Crypto PM

The earlier discussion around Dusk Network focused on how it works: confidential smart contracts, selective disclosure, staking, and cryptography. That is the internal machinery.

This article is about something more uncomfortable for crypto purists and more interesting for institutions: what Dusk is actually trying to do in the real world.

Also read: Dusk Network And Why Real Markets Care More About Data Than Decentralization
Dusk is not building a better DeFi playground. It is trying to become regulated financial infrastructure on a public blockchain.

That distinction matters.

Tokenization Is Not “Mint a Token and Pray”

Most tokenization narratives are naïve. Real financial assets are not JPEGs or ERC-20s.

A bond, share, or fund unit comes with:

ownership restrictions
transfer rules
dividend and voting logic
auditabilityregulator access

legal recovery mechanisms

Most blockchains can move tokens. They cannot enforce financial law.

Dusk is designed specifically for this gap. Privacy is not there to hide wrongdoing; it exists so regulated assets can function normally without leaking sensitive data, while still being provable when required.

That is why Dusk’s ambition goes far beyond “privacy chain.”

Dusk’s Real Goal: Becoming a Blockchain CSD

In traditional finance, a Central Securities Depository (CSD) records who owns which securities and whether transfers are valid. This role is fundamental, boring, and extremely regulated.

Dusk wants to recreate this function on-chain.

To do that legally, Dusk is pursuing recognition under Europe’s DLT-TSS pilot regime, which allows blockchain systems to operate regulated trading and settlement infrastructure.

If successful, Dusk would not just host assets — it would legally settle them.

That is the difference between a crypto experiment and market infrastructure.

DLT-TSS and Dusk as an Intermediary Securities Depository

The DLT-TSS framework allows blockchain platforms to merge:

trading
settlement
custodyrecord-keeping

into a single regulated system.

Traditional markets split these across multiple intermediaries, creating cost, delay, and opacity. Dusk collapses them into one on-chain workflow.

The unusual part: it does this on a public blockchain, not a private consortium chain.

Validators remain open, but regulated assets enforce rules at the asset level:

verified investors only
lawful transfers only
auditable records

Openness at the network layer. Control at the asset layer. That balance is the entire thesis.

NPEX: A Licensed Market, Already On-Chain

One of Dusk’s strongest validation points is NPEX, a licensed securities exchange in the Netherlands.

NPEX already operates a regulated market. Through its partnership with Dusk:

securities are issued using Dusk smart contracts
trading occurs via applications connected to Dusk
settlement and ownership records live on-chain

Compliance is not bolted on. Identity checks, transfer rules, and recovery options are built into the contracts.

This is not DeFi pretending to be finance. It is finance using blockchain.

Stablecoin Reserves and 21X

Dusk is also working with 21X, another participant in the European DLT-TSS pilot.

The focus here is stablecoin reserve management.

Reserve assets — money-market funds, bonds, treasuries — require:

large trades
discretionstrict reporting

Dusk’s confidential execution allows these operations to occur without broadcasting positions or strategies, while still giving regulators access to proofs.

This makes Dusk relevant not just to securities markets, but to stablecoin infrastructure itself.

Cordial Systems: A Blockchain Stock Exchange Blueprint

Another practical implementation involves Cordial Systems, NPEX, and Dusk.

Cordial provides institutional-grade self-custody. NPEX provides the license. Dusk provides settlement and privacy.

The result:

issuers and investors retain custody

compliance requirements are enforced

settlement costs drop dramatically

According to partners, integration required minimal custom work, and real assets are already live. That matters more than whitepapers.

STOX: Dusk’s In-House Trading Platform

Dusk is also building STOX, its own regulated trading environment.

STOX is not meant to replace licensed partners like NPEX. It serves three purposes:

Launching regulated assets in controlled phases
Testing new financial products safely
Providing deep integration with Dusk’s smart-contract layer

It starts small, expands cautiously, and feeds improvements back into partner markets. That is how regulated finance actually evolves.

