RWA infrastructure is becoming quite interesting, generally divided into three main factions. On one side are native compliant chains like DUSK and MANTRA; on the other side, general-purpose L2 platforms such as Arbitrum and Optimism are also vying for territory; and there are sovereign customized solutions like Avalanche Subnets lurking with keen eyes.

Why can DUSK stand out? Its core competitiveness boils down to three points.

First is the combination of privacy and compliance. Compared to competitors like Polymesh, DUSK's zero-knowledge compliance architecture employs a "selective information disclosure" approach—meeting regulatory audit requirements without exposing user privacy, which is especially attractive to traditional financial institutions.

Second is the first-mover advantage in the European market. With the MiCA regulation implemented, DUSK has naturally become a benchmark project under Europe's regulatory framework. Meanwhile, competitors like ONDO are more focused on the US market, creating a regional competitive landscape.

Third is the gradual formation of its ecosystem. Besides NPEX, DUSK has established partnerships with institutions like Cordial and Chainlink, listing on Chainbased platforms to enhance asset accessibility. Once DEXs and cross-chain bridges are launched, ecosystem liquidity will further expand.

However, challenges remain. Insufficient liquidity is a major issue—market cap to trading volume ratio is only 0.26, far below the industry average, which directly affects the enthusiasm of large capital inflows. Additionally, competition from general-purpose L2s is fierce; platforms like Arbitrum, with their massive scale, have long dominated the minds of developers and users.