DeFi didn’t break because the code was open; it broke because the incentives were. When everything is permissionless, the cheapest attack is often social, and the cost is paid by ordinary users. That’s why Dusk’s instinct to put guardrails around DeFi matters. Privacy doesn’t have to be the opposite of oversight—and oversight doesn’t require a closed, permissioned walled garden. The compelling middle path is selective disclosure: transact confidentially, prove the rules were followed, and only reveal the minimum necessary details when it genuinely matters. Dusk’s work on privacy-preserving, compliant smart contracts and confidential execution points in that direction, especially for real assets that already live under legal obligations. If DeFi wants to touch payroll, treasuries, or regulated markets, it needs composability plus credible accountability. Guardrails aren’t a retreat from decentralization; they’re what makes decentralization usable outside crypto-native circles. Think identity proofs without doxxing, compliance hooks without backdoors, and defaults that punish behavior.
DUSK
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