After years of navigating this market, you'll gradually notice a pattern: during a bull market, almost every project shines brightly; once the market cools down, the true nature of most projects is revealed. It is during this phase that I begin to reassess those projects in the privacy sector.

Dusk Foundation is such an interesting entity — it doesn't belong to the type that easily attracts attention. It doesn't generate frequent buzz nor chase hot topics. In a sentiment-driven market, this style is indeed unpopular. But from a long-term perspective, it actually serves as a natural filtering mechanism.

Privacy as a sector is not a fast track. Once financial scenarios are involved, compliance and verifiability become unavoidable issues. You'll see many projects choosing to give up here — either avoiding the problem or completely redefining their positioning. But this project chose to confront these contradictions head-on, which has resulted in a slower development pace.

From the perspective of having gone through multiple cycles, I don't think slow is necessarily a bad thing. Projects that seem to be "running very fast" often skip over complex but essential steps. These debts tend to accumulate and explode at a certain point. In contrast, this project's approach is at least logically consistent — it knows what it needs to solve and is willing to invest time to do so.

In terms of token price and market enthusiasm, it is indeed in a less noticed state. Trading volume is average, and there aren't many discussions. But sometimes, those temporarily overlooked are the ones most worth paying long-term attention to.