After several cycles of bull and bear markets, I have gradually come to see a reality: the true opportunity in Web3 is not in creating more projects that cut leeks, but in opening the doors to traditional finance. How to do it? It must address two major pain points for institutions.

Privacy is the first. JPMorgan Chase cannot expose trading strategies on a fully transparent on-chain network. Compliance is the second. Regulatory authorities must have auditing rights. These two seem contradictory—privacy and transparency.

Speaking of which, many people only see Dusk as an established privacy public chain, but they underestimate it. A closer look at its technical solution reveals that it is essentially a Layer 1 tailored for regulated financial institutions. Dusk uses zero-knowledge proofs and the Citadel protocol to build an on-chain dark pool—transactions are kept confidential externally but transparent to regulators. This is the true "both-and."

What’s even more impressive is that it has already begun to land. Its collaboration with the Dutch regulated exchange NPEX is about to go live, tokenizing over €300 million in real securities. Note, this is not a hype about issuing tokens, but genuine compliant on-chain equity and bonds. The DuskTrade platform is the connector between these two worlds.

While the industry is still promoting the RWA concept, some projects are already paving the practical road.