Many people focus on the short-term price when looking at DUSK, but they haven't really understood the role it plays in the market cycle.

First, it's important to clarify one thing: it is not a meme coin that relies on sentiment and liquidity to survive. The value drivers of this project are phased, with key metrics completely different at each stage.

**During the bear market bottom and early recovery period**, the main focus is on technological delivery and infrastructure laying. The launch of DuskEVM mainnet, the completion of important milestones with ecosystem partners like NPEX, and the initiation of the first batch of ecosystem grant projects—once these progress, they immediately attract a group of investors who believe in long-term value. In this stage, the price is very sensitive to execution capability.

**When entering the bull market uptrend**, it’s a different story. Market sentiment shifts from "Can it get started?" to "Is anyone actually using it?" By then, hard indicators such as total assets locked on-chain, the real volume of privacy transactions, the issuance scale of RWA assets, and active addresses become key to pricing power. If the DuskTrade platform operates normally and trading volume begins to generate, that becomes the most convincing validation—and it will attract trend-chasing funds and some professional institutions.

**At the cycle top**, the situation could be even bigger. Suppose traditional finance really begins large-scale asset tokenization; as a leading protocol in the privacy sector, it will benefit from that wave. Valuations may enjoy the industry-wide spillover effect, plus the premium for industry leaders. Volatility will indeed be milder than pure sentiment tokens, but the ceiling could be much higher.

Essentially, these projects are long-term infrastructure plays; value realization takes time. Instead of obsessing over short-term price fluctuations, it’s better to continuously monitor the achievement of core milestones. Only then can you truly grasp its long-term potential.