Why did the much-anticipated STO bubble of 2018 ultimately turn into a mess? Because you overestimated the 'simplicity' of institutions. Looking back, the reason why the STO (Security Token Offering) that was hyped in 2018 suffered a disastrous defeat was not because of strict regulations, but because it attempted to forcibly strip financial giants of their 'fig leaf.' Think about it, which hedge fund would be willing to trade on a fully transparent ledger like Ethereum? Every adjustment and every strategy you make gives your counterpart a 'clear view' of your moves, and this kind of 'structural naked running' directly led to the complete depletion of liquidity. Dusk clearly saw through this deadlock; it did not stubbornly pursue 'asset on-chain' like those pioneers of the past but instead focused on solving the prerequisite of 'privacy trading.' Through zero-knowledge proofs, Dusk has effectively rebuilt the traditional financial industry's most relied-upon 'dark pool' model on a public chain. Institutions can trade compliant assets in large volumes here without worrying about their positions being exposed and targeted. This architecture, which retains the interoperability of public chains while protecting traders' 'commercial secrets,' is the only logic that can truly revive STOs and lead them into the trillion-dollar market. After all, in the financial circle, those who can help large clients keep secrets are the ones who can maintain liquidity.

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