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Walrus es un protocolo descentralizado de almacenamiento y disponibilidad de datos construido alrededor del almacenamiento de archivos grandes denominados "blob"—vídeos, imágenes, artefactos de modelos, PDFs, conjuntos de datos—sin convertir la cadena base en un disco duro abultado. Esa descripción sencilla pasa por alto el punto principal, porque el verdadero producto no es simplemente "almacenamiento barato", sino una forma de hacer que el almacenamiento sea verificable, programable y de larga duración, manteniendo la capa de almacenamiento especializada y dejando que Sui se encargue de la coordinación, los pagos y el estado en cadena. WAL se encuentra en el centro de ese diseño: es la unidad utilizada para comprar retención, la apuesta que determina qué operadores de almacenamiento son relevantes y el peso de gobernanza que ajusta las sanciones e incentivos.

Dusk is a Layer 1 blockchain built specifically for regulated, privacy-sensitive financial markets. That sounds like standard marketing, but it misses the real point. The project is not trying to be a general-purpose “world computer”; it is trying to be infrastructure where regulated assets, compliance rules, and zero-knowledge privacy all live in the same base layer, not bolted on as an afterthought. Founded in 2018, it has grown into a chain where settlement finality, legal alignment, and selective transparency are treated as hard requirements, not optional features.
In the normal public-chain world, financial institutions face two bad choices. Either they work on transparent rails where every order, position, and counterparty can be reconstructed by anyone with a node, or they move into closed, permissioned systems that look more like private databases with a blockchain logo on top. Dusk is a response to that tension. It tries to keep the openness and composability of a public chain, while embedding the privacy and accountability that institutional finance actually needs.
At the architectural level, Dusk sits squarely at the base of the stack as a public, permissionless Layer 1 with its own consensus and virtual machine. The network is secured by Succinct Attestation, a proof-of-stake protocol designed to provide fast, final settlement — a key property if the chain is going to carry securities and other regulated instruments where “maybe-final” blocks are not acceptable. Validators stake DUSK, participate in block production and attestation, and in return capture fees and block rewards; capital at the consensus layer is there to underwrite finality for instruments that might be legally binding off-chain.
Above that consensus layer, the Rusk virtual machine runs privacy-preserving smart contracts using zero-knowledge cryptography. Rusk is positioned as a zero-knowledge VM rather than a simple EVM clone, so contracts can manage assets, KYC proofs, and compliance logic without exposing all of their internal state to the public ledger. In parallel, the ecosystem has rolled out DuskEVM, an EVM-compatible environment that lets developers port Ethereum contracts and tools while still taking advantage of the chain’s privacy and compliance stack. That duality — a native ZK-VM for deeply private logic plus an EVM layer for broader developer familiarity — is what gives the network room to serve both highly regulated flows and more conventional DeFi-style applications.
The value layer is where Dusk is most opinionated. Instead of just supporting arbitrary tokens, it is explicitly targeting regulated instruments: tokenized equities, bonds, fund shares, and other real-world assets that must comply with frameworks such as MiFID II, MiCA, and the EU’s DLT Pilot Regime. The chain is already positioned around European regulatory structures, and it works with partners such as NPEX, a Dutch MTF-regulated venue, and Quantoz, which issues a MiCA-compliant euro stablecoin (EURQ) that can serve as both collateral and settlement currency on-chain. In practice, that means the chain is not just a playground for synthetic instruments; it is increasingly wired into legacy financial infrastructure.
Consider how capital actually moves through this stack in a realistic scenario. A mid-sized European SME wants to issue a small listed bond, but traditional listing routes are slow and cost-heavy relative to the size of the raise. Working with a licensed venue integrated with Dusk, the issuer creates a digital security on-chain: a token that encodes not just ownership but also eligibility rules — which jurisdictions are allowed, what KYC level is required, and how transfers are restricted. Those rules live inside a privacy-preserving contract on Rusk, with eligibility proofs represented as zero-knowledge attestations rather than visible whitelists. Investors fund their accounts with EURQ or another on-chain settlement asset, complete KYC with an approved provider, receive a cryptographic proof, and then subscribe to the bond through an order book or primary issuance module that can keep order sizes and identities private while still proving that the overall allocation and settlement match regulatory requirements. The end result is an on-chain bond position that looks locally like any other token in a wallet, but is governed by invisible yet enforceable compliance logic at the contract level.
The risk profile changes meaningfully along this path. Investors move from traditional off-chain custody risk and opaque post-trade processing toward smart-contract risk, protocol risk, and stablecoin risk. In return they gain near-instant settlement, programmable corporate actions, and the ability to move positions across DeFi-like venues without re-onboarding each time. For the issuer, the main benefit is access to more consolidated liquidity — a single programmable rail where investors from multiple venues and channels can meet — while offloading a chunk of operational and reconciliation overhead into code.
A different path is more relevant for desks and funds. Imagine a crypto-native fund that wants to run a basis or carry strategy using regulated RWAs as collateral instead of volatile crypto pairs. On Dusk, the fund can hold tokenized sovereign bonds or money-market instruments issued by a regulated partner, pledged into a lending or repo contract that sits on Rusk. The lending market can keep individual positions private while generating public proofs that aggregate LTVs, concentration limits, and collateralization ratios are within predefined bounds. This allows a borrowing desk to tap on-chain liquidity without revealing its exact positions and leverage to the entire market, while still providing enough visibility for LPs and auditors to monitor systemic risk. That balance — private positions, public risk bounds — is exactly the kind of design institutional desks have been looking for and rarely find on fully transparent chains.
