There is an interesting phenomenon in the crypto market. During a bull market, everyone is eager to discuss efficiency, returns, and imagination space; when a bear market arrives, the topics focus on compliance, risk, and responsibility. The Dusk project happens to have a stronger presence in the latter stage.

Why? The logic is quite straightforward. Dusk is not exploring "to what extent blockchain can be decentralized," but rather "which aspects of the financial system are truly suitable to be moved on-chain."

The secret of traditional financial systems lies here — they are inherently layered in information. Ordinary people see the transaction results, regulatory agencies see the complete process, and the details in between should not and will not be fully disclosed. Centralized finance relies on institutional backing to maintain this order, but what about on-chain? On-chain systems need to do the same with mathematics and protocols.

This is where Dusk's innovative approach comes in. Instead of overthrowing the existing framework, it makes "verifiable but not public" the standard. Zero-knowledge proofs have shifted from flashy tech to practical tools — they can meet compliance and audit requirements without exposing all the information of both parties involved in the transaction.

This mindset determines the application direction of Dusk. You won't see it pursuing top-tier TPS data, nor will you see it forcefully riding on hot trends. Where is the focus? Low-frequency but high-value scenarios such as securities issuance, regulated asset trading, and institutional settlement. These scenarios share a common feature: one mistake can lead to enormous costs.

Under this premise, cybersecurity and governance structures are not optional but top priorities.