The first half of the RWA track has already ended. The real opportunity lies in the second half—when real estate, government bonds, and corporate stocks are all tokenized on the blockchain, how will these assets be traded?

This is not a trivial issue. Imagine large investors building positions, institutions rebalancing, and companies transferring assets—can these operations be openly listed like meme coin trades? Clearly not. On one hand, privacy is needed to protect the strategies and identities of the traders; on the other hand, regulators require audit permissions to track fund flows and ensure tax compliance.

This seemingly contradictory dual requirement is becoming the next hot spot. And Dusk Network has found the answer with zero-knowledge proof technology—it achieves "auditable privacy." Simply put, it's like a vault equipped with surveillance cameras: transactions happen secretly inside, but authorized auditors (such as securities regulators) can review the details at any time. This completely alleviates institutional concerns about privacy.

NPEX in the Netherlands has already validated the feasibility of this approach, running a complete closed loop from asset issuance to secondary trading. As more RWA projects face similar privacy and compliance challenges, the infrastructure supporting all this will become a core competitive advantage.

From an investment perspective, the focus should shift from "asset on-chain" to "how assets flow on-chain." The former already has many participants, but the latter only has a few infrastructure players laying out the groundwork. The imagination space for this track has just begun to open.