Incentives are shaped with those users in mind. High-frequency, purely mercenary farmers are not the primary audience; the design rewards participants that plug in stable, regulated flows. Validators are compensated for running SA consensus reliably and handling zero-knowledge-heavy workloads. Builders who integrate exchanges, identity providers, and custody solutions into Dusk are effectively creating on-ramps for entire verticals of capital and can capture fees at the application and service layer. Institutions, meanwhile, are attracted by the ability to reuse their existing compliance frameworks — not circumvent them — and to route large flows without broadcasting their full activity graph to the market.
Relative to default public-chain models, the main mechanistic difference is where compliance lives. On most L1s, legal and regulatory checks are either handled off-chain by centralized intermediaries or implemented in fragmented, app-level code. Dusk pushes compliance down into the protocol and VM: identity proofs, jurisdictional rules, transfer restrictions, and reporting hooks are treated as first-class elements in the contract environment, backed by zero-knowledge rather than blunt whitelists. The result is that “tokenization” is not just a wrapping of an asset; it is a full remapping of issuance, trading, and post-trade flows into programmable objects that respect existing law.
Privacy is the other edge of that difference. Most public chains rely on complete transparency for integrity. Dusk assumes that for securities and institutional flows this is structurally unacceptable. It uses zero-knowledge proofs to make transactions and contract state private by default while still letting authorized observers or auditors verify that rules are followed. There is active research and implementation work around privacy-preserving NFTs and self-sovereign identity models natively on Dusk — for example, schemes where rights are stored privately on-chain and proven via ZK proofs without exposing the underlying NFT or wallet. That kind of architecture is designed to support things like access-controlled markets, private order books, and compliant whitelisting without leaking the entire structural map of the market.
The risk surface is correspondingly specific. Market risk is still there — token prices, RWA collateral values, and stablecoin pegs all move — but the more interesting vectors are structural. Liquidity risk is critical: if most assets on Dusk are tightly regulated securities, exit and unwind flows during stress will depend on how many venues, custodians, and bridges can handle those instruments natively. If only a small number of gateways exist, the system inherits concentration risk even if the base chain is technically decentralized. Protocol and implementation risk are elevated because of the reliance on complex ZK systems and a custom VM; bugs in proof circuits or privacy modules are more subtle and can have catastrophic consequences if they invalidate core compliance guarantees. Operational and regulatory risk sit in the integrations: licensed venues, identity providers, and custodians built around Dusk must maintain their authorizations and processes; changes in law or enforcement posture could force upgrades or migrations that impact live assets. Finally, there is behavioural risk: if incentives are not calibrated correctly, issuers may underinvest in transparency to auditors, or liquidity providers might avoid the ecosystem if they feel constrained by compliance-heavy UX.
The design tries to mitigate these through protocol decisions and partnerships. SA consensus is tuned for finality and resilience, aiming to reduce settlement risk for financial instruments. Privacy tools are built into the VM rather than as external gadgets, which gives the core team more control over audits and upgrade paths. Regulatory alignment with EU frameworks is deliberate; by choosing a specific region and rule set, Dusk is optimizing for depth over breadth rather than chasing all jurisdictions at once. Partnerships with venues like NPEX and with compliant euro issuers provide credible, regulated endpoints for asset issuance and settlement, making it more likely that real securities will live on the chain rather than being mirrored in a purely synthetic way.
Different audiences will read this infrastructure differently. Everyday DeFi users primarily see another L1, but with an unusual catalog: more on-chain securities, more euro-denominated instruments, more products that look like what their bank offers, just with self-custody and composability. They may care less about MiFID or MiCA and more about whether they can earn a predictable yield on regulated RWAs without surrendering their entire activity graph. Professional trading desks and market makers look at Dusk as a possible venue for running strategies that require confidentiality — block trades, structured issuance, credit lines — where traditional public chains are too open and permissioned chains are too closed. For them, the question is whether Dusk can reach enough depth and connectivity to justify the integration work. Institutions and treasuries see a way to dip into on-chain markets without having to explain to regulators why all their flows are pseudonymous and globally visible. They care about finality, clear legal frameworks, and the ability to show auditors deterministic proof that their on-chain operations meet compliance rules.
At the industry level, Dusk sits inside a broader shift toward on-chain RWAs and regulated DeFi rails. Where early tokenization efforts focused on wrapping assets for marketing value, the newer wave is about turning blockchains into primary infrastructure for issuance and secondary trading, with real regulatory hooks and custody flows. Dusk’s decision to make privacy the default, not an optional module, signals a belief that regulated markets will not fully move on-chain while their entire microstructure is visible to the world. The chain is built as if the end state is a mixed environment: some flows fully open, others shielded but auditable, all stitched together on a public base layer.
From a builder’s perspective, the trade-offs are clear. Dusk has chosen composability and permissionlessness at the L1 level, but it has not maximized “anything goes” UX. Instead, it prioritizes the needs of issuers, regulated venues, and compliance teams willing to build on new rails. That means living with heavy cryptography, standards work, and slower, more deliberate integrations. It also means accepting that the chain might not become the primary venue for purely speculative flows chasing the fastest yield rotation. The bet is that the more demanding segment — institutions and serious issuers — will value an environment where privacy, finality, and legal alignment are all first-class.
Most of the ingredients are already locked in: a running Layer 1, a custom ZK-focused VM, an EVM layer, partnerships with regulated venues, and an explicit alignment with European regulatory regimes. From here, the plausible paths range from Dusk becoming a specialized backbone for a cluster of European RWA markets, to a broader hub for compliant DeFi primitives, to a sharply defined niche where a small number of high-value issuers and desks operate in relative quiet. The interesting part will not be the narrative around privacy or regulation, but the actual flows that choose to settle on this infrastructure and the behaviour they reveal when confidentiality and compliance finally share the same chain.

