What struck me wasn't the privacy tech — it was who Dusk seems to be building for right now versus who gets mentioned in the pitch.$DUSK , #dusk , @Dusk markets itself around confidential smart contracts, zero-knowledge settlement, the whole privacy-first framing. But the actual traction — licensed exchange integrations, tokenized bond pilots, partnerships with regulated European entities — reads like infrastructure plumbing for institutions, not privacy tooling for individual users. The design choice that gives it away: compliance-friendly disclosure mechanisms sit right alongside the privacy layer, which only matters if your first customers are regulated financial firms, not retail users chasing anonymity. Retail gets the privacy narrative in the deck. Institutions get the actual rails, the actual pilots, the actual settlement volume. It's a familiar pattern in crypto — the story that gets told publicly isn't always the story that gets built first — but it's rarely this visible in the sequencing. Makes me wonder how many "privacy chain" projects are quietly repositioning as RWA settlement layers because that's where the real institutional money already sits, and privacy just turned out to be the easier narrative to sell first.