The privacy track in the crypto market has been particularly popular in the past two years. But if you look closely, you'll find that although there are many participants in this track, they are each stuck in their own dilemmas.

Generally speaking, privacy players can be divided into three groups. The first group includes established privacy coins like Monero and Zcash—they focus on "complete anonymity." They achieve data masking through transaction address obfuscation and hidden transaction amounts. Users are satisfied, and regulators have also taken notice. But what’s the result? These projects are classified as key monitoring targets and are essentially excluded from the traditional financial system. The second group consists of new public chains like Aleo and Mina, which mainly promote the power of zero-knowledge proof technology. They aim to implement privacy protection in hot areas like DeFi and NFTs, which sounds promising. The problem is, their architecture designs are too generic and lack customization for financial scenarios, making it difficult to meet compliance requirements of institutions. The third group involves privacy layer projects within the Ethereum ecosystem, which leverage Ethereum’s ecosystem advantages to offer private transactions. However, Ethereum’s underlying architecture has compliance limitations, and these projects cannot bypass them.

What’s truly interesting is that one player has identified an overlooked opportunity—the B2B institutional market. This is the core strategy of Dusk. Its logic is clear: instead of pursuing "full anonymity," which easily crosses regulatory lines, it focuses on "compliant privacy." This approach can meet the real privacy needs of institutions without running into regulatory pitfalls. This differentiated positioning has allowed it to find its own place in the institutional market and carve out a path completely different from other privacy projects.