Many people have paid attention to various activity incentives, but the true value logic is often overlooked. As an observer who has been immersed in this circle for many years, I want to seriously discuss today why projects like Dusk, which have been "long-standing," are experiencing an explosion this year.

**Track Shift: From Performance Competition to Compliance Competition**

The current market is no longer lacking high TPS public chains. What is truly scarce? It is infrastructure that can reassure traditional financial institutions, banks, and funds to participate. Institutions have two core demands: privacy protection and regulatory transparency. Previous solutions are either fully open (no privacy) or operate as black boxes (no compliance), making it difficult to achieve both.

Dusk's approach is different—it embeds the European MiCA compliance standards at the protocol level, which is equivalent to obtaining an "entry permit" in the wave of RWA on-chain.

**Underlying Innovation: Balancing Privacy and Auditability**

When mentioning Dusk, many people think only of zero-knowledge proofs, but its real killer feature is its self-developed Plonk proof system and Citadel identity protocol. This set of technologies achieves a breakthrough: users can prove the legality of their funds' source to regulators while hiding account balances and transaction counterparts.

This "auditable privacy" just fills the most urgent technical gap in the RWA track and is also a prerequisite for large-scale deployment of institutional-grade applications.