I have always liked to view projects from an ecosystem perspective. How far a token can go ultimately depends on whether people are using the network behind it and whether it is worth using. Recently, I spent some time reviewing Dusk's developments, and the more I looked, the more interesting it became—this project seems to be quietly piecing together a puzzle that can attract institutional funding.

Many people see Dusk as just another Layer 1 challenger, but I might see it differently. Looking at its technical route (EVM compatibility) and ecosystem collaborations (Chainlink, traditional licensed exchanges), it resembles more of a "filler" role. Not about starting from scratch, but targeting niche tracks that mainstream public chains haven't yet mastered: providing specialized infrastructure for financial applications that require privacy and compliance. Although this market appears niche, the demand is extremely robust.

Technically, Dusk adopts a modular architecture, which allows for flexible combination of various advanced technologies. The two most noteworthy core modules are:

First is the consensus layer. It offers high efficiency and low-cost transaction processing capabilities, serving as the foundation for large-scale financial applications. Second is the Hedger privacy module, which is the real killer feature. It solves a previously difficult problem—how to conduct private transactions within a transparent environment like EVM, while still ensuring "auditable privacy." This is crucial for the issuance and trading of tokenized bonds, securities, and other assets, protecting investor privacy while meeting compliance review requirements.

In simple terms, Dusk's logic is clear: it doesn't compete head-on with Ethereum, but instead finds things in the ecosystem that no one is doing well and focuses on doing them properly. This positioning is actually more attractive to institutional funds.