MiCA Alignment: Designing Inside Regulation

Europe’s MiCA framework defines clear rules for:

token categories
issuance

trading
custody

Dusk aligns directly with this structure:

payment tokens follow digital money rules

regulated assets enforce identity and transfer controls

utility tokens remain permissionless

This removes regulatory ambiguity for issuers. Builders are not gambling on future rule changes — they are building within existing law.

That is rare in crypto.

Asset-Level Compliance Features

Dusk supports regulated assets with mechanisms most chains avoid:

Forced transfers for court orders or lost access

Identity-gated ownership with private trading pools

On-chain governance for dividends, votes, and amendments

Yes, this introduces control. That is the point. Financial instruments require it.

Security and Tokenomics Built for Decades

Dusk’s token model reflects its market ambitions:

fixed maximum supply
roughly half emitted at genesis

remaining supply distributed over 36 years via staking

This long horizon supports:

validator stability

predictable security budgets
assets with multi-decade lifecycles

Short-term hype cycles are incompatible with bonds and funds. Dusk designs accordingly.

Cross-Chain Finance With Chainlink

Interoperability is handled through Chainlink:

secure asset movement
verified market data

compliant cross-chain messaging

This allows Dusk-issued assets to interact with Ethereum, Solana, and beyond without losing regulatory guarantees.

The Real Bet Dusk Is Making

Dusk is built on a simple but uncomfortable idea:

Regulated finance will move on-chain only if blockchain behaves like infrastructure, not rebellion.

Licenses, compliance, privacy, governance, and settlement are not bugs. They are requirements.

If issuers trust the platform, investors feel protected, and regulators accept the model, Dusk becomes something rare in crypto:

a public blockchain that functions like a real market.

If not, it becomes a case study.

Either way, it is one of the few projects actually attempting the hard path — not evasion, but integration.

@Dusk #dusk $DUSK

Vanar Chain vispār nesākās tā. Tas piedzimis kā Virtua, jautra digitālo kolekcionāru un metaversa centrēta platforma. NFT spēles, noskaņas, jautras pieredzes. Tad kaut kur ap 2024. gadu komanda nolēma, ka šis ceļš nav pietiekams. Viņi pārdēvēja sevi par Vanar Chain, atvērtu 1. slāni virs Ethereum, bet smagi pārveidoja, lai darītu kaut ko pilnīgi citu.

Mērķis nebija tikai ātrāki bloki vai lētāks gāze. Mērķis bija izveidot ķēdi, kas saprot savus datus. Tas ir liels pagrieziens. Komanda, kas bāzēta Dubaijā, Londonā un Lahorā, pārbūvēja gandrīz visu. Hibrīdais konsensuss, fiksētas maksu ekonomika un uzņēmuma domāšana aizstāja patērētāju NFT domāšanu.

Plasma did not start with a dream of conquering crypto twitter. It started very simply, move stablecoins easily. Over time it picked up liquidity then DeFi integrations and slowly turned into something closer to a regulated neobank. Now at the start of 2026 Plasma is standing at a strange but important moment. It wants to go global and it wants to plug itself deeper into the wider crypto world.

ALSO READ: Plasma And The Real Reason Crypto Still Isn’t Mainstream

When I look at Plasma today it does not feel like a chain that chases narratives. It feels like a system that is trying to grow sideways into people daily lives not upward into charts.

Beyond Early Markets, Looking East And South

Plasma One first found traction in cities like Istanbul and Buenos Aires. That is not random. These are places where inflation hurts daily life and people already think in digital dollars. Stablecoins make sense there.

Now Plasma is aiming at Middle East and Southeast Asia. These regions have massive migrant worker populations sending money home and rapidly growing digital economies. To work there Plasma cannot just copy paste. It has to localize. Cards that work with regional payment providers. Merchants that accept stablecoin payments without knowing crypto. Interfaces in local languages that feel normal.

