Over the past year, observing the DUSK project, the most interesting thing is not a particular feature launch, but its complete transformation—from a privacy-compliant public chain to a three-layer modular financial stack architecture.

Honestly, many projects talk about modularity as just a slogan. DUSK is different; it tackles two difficult issues at once: how to implement commercial applications and how to maintain engineering. It has managed to clarify the accounting on the same table. The underlying logic is actually very pragmatic—not to ride the Ethereum ecosystem hype, but to genuinely reduce integration costs for institutional-grade applications. Privacy and compliance thus become reusable infrastructure, with DUSK tokens serving as a unified fuel across the three layers. This creates a clear closed-loop for value capture.

From a data perspective, it gets even more interesting. The tokenomics design of DUSK is inherently tailored for long-term financial infrastructure. The initial supply is 500 million tokens, and the protocol will distribute rewards to stakers over 36 years using geometric decay, with a total cap of 1 billion tokens. What does this indicate? Inflation is not infinite; it is constrained by a clear timeframe and rhythm.

Currently, the circulating supply is about 563 million tokens. The current market price is approximately $0.066 per token, corresponding to a market cap of over $37 million. This scale may seem insignificant in the crypto market, but it highlights two key points: first, this is not a price driven by hype, but a discounting of genuine future demand; second, the upside potential has not been fully priced in...