The Dusk Network, now simply known as Dusk, has emerged as a pioneering force in privacy-focused blockchain technology tailored for regulated finance. Founded in 2018 amid the evolving landscape of decentralized finance (DeFi), Dusk's mission has been to bridge traditional finance with blockchain through zero-knowledge proofs, confidential smart contracts, and compliance with regulations like MiFID II and MiCA. After six years of rigorous research, development, testing, and regulatory navigation, Dusk achieved its crowning milestone: the launch of its mainnet on January 7, 2025. This article chronicles the project's journey, breaking down key phases and milestones in a chronological timeline. From humble beginnings in Amsterdam to a fully operational Layer-1 blockchain, Dusk's path exemplifies perseverance in the face of technical challenges, market volatility, and shifting regulatory demands.
Early Foundations: Research and Inception (2018-2019)
Dusk's story begins in 2018, a year marked by the crypto bear market but also by innovative ideas in privacy and scalability. The project was founded by Emanuele Francioni (tech lead and robotics expert), Jelle Pol (business director), Fulvio Venturelli, Pascal Putman, and Mels Dees. Headquartered in Amsterdam, Netherlands, the team aimed to create a privacy blockchain for financial applications, addressing the "privacy paradox" in public blockchains--balancing transparency with data protection.
November 2018: Dusk conducts its Initial Coin Offering (ICO), raising $8 million at a token price of $0.0404. The DUSK token, initially issued as ERC-20 on Ethereum and BEP-2 on Binance Smart Chain, serves as the network's utility and governance asset. Whitepaper V1.0 is published, outlining the vision for confidential smart contracts.
December 2018: Official launch of the project. Token trading begins, with the first recorded price at $0.1439.
2019: Major exchange listings on Binance, Bitfinex, and Bittrex Global boost visibility. The first public-available testnet is implemented, marking initial hands-on testing. Whitepaper V2.0 is released, introducing concepts like XSC (confidential security contracts). December sees the publication of "Why we need Phoenix and Zedger," detailing privacy tools for tokenization.
This phase focused on research into zero-knowledge proofs (ZKPs) and novel consensus mechanisms, with prototypes like Daybreak and Daylight emphasizing Anonymized Confidential Computation (ACC). By the end of 2019, Dusk had laid the groundwork for a permissionless network capable of handling sensitive financial data.
Integration and Testing: Building Momentum (2020-2021)
The early 2020s brought integration of core components and market highs, despite global uncertainties. Dusk's team refined its architecture under Project Alba, introducing selective disclosure for regulatory audits and institutional-grade security.
2020: All network components converge, significantly improving performance. The lowest token price hits $0.0143 in March amid the broader market crash, but recovery follows. October sees the release of the initial Economic Model Paper, detailing tokenomics for testnet and mainnet.
2021: DUSK reaches its all-time high of $1.15 in December, driven by growing interest in privacy blockchains. Development emphasizes scalability and compliance, setting the stage for testnets.
These years were about internal refinement, with the team achieving financial independence through token reserves by 2022. Milestones included over 2,500 applicants for Provisioner nodes, signaling community engagement.
Testnet Iterations and Rebranding: Refinement Phase (2022-2023)
2022 marked the transition from theory to practice with multiple testnet launches, while 2023 brought a rebrand and intensified regulatory focus.
March 21, 2022: Testnet DayBreak launches in a controlled environment, complete with a block explorer and CLI Wallet.
April 2022: DayBreak release cycle explained; critical PLONK vulnerability remediated.
May 11, 2022: DUSK listed on KuCoin.
July 5, 2022: Testnet 2.0 launches with upgraded staking contract and over 100 nodes.
July 18, 2022: Updated roadmap and outlook released.
September 22, 2022: Successful return of all stakes and rewards from testing.
October-November 2022: Testnet DayLight updates (#10-12); rolling Incentivized Testnet (ITN) activities announced.
January 5, 2023: Phase I of ITN completed.
January 24, 2023: Citadel, a Zero-Knowledge KYC solution, launches.
February-May 2023: Ongoing DayLight updates (#16-20).
June 4, 2023: Rebrand from Dusk Network to Dusk, emphasizing "Regulated and Decentralized Finance."
September 7, 2023: Path to Mainnet roadmap detailed, focusing on scalability for regulated assets.
The rebrand shifted focus from tech pioneering to financial industry appeal, aligning with EU regulations. Testnets like DayBreak and DayLight iterated on consensus, staking, and privacy features.
Regulatory Hurdles and Final Preparations (2024)
2024 was a year of delays due to regulatory changes but also critical deliverables.
January 31, 2024: Economic Protocol shipped.
March 12, 2024: Announcement of Europe's first blockchain-powered security exchange.
June 28, 2024: Mainnet date announced for September 20, delayed from April due to MiCA compliance rebuilds.
September 4, 2024: Third-party smart contracts enabled from mainnet genesis.
September 20, 2024: Rusk Consensus and Node Audit completed.
December 20, 2024: Mainnet rollout begins with Onramp contract activation on Ethereum and BSC; Devnet reset.
December 29, 2024: Mainnet Cluster deployed.
Regulatory adaptations, including MiCA, required tech stack overhauls but ensured institutional readiness.
Mainnet Launch and Beyond (2025)
The culmination of six years arrived in early 2025.
January 3, 2025: Early staking opportunities open.
January 7, 2025: Mainnet goes live, producing the first immutable block. Token migration from ERC-20/BEP-2 to native DUSK begins. Features include Succinct Attestation consensus, ZKP privacy, and RWA tokenization.
Post-launch, Dusk's roadmap includes Q1 2025 highlights like Dusk Pay (MiCA-compliant payments), Hyperstaking, and Lightspeed (EVM-compatible Layer-2). By mid-2025, initiatives like the Two-Way Bridge and Hedger for confidential DuskEVM transactions were rolled out.
Reflections on the Journey
Dusk's six-year odyssey from 2018's conceptual whitepaper to 2025's mainnet launch reflects the blockchain industry's maturation. Overcoming delays--such as the 2024 regulatory pivots--Dusk prioritized compliance over speed, positioning itself as a leader in regulated DeFi. With a capped supply of 500 million DUSK and a 36-year emission model, the project emphasizes long-term sustainability. As of January 2026, Dusk continues to evolve, aiming for a complete on-chain financial vertical by 2030, including programmable yields and universal privacy via Citadel. This timeline not only highlights technical achievements but also the team's commitment to financial inclusion and innovation.
