In the privacy compliance track, Dusk can be considered a thoughtful participant.

From a technical foundation perspective, they have indeed put in effort. Cryptographic proof technology enables verifiable privacy, modular architecture supports selective disclosure of identities, and infrastructure for asset circulation is built within a compliant framework—this combination is logically coherent, cutting-edge in approach, and even leads the industry in certain niche areas. The three core capabilities form clear technical barriers, fully meeting the future financial sector's dual expectations of "privacy + compliance." From an implementation standpoint, the solution faces no obvious technical bottlenecks, and feasibility is assured.

But the question is: does the market really buy into it? The real-world feedback is somewhat cold.

Looking at the most active on-chain scenarios now makes this clear—high-frequency spot trading matching, leveraged staking and lending, liquidity mining yield arbitrage—these traditional use cases remain the main players in the ecosystem. The core demands of these scenarios are straightforward: high efficiency, high returns, low barriers to entry. As for complex compliance modules and privacy protection features? For most participants, they are simply not essential.

Frankly, the current on-chain user mindset still revolves around "profit first." Long-term risks like privacy leaks and compliance issues are of low concern—almost negligible. This directly prevents Dusk’s technical advantages from translating into real market demand—no matter how good the solution, if no one uses it, it’s all pointless.

This is Dusk’s current awkward situation: the technical route is advanced enough, but they can’t find the right market environment. On-chain contract call volumes remain low, and there’s a huge contrast between market enthusiasm and technical level. It seems like technology is ahead of market demand by a large margin, but ultimately, the ecosystem just isn’t mature enough yet.