more about choosing which one makes sense for a particular transaction.

The upside is a more practical model for regulated assets. The risk is that the technology can be sound and still fail to gain traction if institutions, regulators, or markets don’t actually adopt it.

I’m curious where others land on this: for on-chain securities, do we eventually need both Moonlight and Phoenix, or does one model make more sense as the default?

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$BTW