@Dusk #DUSK $DUSK

Esta cadena de bloques comienza con una idea tranquila pero radical: el principal "usuario" no es una persona sentada frente a un teclado, sino un agente de IA que actúa en nombre de alguien. Los humanos siguen siendo quienes deciden lo que importa, pero la actividad cotidiana corresponde a software que nunca duerme, nunca deja de escuchar y puede actuar en el momento en que algo cambia. Todo el sistema se adapta a esta realidad. Está diseñado principalmente para agentes de IA, y en segundo lugar para humanos, para que nuestras intenciones puedan seguir vivas y funcionando en la red incluso cuando no estamos mirando.

La mayor parte de lo que sucede en la cadena hoy todavía está moldeado alrededor de las personas: pantallas, botones, clics y esperas. Pero nos estamos moviendo hacia un mundo en el que la mayoría de las acciones serán realizadas no por manos humanas, sino por agentes inteligentes actuando por nosotros. En ese mundo, la infraestructura central no puede diseñarse alrededor de nuestro ritmo lento. Debe adaptarse a la velocidad de sistemas que piensan, reaccionan y coordinan en tiempo real, al tiempo que reflejan algo profundamente humano: la intención, las reglas y la responsabilidad.
Este es el tipo de mundo para el que se construyó esta cadena de bloques. Es una capa fundamental donde las actividades financieras reguladas y centradas en la privacidad pueden coexistir con agentes de inteligencia artificial autónomos. Aquí, las finanzas cumplidoras, el valor real del mundo tokenizado y los flujos de trabajo institucionales no son una consideración posterior. Están en el centro. El propósito de la cadena es ser un soporte silencioso y resistente: un lugar donde el dinero, los datos y la lógica pueden moverse de formas inteligentes y legales, privadas y auditables al mismo tiempo.

Algo importante está cambiando, y no es ruidoso. El software está empezando a actuar. No solo mostrar opciones o esperar un toque, sino llevar adelante la intención: tomar decisiones, dar pasos, seguir adelante. Cuando te sientas con esa realidad, puedes sentir la presión que ejerce sobre nuestros cimientos. Un mundo de agentes de IA autónomos no puede funcionar con sistemas diseñados para pausas, interrupciones y la constante supervisión humana. Necesita una capa base diferente: una en la que los humanos establezcan el propósito y los límites, y los agentes hagan el trabajo de forma segura dentro de esos límites.

El crepúsculo comienza con una idea sólida: las finanzas serias necesitan privacidad y responsabilidad al mismo tiempo. Se posiciona como una capa 1 con regulación y privacidad, diseñada para que las instituciones puedan transferir valor e emitir activos del mundo real con confidencialidad, al mismo tiempo que permiten la auditoría cuando sea legalmente obligatorio. Ese enfoque es importante porque refleja cómo funciona realmente el mundo. Las personas y las organizaciones no buscan la secrecía por sí misma, ni tampoco quieren que todo se exponga por defecto. Necesitan discreción en los momentos adecuados y prueba en los momentos adecuados. Necesitan un sistema que no obligue a elegir entre proteger la información sensible y demostrar responsabilidad.