2026-01-17 06:30:39

Opportunities always come with risks. As traditional financial giants enter the crypto asset space, privacy public chains like DUSK are not only facing historic opportunities but also unprecedented challenges.

First is the threat of "internalization." ETF giants like BlackRock and Fidelity are fully capable of building centralized asset management ecosystems for their clients, keeping all value-added services within their own systems. As a result, public chain protocols like DUSK could become marginalized.

Second, demand often explodes much later than infrastructure development. The shift from passive allocation to active management by institutions can take years. DUSK is likely to fall into an awkward phase where "infrastructure is complete, but large-scale customer demand has not yet arrived," which tests the project's cash flow and community confidence.

There are also other privacy public chains and consortium chain solutions rapidly iterating in the race. To break through, DUSK must rely on accumulated compliant case studies and deeper connections with traditional finance to establish a sufficiently strong moat; otherwise, it risks being overtaken by latecomers.

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ResearchChadButBroke

· 12h ago

Black swans always like to appear when you least expect them. This wave of DUSK is quite tough. --- Basically, big fish are coming to eat small fish. Who still needs you to build an ecosystem? --- Waiting for demand? You might wait until the end of time, but cash flow will run out first. --- The moat, the moat—ultimately, it's a game of technology + connections. --- BlackRock and others can easily shut down DUSK with a single finger. Truly. --- Early advantages are fleeting; later success is more about capital than technology. --- Instead of worrying about internalization, it's better to think about how to team up with big institutions. --- The closed-loop ecosystem is really the killer move in institutional finance. How can public chains withstand it?

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ProofOfNothing

· 12h ago

Basically, it's just that the current position is awkward, a bit like being squeezed in the middle.

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CryptoTarotReader

· 12h ago

Honestly, this round of DUSK is a bit uncertain. If BlackRock really enters, it might become even more difficult. --- The internalization issue is really heartbreaking. When traditional giants close their ecosystem, small public chains instantly become irrelevant. --- Waiting for demand is the most torturous. No matter how good the infrastructure is, without customers, it's all pointless. --- Moats, moats—who can dig them the deepest? With such fierce competition in the track, how can there be absolute security? --- Institutional clients are really slower than expected. Will DUSK be drained of cash flow first? --- It all depends on who bonds more tightly with traditional finance first. That’s the true watershed. --- There are too many cases of latecomers turning the tide. To be honest, DUSK’s advantages are not that solid. --- There are a bunch of privacy public chains. Why would DUSK survive until that day? Just thinking about this question is uncomfortable.

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AirdropChaser

· 12h ago

If Blackade really develops its own ecosystem, DUSK will have no way out. --- Basically, it still depends on who gets the compliance card first. --- There are too many people waiting for demand; they've already been overwhelmed by the waves. --- The infrastructure is in place, but the demand hasn't arrived yet? Isn't this the current situation of most public chains? --- Moat? Ha, traditional financial giants can flatten it with a single step. --- Instead of worrying about being marginalized, it's better to think about how to win institutional orders.

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BlockchainBouncer

· 12h ago

BlackRock and these big players are really ruthless, closing the ecosystem loop within their own systems. Where is the future for small public chains? By the time the demand truly arrives, it will probably be next year. Projects like DUSK now need to rely on compliance to seize the first-mover advantage. Speaking of which, how deep the moat is really depends on who can understand institutional investors first.

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DEXRobinHood

· 12h ago

BlackRock's ecosystem integration is truly a blow to the competition; no matter how strong DUSK is, it can't withstand it.

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OvertimeSquid

· 12h ago

In simple terms, traditional giants enter the market to cut leeks, and small public chains become laborers. --- DUSK is now betting on whether it can survive until demand explodes... If cash flow can't support it, it's game over. --- Talking about moats sounds nice, but you really can't compete with the wallets of firms like BlackRock. --- I feel a bit sorry for these public chains, doomed to be harvested by giants... --- Let's wait and see; it seems that the only true way out is through compliance. --- In the race for dominance, in the end, it still depends on who has a larger customer base. --- Instead of waiting for demand to explode, it's better to actively find application scenarios—are you just going to sit and wait? --- That's the tragedy of public chains: no matter how good the infrastructure, if no one uses it, it's all for nothing.

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