Hello, dear readers, I am Uncle Yanbi.
After the New York Ondo Summit, discussions about RWA in the market mostly revolve around the convenience of 'MetaMask integrating American stocks.' But as investors, we must see through the splendor of the front-end interface and reach the essence of backend settlement and compliance.
Today we are not talking about metaphors, but directly addressing technical details and business logic.
1. European competitive landscape: The battle for settlement efficiency between permissioned chains and public chains.
In addition to the American Ondo, the competition for European local RWA mainly focuses on two technical dimensions:
The permissioned chain system of bank alliances (such as the Qivalis Alliance): A system led by banks like BNP Paribas and ING, essentially digitizing the settlement ledgers of traditional banks. Their Achilles' heel lies in 'data silos.' Even if assets are on-chain, cross-bank settlement still requires a cumbersome reconciliation process, making it impossible to implement true Atomic Settlement.
* Professional compliance chain (such as Polymesh and Rayls Labs):
* Polymesh ($POLYX): Its strength lies in identity verification, but when handling the 'commercial privacy' of complex securities, the technical architecture still appears overly transparent.
* Rayls Labs: Although it has adopted zero-knowledge proofs (ZKP), its current ecosystem still leans towards privatized deployment.
* Dusk's differentiated positioning: Dusk is currently the only native public chain that integrates PLONK zero-knowledge proofs and Piecrust VM at the Layer 1 level. Its core value lies in its ability to achieve compliant clearing without relying on any external banking systems, which is a significant advantage of 'clearing sovereignty' under the MiCA regulatory framework.
2. The profit logic of the retail market: Why is DuskTrader crucial?
We discovered a business reality during our discussion: although retail investors make small individual transactions, they are the core source of protocol fees.
* Institutional market: Huge trading volume but low frequency, and will use economies of scale to lower settlement costs.
* Retail market: High trading frequency, insensitive to 0.1% level fees. Ondo has captured this flow through MetaMask, and Dusk's counterpoint is DuskTrader.
* Technical entry: DuskTrader is not just an interface; it allows users to complete EU-compliant securities transactions without sacrificing privacy through the Citadel (ZK-KYC) protocol. If Dusk can mass-produce highly liquid European security tokens, the fees generated from high-frequency trading by retail investors will be key to supporting $DUSK value capture.
3. Data Indicators: When can we see the authenticity of growth?
$DUSK The mainnet went live on January 7, 2026, and is currently in a critical period of asset migration. The uncle suggests everyone keep an eye on the following three hard data points:
* The circulation and settlement volume of EURQ: This Euro stablecoin is the lifeblood of the Dusk chain. If its circulation increases in tandem with the asset migration of NPEX (300 million Euro plan), it indicates that real trading demand is occurring.
* Piecrust VM's gas consumption curve: ZK computation is very resource-intensive. By observing the gas consumption of ZK-proof related contracts through a block explorer, we can gauge the real heat of on-chain privacy transactions.
* DuskTrader registration address growth rate: This is the most intuitive indicator to observe whether retail investors are 'moving' to the European RWA track.
4. Summary: Asset listing vs. native clearing
Ondo is doing 'asset listing,' bringing existing assets on-chain; Dusk is doing 'native clearing,' aiming to establish a financial infrastructure that does not require intermediaries.
Retail investors are currently attracted by convenience, but as trading scales up, the demand for 'slippage protection (to prevent front-running)' and 'settlement privacy' will ultimately drive large investors and professional traders towards systems like Dusk that have ZK moats.
#dusk #RWA #Ondo #PiecrustVM #fintech
