Friends, when discussing projects like Dusk, we need to consider both its potential and maintain a degree of rationality. Today, let's straightforwardly talk about its opportunities and pitfalls.

Dusk is taking a difficult path: building blockchain infrastructure for the regulated financial world. What do institutions fear most when going on-chain? Exposure of business secrets and failure to pass audits. Dusk's answer is "auditable privacy"—achieving a delicate balance through mathematics: transaction details are concealed without revealing them, yet regulators can obtain irrefutable compliance proof. This approach is its core competitive advantage.

Because of this positioning, its development speed will inevitably align with traditional finance—steady, phased, and not aggressive. Ecosystem collaborations also follow this logic. For example, partnering with licensed European exchanges aims to securely bring real assets (worth hundreds of millions of euros) onto the chain.

But honestly, there are hurdles on the road. No matter how advanced the technology, moving from lab experiments to large-scale commercial use requires real-world testing, including stability and security—there are no shortcuts. In terms of market competition, it must prove that this privacy-compliance solution can truly convince institutions, rather than them simply seeking alternatives on more mature chains.

Global regulatory landscapes are changing. Deep alignment with the EU framework is an advantage, but it also adds complexity when adapting to other regions—this is a challenge all compliance protocols face. True ecosystem prosperity takes time; it requires attracting developers and incubating "killer apps." Every infrastructure project must go through this "cold start" phase.

Overall, Dusk has chosen a long-term approach. Whether its story will be successful depends on how well the three variables—technology, market, and regulation—coordinate.