DUSK keeps showing up in my feed as "the compliant Layer 1 for regulated finance," built for MiCAR-aligned securities issuance and settlement — so I went looking for who's actually using the settlement layer versus who's using the token. #dusk $DUSK @Dusk . What I found instead was a market dominated by spot and perp trading on exchanges, with DUSK's own permissioned securities rail (the piece meant to onboard licensed issuers and regulated brokers) still showing a thin, early-stage footprint compared to the speculative volume around the token itself. The design choice that stands out: compliance infrastructure like this is built top-down, issuer by issuer, license by license — slow by construction, because that's what regulators require. Meanwhile the token trades freely, 24/7, priced on a story about institutions that haven't fully arrived yet. It's not a scam pattern, just a timing gap — the retail market prices in a future that the compliance layer is still negotiating permission to build. Makes me wonder how you'd even measure "product-market fit" for a project whose real customers are regulators and licensed institutions who move in years, not candles