Plasma says it wants over 100k daily active users by end of year. That is ambitious. The strategy is simple but risky, free transfers rewards cashback higher returns than banks. If people change remittance habits Plasma wins something bigger than TVL. It wins trust.

pBTC And Why Bitcoin Matters Again

One of the biggest roadmap items is pBTC. A native Bitcoin bridge. Many Bitcoin holders want utility but avoid bridges because of custody risk and complexity. Plasma wants to fix that with a 1 to 1 custodial representation.

You deposit BTC you get pBTC. You use it for payments lending collateral. When done you redeem back to BTC. Simple on paper hard in reality.

If even a small part of Bitcoin capital flows into Plasma liquidity explodes. More interesting is the experience. Paying with Bitcoin via Plasma One card. No gas drama. Possibly zero fee transfers like USDT.

This is not easy. Custody redemption risk management all must be perfect. Plasma claims to anchor itself periodically to Bitcoin to borrow security. Speed of Plasma trust of Bitcoin combined. If it works pBTC could make Plasma a serious Bitcoin utility hub.

Facing The 2026 Risks Honestly

Growth always comes with stress. Plasma biggest challenge is the July 2026 token unlock. About 3.5 billion XPL tokens will unlock after one year lockup. That can cause selling pressure.

Plasma plan is to roll out staking around same time. Incentivize holders to stake not sell. Staking rewards plus EIP 1559 style burns reduce supply. Fees get destroyed creating deflation pressure. Whether this is enough nobody knows until it happens.

Another issue is real usage. Plasma has liquidity institutions DeFi users. But daily transaction count is not yet payment network level. People use it to farm yield and move funds not buy coffee.

Expansion of Plasma One into new regions utility payments mobile recharge and pBTC are meant to change that. If Plasma becomes daily money usage transactions will rise naturally.

Competition Is Getting Serious

Plasma is not alone. Other stablecoin focused chains and payment networks want same users. Plasma unique angle is mixing deep DeFi liquidity with consumer neobank experience.

This mix is hard to replicate. Pure payment apps lack liquidity. Pure DeFi chains lack UX. Plasma tries to live in between.

It can cross sell. Remittance users discover DeFi. DeFi users get everyday spending. That loop if it works is powerful.

A Conservative Philosophy In A Loud Market

What surprise me about Plasma is how conservative it sounds. Long term value regulated infrastructure partnerships MiCA compliance. Not moon talk.

Plasma One partnerships compliance focus established payment companies. All of this suggests a bridge between digital money and daily life.

2026 is critical. Expansion success Bitcoin bridge stability token unlock handling all matter. Fail any one badly and momentum break.

But if Plasma succeed it shows a different path. Crypto adoption driven by usable regulated services not hype.

my take

I see Plasma as a stress test for crypto maturity. Can a project grow without hype cycles. Can it enter new regions without breaking UX. Can it integrate Bitcoin safely. Can it survive token unlock without panic. Plasma is not exciting in the short term. But if it works it shows how digital money might actually function for normal people. That to me is more interesting than another speculative story.

@Plasma #Plasma $XPL

Kripto lielākā problēma nav maksas.

Tas nav ātrums.

Tas pat nav regulējums.

Tas ir šis: parasti cilvēki nevēlas pārvaldīt noslēpumainus vārdus un gāzes žetonus, lai tikai iztērētu naudu.

Šī viena teikuma skaidro, kāpēc adopcija turpina apstāties.

Plazmas interesantākais stāsts nav "stabilo monētu pamatā esoša L1."

Tas ir tas, ka Plazma mēģina padarīt stabilo monētu izmantošanu līdzīgu mūsdienu naudas lietotnei, kamēr joprojām norēķinās uz atvērtām sliedēm.

ARī LASI:

Plazma un uzticamu stabilo monētu maksājumu inženierija

crypto is full of so called utility tokens. Almost every project say the same thing, token has use, token powers the ecosystem, token is needed. But most people already know the quiet truth. You can speculate without using the product. And you can use the product without caring about the token. That gap is where most narratives break.

