My friend Lao Wang, who comes from an investment banking background, originally had a negative impression of blockchain. "Anonymous, uncontrollable—what can this thing do?" Until recently, he suddenly asked me for my opinion on a new project, and the reason for his change was very practical.

Their team is working on a project: moving the rights of a European private equity fund onto the chain, but they hit a snag. Investors demand privacy protection, while regulators require auditability and traceability. After exploring various options, industry solutions were either transparent or black-boxed and opaque. That’s when Dusk came into his view.

The cleverness of this solution lies in its layered design. Assets are issued on-chain, and transfers between investors are completely private—who bought or sold, others cannot see. But the fund manager and regulatory authorities holding permission keys can see the full compliance data. Lao Wang said, "Isn't this the electronic private placement register we've dreamed of? Just using the chain as the underlying layer, more secure and more automated."

On the technical side, progress is also being made. Dusk not only optimized its own L1 architecture but also quickly launched an EVM-compatible smart contract layer, greatly reducing developers’ onboarding costs. There are already compliant service providers like Quantoz issuing assets on it. Lao Wang is now conducting a technical assessment. He believes it won’t be long before the market sees not just traditional assets "packaged" as tokens, but entirely new financial products that are native on-chain and inherently compliant from the start. This could be the new language blockchain offers to the financial industry—native, smarter language.