The stabilization of the US core CPI has sent a clear signal to the market: inflation is no longer an immediate threat. For the FOMC, this is like taking a reassuring pill—interest rate cuts can be implemented gradually, without worrying about runaway inflation forcing a hard landing, nor rushing to rescue the market. This breathing space essentially represents a relatively clear macro policy time window.

Here's where it gets interesting. History shows that whenever macro-level "big waves" subside, market focus shifts from the sky to the ground—investors begin to explore those detailed opportunities and risks hidden behind the grand narrative. Macro tools like interest rate expectations are no longer the only dance music; capital will become more discerning, seeking assets and protocols that address real pain points and improve operational efficiency.

This marks a turning point in the DUSK story. During periods of intense macro volatility, it might be seen as a hedging tool; but when the market calms, its value proposition shifts—from "How can I help when the system encounters problems" to "When the system operates normally, how can I make it more efficient and private for professional players."

As policy expectations become clearer, the contradiction between compliance and privacy begins to intensify. When everyone sees through the central bank's tactics, excess returns are no longer derived from betting on policy directions, but depend on who can provide better efficiency and privacy protections within a compliant framework.