Spent today's task on Dusk (@Dusk ) — not chart-watching, actually reading the SME tokenization piece they published Aug 15 on dusk.network. $DUSK , #dusk . Went in expecting the usual friction-disappears framing and was ready to skim past it.
Then I hit the six-stage ownership table — structuring, onboarding, issuance, transfer and settlement, servicing, secondary trading — and every single stage has a column listing what still doesn't move. Structuring still needs corporate approvals. Onboarding still needs due diligence. Transfer and settlement, specifically, still leaves notary or venue involvement as an open item — for a Dutch BV, transferring shares legally requires a notary, chain or no chain.
That's the part that stuck. The bigger thesis isn't assets going on-chain and friction vanishing. It's closer to: the coordination layer — eligibility checks, ownership state, transfer rules — moves first, while legal authority, the notary, the accountable operator, dispute resolution, stays exactly where it was. Rules migrate in pieces, not as one block. hmm — made me second-guess how far market infrastructure actually reaches this early versus how clean it reads on paper. Maybe partial and slow is just what honest institutional adoption looks like.
Still not sure where that line settles for something like NPEX though — how much of this stack ends up genuinely on-chain before the notary stamp becomes the thing everyone's still waiting on?
#dusk $DUSK @Dusk
Then I hit the six-stage ownership table — structuring, onboarding, issuance, transfer and settlement, servicing, secondary trading — and every single stage has a column listing what still doesn't move. Structuring still needs corporate approvals. Onboarding still needs due diligence. Transfer and settlement, specifically, still leaves notary or venue involvement as an open item — for a Dutch BV, transferring shares legally requires a notary, chain or no chain.
That's the part that stuck. The bigger thesis isn't assets going on-chain and friction vanishing. It's closer to: the coordination layer — eligibility checks, ownership state, transfer rules — moves first, while legal authority, the notary, the accountable operator, dispute resolution, stays exactly where it was. Rules migrate in pieces, not as one block. hmm — made me second-guess how far market infrastructure actually reaches this early versus how clean it reads on paper. Maybe partial and slow is just what honest institutional adoption looks like.
Still not sure where that line settles for something like NPEX though — how much of this stack ends up genuinely on-chain before the notary stamp becomes the thing everyone's still waiting on?
#dusk $DUSK @Dusk
