The first half of the RWA track is over, and the real opportunity lies in the second half — when real estate, government bonds, and corporate stocks are all on-chain, how should these assets be traded?

This is no small question. Imagine large holders building positions, institutions rebalancing, enterprises transferring assets — can these operations be openly listed like trading meme coins? Obviously not. On one hand, privacy is needed to protect traders' strategies and identities. On the other hand, regulators need audit permissions to track fund flows and ensure tax compliance.

This seemingly contradictory dual requirement is becoming the next hot trend. Dusk Network found the answer using zero-knowledge proof technology — it achieves "auditable privacy." In simple terms, it's like a safe deposit box with surveillance cameras: transactions occur secretly inside, but authorized audit parties (like the SEC) can review the details at any time. This completely eliminates institutional concerns about privacy.

The Netherlands' NPEX has already validated the feasibility of this logic, running through the complete closed loop from asset issuance to secondary market trading. When more RWA projects face the same privacy and compliance challenges, the infrastructure supporting all this becomes core competitive advantage.

From an investment perspective, you should shift focus from "assets going on-chain" to "how assets flow on-chain." The former already has numerous participants, while the latter has only a few infrastructure players positioning themselves. The imagination space in this track is just opening up.