Having looked at so many RWA projects, the套路 is basically the same: beautiful PPT → testnet demo → story line collapses. The root cause is actually not complicated; most teams simply haven't calculated the compliance accounting in the real world.

Dusk is different. From the very beginning, they didn't shy away from this challenge. Their DuskTrade is not about "potential future collaborations," but is deeply integrated with NPEX, which holds MT, Broker, and ECSP licenses, and has incorporated real securities assets on-chain within a compliant framework. This detail is particularly critical—it determines what Dusk is betting on. It's not betting on regulatory loopholes, but on regulatory certainty.

Coupled with DuskEVM's developer-friendly design and the auditable privacy solutions provided by Hedger, you see a complete closed loop: institutions are willing to use it, developers can build on it, and regulators can audit it. In the short term, it may not seem very sexy, but this kind of infrastructure is indeed rare in the RWA track.

Rather than saying you are bullish on a certain token, it's better to understand it as a "patience asset for infrastructure." When RWA truly enters deep waters, the ones that survive won't be the loudest, but the most solidly built.