Honestly, this wave of market movement is quite intense. DUSK, which was at $0.05 in early January, has recently surged to $0.25, a fourfold increase. Let's take a closer look at what's really going on behind the scenes.

First of all, it's important to clarify that DUSK is not just another privacy coin like Monero. It follows a completely different path. Using zero-knowledge proof technology, it aims to create an on-chain environment for real-world assets (RWA) that can both protect data privacy and meet regulatory requirements. In simple terms, traditional financial assets like bonds and stocks can be tokenized on-chain, with sensitive data encrypted during the process, but the final audit trail remains traceable. This positioning aligns well with the EU’s MiCA regulations, which is why institutional funds are more willing to enter the space.

The rapid surge isn't just empty talk; it’s supported by real partnerships. DUSK is collaborating with the Dutch stock exchange NPEX to promote a securities tokenization project valued at €300 million, which is a true market catalyst. Additionally, Chainlink’s oracle network has integrated DUSK, meaning on-chain price data can truly connect with real-world assets—this isn’t hype, but solid technical infrastructure.

But don’t get carried away with excitement. Risks are still present, and it’s important to see clearly. While the price has skyrocketed, the total value locked (TVL) remains only in the few million USD range, whereas the market cap has already approached $500 million. The gap between these figures is quite significant. Short-term speculation is definitely a factor, and how the market will develop next remains to be seen.