Have you ever wondered why the research teams at Goldman Sachs and Morgan Stanley have been so active lately? On the surface, they seem to be studying the price fluctuations of various Memecoins. In reality, their focus has long been on a different area—the Dusk technology framework.

What’s the key point? It’s the concept of this "confidential smart contract." Traditional blockchain transactions have a fatal flaw: large holders’ operational intentions are obvious, and their position data is completely transparent. In the Dusk system, it’s a whole different story. Institutions can execute complex trading strategies on-chain while maintaining operational privacy, only proving compliance to regulators or trading counterparts at the final settlement stage. For traditional financial giants used to information asymmetry, this is like opening the door to a new world.

Even more impressive is its modular architecture. Identity verification, oracles, compliance tools—these modules can be flexibly combined, allowing institutions to quickly build financial products that meet different regional regulatory requirements. For example, tokenized private equity funds, which previously took months to adapt to various legal frameworks, can now be standardized and completed in a few weeks.

The question is: what exactly is Dusk’s competitive edge? It’s not about TPS performance or marketing slogans like "the fastest transaction speed on the network." Its true moat is—understanding the complex logic of traditional financial operations and using cryptography and privacy technologies to bring that logic on-chain. They are selling a complete solution, not just a "fast chain."

From a valuation perspective, DUSK shouldn’t be compared directly to ordinary public chains. It should be benchmarked against core technology companies that provide trading systems for financial institutions. That’s a deeper and broader market space.