RWA has been a hot topic for many years, but why is its actual implementation still lukewarm? The core pain point is simply this: on-chain transparency and off-chain compliance are inherently at odds.

Traditional public blockchains like Ethereum have transaction data fully公开, which is a hard obstacle for Wall Street institutions that require privacy protection. Conversely, privacy coins, while thoroughly private, are fundamentally unable to pass regulatory scrutiny. Institutions need a底层 that can ensure privacy, compliance, and auditability—how to break through this "impossible triangle"?

Dusk Foundation is addressing this very issue. Don’t think of it as just another public chain; it’s more like infrastructure specifically built for financial assets.

**What is Dusk**

Founded in 2018, with a very clear定位: to create a privacy Layer 1 focused on regulated financial assets. The goal is to bring securities, bonds, and other traditional assets onto the chain, while protecting transaction privacy and meeting compliance audit requirements.

Think of it this way: if Ethereum is a global general-purpose computer, then Dusk is a底层 system tailored for the "Global Digital Securities Exchange."

**How is the technical architecture**

In 2025, Dusk underwent a major architecture upgrade. From consensus mechanisms to privacy protection, the entire tech stack was optimized. Using innovative solutions like Succinct Attest consensus mechanism, it ensures transaction privacy while maintaining the监管所需的审计追溯能力. This design is not just simple privacy stacking; it finds a feasible balance between privacy and compliance.