The practical question I keep coming back to is simple: if something goes wrong, who is actually allowed to show up and fix it?
That’s where most RWA experiments start to feel brittle. Liquidity incentives try to paper over the fact that regulated assets live inside legal systems, not Discord servers. You can bootstrap volume, but you can’t incentivize a regulator to accept a venue they don’t recognize, or an institution to trade somewhere their compliance team can’t sign off on. The friction isn’t technical; it’s jurisdictional, contractual, and reputational. Most solutions dodge this by pretending scale will solve legitimacy later. It rarely does.
Seen this way, @Dusk feels less like a DeFi project and more like plumbing. Licensed venues matter because they anchor settlement, identity, and accountability in places the law already understands. Without that anchor, RWAs stay experimental.
This will only be used by institutions that value survivability over growth hacks. It works if compliance is cheaper than chaos—and fails the moment incentives try to replace trust instead of earning it.