If you want to truly understand the privacy track, you will see an unavoidable issue: institutions simply won't touch completely anonymous systems.

Dusk's approach here is particularly worth noting. They didn't follow the traditional privacy protocol path but instead developed an auditable privacy execution layer—Hedger. How does it work? Zero-knowledge proofs combined with homomorphic encryption, enabling transactions to run with default privacy but still be verifiable and auditable when needed. The design logic is clear: it’s meant to enable regulatory compliance, not to help bypass regulations.

The core idea is simple: regulation won't disappear out of thin air, and institutions won't use a black-box system. Most projects choose to avoid this issue, but Dusk directly addresses it head-on. Few in the entire Web3 space do this.

When RWA (Real-World Assets) truly gains momentum, privacy won't be a question of "whether" but rather "how to do it compliantly." From this perspective, Hedger is not just an optional module; it is the lifeblood of Dusk's long-term competitiveness. The value of $DUSK will ultimately be closely tied to this capability.