RWA on-chain has become a reality, but the challenge before us is: how to protect transaction privacy while meeting regulatory audit requirements? These two needs seem incompatible, but Dusk Foundation has demonstrated an alternative possibility through practice.

The core is their "Selective Disclosure" architecture. In simple terms, it uses a combination of zero-knowledge proofs and homomorphic encryption to keep transaction details hidden by default. But this is not about evading regulation—quite the opposite. They designed a privacy module called Hedger, which, under key authorization, allows regulatory agencies to audit transactions. This is more like providing a more convenient tool for financial regulation.

Recent ecosystem activities have been quite lively. The DuskEVM mainnet is about to launch, meaning hundreds of thousands of Ethereum developers might flood into their ecosystem. But more importantly are the collaborations with institutions—partnering with the Dutch licensed exchange NPEX to build a DLT trading system, and working with Quantoz to issue EURQ stablecoins compliant with EU MiCA regulations. These are not just technical integrations but innovations within real financial regulatory frameworks.

Data shows that network staking has already reached 200 million tokens, accounting for 36% of the total supply. This indicates that early participants still have confidence in this direction. Perhaps this hints at a new trend: the next phase of successful blockchain projects may not necessarily be the most decentralized, but the ones that understand how to innovate within a compliant framework.