Recently, there has been a clear trend: institutional investors are increasingly discussing the concept of "compliant on-chain finance." Every time this topic appears, Dusk and its tokens are almost always highlighted for discussion. Interestingly, this project, once labeled as a "privacy" project, is undergoing a fundamental shift in its core narrative—and this shift may be redefining the project's value proposition.

**Narrative Transformation: No Longer Just a Pure Privacy Public Chain**

The simple understanding of Dusk as a "privacy public chain" is outdated. Its true role should be "infrastructure providing compliant privacy capabilities for traditional finance."

The evidence for this judgment is quite clear. While other privacy projects are still in the laboratory discussing technical prospects, Dusk's confidential smart contract technology has already been implemented in real commercial applications. The securities tokenization project on the Dutch NPEX exchange is a vivid example—that's not just technical validation but real entry into regulated traditional financial services. The two are entirely different levels.

Dusk addresses very practical issues: how traditional finance can digitize while complying with strict regulations like the EU's MiCA, protecting business data privacy while maintaining compliant transaction records. This positioning offers a completely different value—expanding the potential market from niche demands in the crypto space to the trillion-dollar traditional financial market.

**Market Response: Moving Independently of the Overall Market**

Observing Dusk's market performance reveals a characteristic: it often moves independently of the overall market trend. This technical feature usually indicates one thing: there are differing perceptions of its true value in the market, but a consensus is gradually forming.