Recently, while exploring digital assets, I’ve been troubled by one question: how can we find a balance between protecting privacy and meeting regulatory requirements? Isn’t this the ultimate challenge faced by the entire FinTech industry?

It wasn’t until I delved into Dusk, a European project, that I realized there could be a completely different approach. In simple terms, what they’re doing is helping large institutions securely bring real-world assets like stocks and bonds (industry term: RWA) onto the blockchain. But the key isn’t in RWA itself, rather in its privacy design logic.

The most interesting part is the "dual identity" mechanism for transaction privacy. By default, all your transaction records are encrypted, so outsiders cannot see any details. But when verification is truly needed (such as regulatory audits or compliance checks), these transactions can be instantly transformed into fully transparent, compliant proofs. Imagine it like having a password-protected safe: normally, no one can open it, but when you use an official authorized key, everything inside becomes immediately visible and tamper-proof. This design addresses both the urgent need for privacy protection and the trust issues for regulators.

In terms of progress, their mainnet has been stable for nearly a year. The recent highlight is the launch of the DuskEVM toolchain. For developers, this means you can build applications on Dusk using the familiar Ethereum development framework, significantly lowering the entry barrier. There’s also tangible progress in the ecosystem, with partners planning to launch tokenized assets worth 300 million euros.

Another detail worth noting: the staking rate of the DUSK token exceeds 36%. What does this indicate? It shows that a considerable number of token holders are making long-term bets rather than engaging in speculative trading. This often reflects the community’s genuine view of the project’s fundamentals — they’re not just betting on a concept, but see it as a real infrastructure-building effort.

Looking at it from a different angle, the core of the RWA track is quite simple: how to make the transfer of traditional financial assets more efficient? The advanced problem Dusk aims to solve is: how to satisfy privacy demands while complying with regulatory frameworks during this process? Once these two issues are truly addressed, it will significantly accelerate the digitalization of assets.

Of course, all these judgments are based on their publicly available technical solutions and ecosystem data. Looking beyond 2025, how this track will evolve largely depends on how many genuine RWA demands can be stimulated and how regulatory attitudes gradually clarify. But based on current technological reserves and the European licensing foundation, this project is indeed working diligently and is worth continuous attention.