Dusk Network is an interesting case of contrast. This project, which entered the market in 2018, was initially mainly labeled as a "privacy chain," but after the enthusiasm in the crypto circle waned, it did not follow the trend to shift focus. Instead, it坚持了一条罕见的路线——深耕合规金融。

The changes over the past few years are quite evident. Technologically, the team has continuously iterated on privacy consensus mechanisms and security protocols. After 2023, the focus gradually shifted to the RWA (Real World Asset Tokenization) field. Recently, market rumors suggest that institutional holdings are set to increase from 45% to 70%, and there is substance behind this speculation.

In the early stages, it was relatively dull. From 2018 to 2023, Dusk was almost entirely focused on infrastructure development. During that period, the hot topics in the crypto world were DeFi and NFTs, and projects that were steady and reliable like this one were easily overlooked. The token price dropped from a high of $1 to the current level, with a market cap shrinking over 94% from its peak. Many participants had already exited, believing the project's prospects were bleak.

The turning point came with a strategic adjustment. Starting in 2023, Dusk no longer operated solely within the crypto space but began to collaborate deeply with traditional financial institutions. The most notable development was its partnership with a licensed securities exchange in the Netherlands, which signified that the project had entered the mainstream. Such compliance endorsement is uncommon in the crypto field but is becoming increasingly important in the RWA track.

Essentially, Dusk has chosen a "non-mainstream" but scarce path. It does not chase hot trends or compete in blockchain performance but instead finds a differentiated opportunity at the intersection of compliance and privacy. This approach is very attractive to institutional investors who seriously consider the trend toward financial compliance.