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

This is not a small question. Imagine large holders building positions, institutions rebalancing portfolios, and enterprises transferring assets—can these operations be conducted as openly as trading meme coins? Obviously not. On one hand, privacy is needed to protect trading strategies and identities of counterparties; on the other hand, regulators need audit rights to track fund flows and ensure tax compliance.

This seemingly contradictory dual requirement is becoming the next hotspot. Dusk Network uses zero-knowledge proof technology to find the answer——it achieves "auditable privacy". Simply put, it's like a vault equipped with surveillance cameras: transactions proceed secretly inside, but authorized audit parties (such as the SEC) can review the specific contents at any time. This completely eliminates institutional concerns about privacy.

The Netherlands-based NPEX has already validated the feasibility of this logic, with the entire closed loop from asset issuance to secondary trading successfully executed. When more RWA projects face the same privacy and compliance challenges, the infrastructure supporting all of this becomes core competitiveness.

From an investment perspective, attention should shift from "assets on-chain" to "how assets flow on-chain". The former already has numerous participants, but the latter has only a few infrastructure projects in layout. The imagination space of this track is just beginning to open.