Dusk is more than an “institutional privacy chain.” It is selective-disclosure infrastructure for regulated, high-stakes workflows. Most of Dusk's on-chain activities go through the transparent Moonlight channels. In contrast, Dusk's Phoenix channels, with shielded transactions, are scarce. This is because Dusk's utilization is intentional, audit-ready, and not low. High-staking tells us that there is conviction for the long term. Transfers on Dusk are measured, and the daily transfer totals are low. This chain is being stress-tested for its infrastructure, not for the hype. While Dusk's actual L1 utilization is often underappreciated by others, the market hype far exceeds the actual infrastructure. This is because most people are focused on what Dusk might become rather than the actual infrastructure that Dusk currently has. The first signal will be the routine utilization of shielded transactions, active and predictable smart contracts, and stable, deeper counterbalances that may be under Dusk's volatility. When all of this is present, Dusk will no longer be merely a story; it will become the regulated financial infrastructure that we require.
