In the past two years, I've seen too many blockchain projects touting the slogans of "speed" and "full openness" to hype concepts. But one project has taken a less traveled path from the very beginning—Dusk seriously considers an overlooked issue: if we don't simply copy the utopian permissionless model, but instead build the chain based on the real operational rules of financial markets, what would it look like?

The core logic is actually quite sobering. Financial markets do need transparency, but not everything needs to be exposed indiscriminately. Price discovery mechanisms must be public, trading rules should be clear, and fund settlement needs to have finality—these must be under sunlight. But not all details need to be laid bare. Dusk starts from this reality, rethinking how blockchain interfaces with regulated financial systems, rather than opposing them.

This approach actually addresses a real problem: how to balance the transparency advantages of blockchain with the practical needs of risk management and compliance in financial markets. Many chains are still exploring this area.