There is a project called Dusk, and the name is quite interesting—Dusk. It’s not the madness of midnight, nor the heat of noon, but that "just right" moment.

Why do I say that? Because Dusk has never been designed to serve the wild growth of unregulated markets from the start, but is directly aimed at regulated real financial institutions. This positioning determines its entire underlying design.

Let's look at some core capabilities: First is native compliant issuance. Securities tokens, risk-weighted assets, these are not just added later as extensions, but are supported by the protocol itself. Second, the design of identity and permissions is very detailed—public liquidity and restricted liquidity are clearly distinguished, qualification restrictions, position limits, disclosure requirements are directly embedded into the execution logic. In simple terms, compliance for Dusk is not just documentation, but code.

Regarding privacy, Dusk offers a quite clever solution. It avoids the binary trap of "full transparency vs. full anonymity" by using zero-knowledge proofs combined with a dual transaction model (Phoenix and Moonlight systems), allowing users to switch flexibly. For scenarios requiring transparent fund flows, use public transactions; for privacy protection, use shielded transactions to hide balances and transfer details. When regulators or authorized parties need to access information, targeted disclosures can be made. This kind of flexibility is exactly what future finance will look like.