These past two days, I’ve been soaking in the community of @Dusk , and I’ve come to an extremely ruthless truth: when it comes to assessing it now, the standard shouldn’t be “how many impressive features it has,” but rather “can these high-end features actually lift the DUSK held by retail investors?”
On August 15, the project team was still discussing the grand plan of tokenizing small and medium-sized enterprises—chatting from private placement issuance all the way to equity dividends and liquidation. This track does have potential. It’s better than the RWA crowd that’s just peddling nonsense. But when I get back to the essence of trading crypto, I still can’t figure out its value-capture mechanism—if B-side institutions use it as much as they want, why should all that fortune fall into DUSK’s lap?
After taking stock, the role of $DUSK boils down to tolls and locked-up mining. With a total supply of 1 billion coins, 500 million are circulating, and the other 500 million is set to keep dumping for 36 years. Even within just the first four years, about 250.48 million coins are scheduled to unlock—pressure piling on pressure. Every block, the reward is “mint new money + fees.” The block producer takes the lion’s share, while the treasury cheerlessly and steadfastly takes 10%.
This value-misalignment black box is what makes me most uneasy.
$BTC
If once these enterprises enter, they can bring explosive amounts of real settlement volume and feed this economic model with solid, on-the-ground fees—then of course it would be perfect. But if the institutions merely come to freeload on the underlying technology, and the nodes can only make a living by wildly minting money via the protocol—then that’s effectively using the future market’s face value to support today’s miners.
Especially when I see Dusk still obsessing over low-level network upgrades like Boreas—the tech is indeed great. But right now I’d rather they put out the most straightforward financial statements: how many legitimate teams are using it? How much Gas fee does it generate per month? Can this hard-earned money taken from institutions cover the bubble inflation that’s being minted every day?
Gēeks can slowly refine the underlying protocols, but the secondary market only believes in one thing: whether the incentives can be tightly tied together.
I don’t think Dusk is “air.” I just want to watch how Dusk closes this logic loop: have the institutional buy-side volume sparked by activity on-chain truly outperform that ever-attendant wave of token unlocks.
#dusk
On August 15, the project team was still discussing the grand plan of tokenizing small and medium-sized enterprises—chatting from private placement issuance all the way to equity dividends and liquidation. This track does have potential. It’s better than the RWA crowd that’s just peddling nonsense. But when I get back to the essence of trading crypto, I still can’t figure out its value-capture mechanism—if B-side institutions use it as much as they want, why should all that fortune fall into DUSK’s lap?
After taking stock, the role of $DUSK boils down to tolls and locked-up mining. With a total supply of 1 billion coins, 500 million are circulating, and the other 500 million is set to keep dumping for 36 years. Even within just the first four years, about 250.48 million coins are scheduled to unlock—pressure piling on pressure. Every block, the reward is “mint new money + fees.” The block producer takes the lion’s share, while the treasury cheerlessly and steadfastly takes 10%.
This value-misalignment black box is what makes me most uneasy.
$BTC
If once these enterprises enter, they can bring explosive amounts of real settlement volume and feed this economic model with solid, on-the-ground fees—then of course it would be perfect. But if the institutions merely come to freeload on the underlying technology, and the nodes can only make a living by wildly minting money via the protocol—then that’s effectively using the future market’s face value to support today’s miners.
Especially when I see Dusk still obsessing over low-level network upgrades like Boreas—the tech is indeed great. But right now I’d rather they put out the most straightforward financial statements: how many legitimate teams are using it? How much Gas fee does it generate per month? Can this hard-earned money taken from institutions cover the bubble inflation that’s being minted every day?
Gēeks can slowly refine the underlying protocols, but the secondary market only believes in one thing: whether the incentives can be tightly tied together.
I don’t think Dusk is “air.” I just want to watch how Dusk closes this logic loop: have the institutional buy-side volume sparked by activity on-chain truly outperform that ever-attendant wave of token unlocks.
#dusk