Vanar is trying to close that gap in a way that feels very un-crypto and very Web2 like. And that is exactly why it is interesting and risky at the same time.

Also read: Vanar And The Strange Idea Of Treating Fees Like Engineering

Instead of pretending the token is needed just to exist, Vanar is pushing toward a paid usage based model. Not pay once hype forever. Pay again and again because you are actually using something.

From Gas Token To Access Token

In most chains the token is gas. You buy it reluctantly. You want as little as possible. It feels like toll money. The product lives outside the token. The token becomes an annoyance not a value holder.

Vanar flips this. Basic chain usage stays predictable and boring. But the advanced layers Neutron and Kayon are where value lives. Indexing documents. Querying memory. Reasoning over data. Running agents. These things are not one time actions. They repeat.

And to access these deeper layers you need VANRY.

That changes the economics completely. The token becomes a key not a toll. A service credential not a meme chip.

Why Subscriptions Actually Make Sense Here

Subscriptions sound strange in crypto but normal in software. You pay monthly because the tool saves time reduces risk or makes better decisions.

Vanar products are repetitive by nature. Agents check things constantly. Documents are indexed again and again. Compliance rules are evaluated daily. This is not a one off use.

So recurring payment fits the behavior. It does not feel forced if the value is real.

Psychologically people hate surprise costs. They accept predictable monthly payments. Vanar seems to understand this deeply. Base layer predictable. Upper layer metered and priced.

This is not marketing trick. It is metering.

Metering Is The Hard Part And Vanar Knows It

Measuring usage on chain is usually messy. Everything is noisy fragmented abstract. You cannot easily say what was consumed.

Vanar stack is different. It deals in concrete things. Seeds memory objects queries reasoning cycles workflows. These are countable.

This starts to look like cloud pricing. Storage compute queries bandwidth. When usage is measurable pricing becomes controllable.

That is huge for businesses. Teams can budget. Finance can approve. Builders can bake costs into their models instead of praying gas stays low.

Earned Demand Instead Of Hype Demand

Most tokens try to create demand through excitement. A service token creates demand through necessity.

If a developer builds a product that depends on Vanar intelligence layer then VANRY becomes like API credits. You buy it because you need it to work.

This kind of demand is quieter but stronger. In bear markets people stop trading tokens but they still pay for cloud services because systems must run.

If Vanar becomes sticky enough this logic applies.

The Model Forces Discipline On Vanar Too

Subscriptions are unforgiving. You cannot survive on narrative for years. If people pay monthly the product must work improve stay stable.

This pushes Vanar from cool tech to actual business loop. Uptime documentation support pricing clarity. All the boring stuff that mature systems need.

I like this because it removes excuses. Either the product delivers or people cancel.

It also reframes token value discussion. Not what can VANRY become but what are people willing to pay for.

The Risk Is Real And Not Small

There is danger here. Subscriptions feel like rent if value is not obvious. Crypto users already feel overcharged often.

If Vanar charges too early or too aggressively people will reject it. The right path is generous free tier then charge for scale depth enterprise usage.

Pay when you get results not when you just show up.

Why This Matters In Next 18 Months

Vanar positions itself as multi layer product stack. Consumer tools. Business intelligence. Builder tooling.

This creates multiple demand sources for VANRY. Most L1s depend on trading only. When trading slows everything dies.

Service usage adds second engine.

Once a project has more than one real reason to exist it becomes harder to dismiss as fad.

Summary Thought

Vanar is not just AI chain or fast chain. It is trying to sell intelligence as a service.

When done right VANRY stops being hope token and becomes work token. People hold it because something runs through it every day.

That path is harder slower and less glamorous.

