In the crypto space, you have to speak honestly. The Dusk project does have some real substance; the key is that its direction is correct—making privacy a truly compliant financial tool, rather than just some technical tricks to hide from regulators.

But there's a harsh reality: the technology itself isn't the problem, the users are. Don't focus solely on throughput or ecosystem partnerships; the main point is—how many people are actually using privacy channels in real transactions.

On-chain data doesn't lie. Looking at the previous day's transaction data, out of 160 transactions, less than 4% actually used privacy features, with the majority supporting public transactions. With blocks every ten seconds, network traffic isn't even close to maxing out; capacity is more than sufficient. The core issue isn't the technology itself, but that privacy features aren't being used. The technology is ready, but users haven't caught up.

On the market, it seems lively, but it's mostly hype. Daily trading volume has soared to twice the market cap, and the ERC-20 version sees at least thousands of transfers daily—funds are indeed flowing. But none of this flow is directed into privacy channels, and that distinction is crucial. Dusk aims to become a real infrastructure; stacking features alone is meaningless. It must wait until the proportion of privacy transactions gradually increases within normal transactions.

When will that happen—when most tokens are stably staked, but the share of privacy transactions starts genuinely rising—that's when the story turns into a real financial tool. Only then does it truly upgrade from theoretical discussion to on-chain productivity. This signal only exists on-chain; you won't see it in press releases.