Many people describe Dusk Foundation as an underappreciated serious project. I see it differently. Dusk feels less like something the market has misunderstood, and more like something it has consciously ignored — not because it lacks depth, but because its depth is hard to compress into a single, compelling sentence.
Dusk is not trying to be a general-purpose blockchain, and it is not a privacy coin in the classic sense. It is building controlled privacy infrastructure. Its core assumption is that, in the future, regulated assets will move on-chain — but they won’t behave like meme coins. They will require permissions, identity layers, selective disclosure, and auditability, all while preserving confidentiality where needed.
This is intellectually sound. But it rests on a fragile assumption: will traditional finance really choose a public blockchain for this transition? In practice, many institutions can solve most of their needs using consortium chains, private ledgers, or even upgraded database systems — without exposing themselves to the governance, volatility, and reputational risks of public networks.
Dusk’s strongest advantages — openness and composability — are also its weakest selling points. What crypto natives see as innovation, conservative institutions often see as attack surface. From their perspective, less openness can mean less liability.
The DUSK token reflects this reality. It functions primarily as an infrastructure incentive, not a narrative driver. Without meaningful, scaled business activity on the chain, the token has little reason to command sustained attention.
My conclusion is simple: Dusk may be right in theory, but it is not clearly necessary in practice. And history shows that projects which are “right but not essential” often struggle to find durable market traction.
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