But it is also the path real software businesses take.

my take

I think this is one of the most honest and dangerous bets Vanar is making. Honest because it forces real value. Dangerous because crypto users hate paying for things. But if Vanar proves that its intelligence stack saves time reduces errors and helps decisions then subscriptions will feel normal. If not it will fail fast. Either way this approach filters reality very quickly. And honestly crypto needs more of that.

@Vanar #vanar $VANRY

Crypto users are trained to believe decentralization is about shared computation and storage. That framing works for tokens and simple DeFi. It completely breaks down in real financial markets.

Real markets do not run on vibes or approximate prices. They run on official data. Audited. Licensed. Traceable. Defensible in court.

In 2025–2026, Dusk Network is quietly becoming one of the few protocols where regulated market data is published on-chain as first-class infrastructure, not as an optional oracle add-on.

That is a massive shift, and most people are missing it.

ALSO READ: Dusk Network And The Boring Secret Behind Markets That Actually Work

From Oracles To Official Market Data

Most blockchains treat data oracles as utilities. They aggregate prices from APIs and exchanges. This is fine for token swaps.

It is not fine for institutional finance.

Institutions need authoritative data, not median guesses. The closing price of a regulated exchange is not negotiable. If it’s wrong, settlements fail, audits fail, and lawsuits follow.

Dusk crossed this line by working with NPEX, a licensed exchange, and adopting Chainlink DataLink and Data Streams standards.

This means something critical:

Official exchange-grade market data is being published on-chain by the exchange itself, not inferred by third-party oracles.

That is a fundamentally different trust model.

Why This Changes Everything For Tokenized Assets

Take a simple example: an institutional bond issued on-chain.

Redemption cannot rely on “average oracle price.”

It must use the official closing price of a licensed market.

With Dusk’s model:

Exchange-level prices arrive on-chain with regulatory provenance
Smart contracts execute using legally defensible data
Audit trails exist by design, not after reconciliation

This turns blockchain from a settlement toy into market infrastructure.

Now smart contracts can:

Settle securities correctly
Calculate dividends and yields

Enforce compliance automatically

Produce audit-ready records without intermediaries

That is not DeFi hype. That is TradFi replacement logic.

Why Typical Oracle Models Fall Short

Most oracle systems optimize for decentralization and redundancy. That’s good engineering, but it misses the point for regulated markets.

In institutional finance:

A wrong price is not a bug, it’s a liability
Provenance matters more than aggregation

Auditors care who published the data, not how many nodes voted

Dusk treats official data as an asset class, not just input.

The exchange becomes a certified on-chain data publisher.

This flips the oracle narrative on its head.

Cross-Chain Markets Without Losing Credibility

Dusk also integrates Chainlink CCIP. This allows official market data published on Dusk to be used across other chains without losing provenance.

That matters.

A tokenized security might:

Settle on Dusk
Trade or reference data on Ethereum or Solana
Still rely on the same licensed data source everywhere

This is how regulated markets actually scale:

data moves with assets, not trust assumptions.

This Is Not About Crypto, It Is About Confidence

Most institutions distrust blockchain not because of custody, but because of data credibility.

Dusk’s approach speaks the language regulators understand:

ProvenanceAuditabilitySource integrity

This is why Dusk stops looking like a “privacy chain” and starts looking like financial infrastructure.

Privacy protects participants.

Official data protects markets.

You need both.

A New Kind Of Blockchain Infrastructure

What Dusk is building points to a new phase of blockchain design:

Official, regulated data is first-class on-chain
Smart contracts operate on legally recognized truth
Settlement, compliance, and auditing converge into one system

This is the missing layer between TradFi and on-chain finance.

Final Take (No Sugarcoating)

Most blockchains decentralize computation.

Very few decentralize truth in a way institutions can trust.

Dusk is betting that the next wave of adoption will not come from memes or faster TPS, but from making on-chain markets legally defensible.

That is harder. Slower. Less sexy.

But if this works, Dusk won’t just host finance.

It will replace parts of it.

And that is exactly why it is worth watching.

@Dusk #dusk $DUSK