Dusk's ambition is not to overthrow traditional finance (such as giants like Euroclear or DTCC), but to provide an interoperable upgrade pathway.

Just look at its collaboration with the Dutch NPEX exchange — this model is very representative. In simple terms, Dusk handles the underlying settlement and privacy protection, while NPEX provides legal identity, regulatory licenses, and an existing customer base. Both parties play to their strengths.

This hybrid solution of "off-chain compliance interface + on-chain privacy settlement" is particularly clever. Traditional financial institutions can adopt this approach without having to overthrow their existing business systems, allowing them to gradually introduce blockchain technology to improve efficiency, increase transparency, and even develop new products. The pressure is low, and the risks are manageable.

In other words, Dusk's value does not come from destruction and rebuilding, but from empowering and upgrading existing systems. This evolutionary development path is more certain than radical disruption and easier to sustain in the long run.