Hello readers, I am the cryptocurrency uncle.
Today is February 2, 2026, and there are less than 24 hours until the Ondo Summit opens in New York. Looking at the speaker list featuring BlackRock, Goldman Sachs, BNY Mellon, and the recently frequently speaking Ondo President Ian de Bode, we can be certain of one thing: RWA is no longer an 'experiment', but a 'core strategy'.
But as a deep researcher, the uncle wants to help everyone see through the deep logic behind this lively event. While Ondo is aggressively consuming the share of U.S. Treasury and tokenized stocks, what exactly is @Dusk in the EU doing? Is it trembling or sharpening its knives?
1. The 'spillover effect' of assets going on-chain: Is Ondo's offensive a benefit or a disadvantage for Dusk?
The uncle believes that Ondo's success in the US market represents 'violent expansion of market scale' for Dusk.
* The essential need for infrastructure: When Ondo successfully moves trillions of dollars worth of assets onto Ethereum or Solana, the market will suddenly realize: we are missing a 'privacy vault'. Large institutions (especially family offices and sovereign funds) will not be willing to expose hundreds of millions of dollars in holdings entirely on transparent public chains. The more assets Ondo brings, the stronger the market's demand for Dusk's 'native privacy chain'.
* The beginning of institutional arbitrage: Ondo's assets are currently mainly pegged to the US dollar (USDY/OUSG). Once this trend blows towards the EU, facing strict MiCA regulations, assets originally on US-based chains wishing to enter the EU market will need Dusk's 'legal adapter' structure as the only compliant bridge.
2. $DUSK Strategic Position: In-depth SWOT Analysis
The uncle has sorted out Dusk's real situation in this global RWA competition for everyone:
* Strengths
* Native privacy technology: Dusk is the only L1 that integrates PLONK (zero-knowledge proof) and Piecrust VM at the protocol level, achieving 'absolute confidentiality under compliance'.
* MiCA Competitive Advantage: It possesses legitimacy under EU regulations and has deep integration with regulated NPEX exchanges.
* Identity Sovereignty (Citadel): This ZK-KYC system allows users to 'verify once, pass through privacy', alleviating the anxiety of personal data exposure for institutions entering RWA.
* Weaknesses
* Liquidity gap: Compared to the high liquidity Ondo has gained in the US market, Dusk's ecosystem is still concentrated in Europe, and liquidity depth is yet to be proven by the mainnet asset settlement in February.
* Brand Awareness: Wall Street giants are more familiar with the narratives of Ondo and BlackRock, while Dusk has relatively less voice in the US market.
* Opportunities
* The blue ocean of privacy protection: When big players discover that Ondo's transparency leads to 'sniping trades', funds will turn to Dusk, which provides privacy protection.
* Euro settlement hegemony: With the popularity of compliant euro tokens like $EURQ, Dusk has the opportunity to become the world's largest euro RWA settlement center.
* Threats
* Vertical expansion of US-based chains: If US regulations (DCIA) suddenly accelerate and clarify, and US chains (like Ethereum L2) quickly fill in privacy modules, Dusk's time window will shrink.
* The Matthew Effect of asset concentration: The strong partnership between Ondo and BlackRock might lead to most assets preferring to be listed on US-based chains.
3. Hardcore technical details: Why are PLONK and Citadel the last line of defense?
Here, the uncle wants to supplement some technical details for everyone; this is the underlying code that determines victory and defeat:
* PLONK (Permutations over Lagrange-bases for Oecumenical Noninteractive arguments of Knowledge): This is currently the most advanced zero-knowledge proof system. Dusk has achieved 'privacy settlement' through it, meaning that on-chain transactions can be verified (proving you are legitimate), but the transaction content (amount, who the counterpart is) remains invisible to the outside world. This is called 'protecting business secrets' in the financial circle.
* Citadel Protocol (ZK-KYC): This is Dusk's killer feature. Typical project KYC requires you to send your passport to a server; Citadel allows you to generate proof locally, informing the on-chain smart contract 'I have been verified' without disclosing passport information. This is the only safe choice for large investors concerned about privacy.
* Piecrust Virtual Machine: This is a virtual machine specifically optimized for ZK computation. Compared to Ethereum's general-purpose EVM, Piecrust's speed and efficiency in handling privacy proofs is next-gen, sufficient to support 24/7 real-time financial settlement.
The uncle summarizes:
The toast of Ondo in Manhattan is the first spark ignited in the RWA track. This fire will burn away the market's prejudice against cryptocurrencies but will also ignite the demand for 'privacy' and 'efficiency'.
When the market is talking about assets 'going on-chain', the uncle is watching how assets 'stay on-chain'. Dusk's technological moat is prepared for those large funds seeking long-term, compliant, and data-sovereign solutions after the Ondo party.
Don't get lost at the party; pay attention to that 'universal vault' that can catch all assets.
$DUSK #dusk #RWA #OndoSummit #Citadel #MiCA
