2026-01-14 12:20:53

Privacy public chains have recently become a hot topic again. Aztec's new funding round, Secret Network's push for IBC cross-chain expansion, Oasis's collaboration with Franklin Templeton on RWA projects... These actions are all sending the same signal: the demand for privacy is real, and previous solutions just lacked elegance.

In this wave of enthusiasm, Dusk Network seems to have the best conditions — it holds a legitimate financial license, which should give it a natural advantage. But when I dug into on-chain data, I found the reality to be much harsher.

The most painful part is that TVL is essentially negligible. Searching for Dusk Network on DeFiLlama, the funding rounds are clear, but the TVL column is blank. Looking into the ecosystem, Pieswap, the largest DEX, has just a few liquidity pools totaling less than a hundred thousand dollars. What does this mean? It means you simply can't place orders. I tried a $5,000 DUSK/USDT trade on Pieswap, and the slippage shot up to over 8%. In such a liquidity desert, talking about trading volume or institutional funds is pointless.

Low TVL isn't unique to Dusk — emerging L1s all have to go through the cold start phase. But the key point is, Dusk's mainnet has been running for over a year, so it should have already overcome the initial pain period. If it's still like this now, it's definitely worth deep reflection.

DUSK-0.73%

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GasDevourer

· 01-17 09:30

To be honest, getting a financial license for Dusk now seems like a gimmick; on-chain data is the real truth. Dusk is a cautionary tale. They talk up fundraising extravagantly, but TVL just won't pick up. Who can stand that? A license ≠ liquidity. Dusk's painful lesson teaches everyone this truth. It's been over a year, and it's still like this. It's not a cold start problem; nobody wants it. The privacy track is hot, but Dusk's approach is indeed disappointing.

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quietly_staking

· 01-14 16:15

Licenses sound impressive, but on-chain data speaks for itself. The blank TVL is a bit awkward.

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MEVSandwichVictim

· 01-14 12:49

In short, having a license can't save a situation with no liquidity, which is ridiculous. Dusk mainnet has been running for over a year and still in this state. It's no longer a cold start problem; it's time to reflect. Storytelling in fundraising is one after another, but on-chain data pours cold water on you—it's very painful. Aztec and Secret are moving, Dusk is just idling, and the gap has widened instantly. 8% slippage is really crazy; this isn't trading, it's gambling. The privacy track is heating up again, but Dusk seems a bit stuck on this path. Financial licenses sound impressive, but the blank TVL column says it all. I just want to see when Dusk can break this liquidity deadlock. Having a license doesn't equal competitiveness; on-chain data is the real truth. They raised so much money, and this is the result? Truly worth reflecting on.

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SandwichTrader

· 01-14 12:41

8% slippage? That's a direct discouragement. Even the best licenses are useless. --- Dusk has been running for over a year and still performs this way, indicating that the problem is not in the startup phase. --- Privacy tracks are indeed hot, but true liquidity is necessary; just raising funds is useless. --- Having a license can't save the embarrassing situation of TVL being zero. --- Funding rounds are very clear, but the ecosystem is deserted. This contrast is a bit ironic. --- Instead of reading funding news, it's better to see if there are actual users on the chain. Dusk obviously has none. --- Aztec and Secret are making progress, but Dusk is in cold start, the gap is obvious. --- A $5,000 trade with 8% slippage—who dares to play? A legitimate license is of little use. --- Everyone says to endure the cold start, but after more than a year with no progress, it's time to reflect on the product itself.

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GasFeeNightmare

· 01-14 12:34

Licenses sound impressive, but with a TVL of zero, it's really awkward. It's been over a year and still hasn't taken off? --- 8% slippage? Ha, isn't that just a money-grabbing machine? Liquidity simply doesn't exist. --- The privacy track is hyped up wildly, but Dusk holds a license yet remains inactive. That's truly absurd. --- Funding rounds are clearly documented, but the TVL column is blank. That contrast is striking. --- Can't even trade normally with $5000, and you still want to build an ecosystem? First, stack up liquidity before boasting. --- Another project blinded by the funding halo; reality isn't that romantic. --- What's wrong with the mainstream team? Can on-chain data lie? Over a year and still in cold start, which indicates a problem. --- I believe in the privacy track itself, but Dusk's current state is indeed a bit disappointing. What about the license bonus? --- Only by comparing with Aztec can you see the gap. It's not that the trend isn't there; it's that they lack hardware.

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LeekCutter

· 01-14 12:32

The funding round looks good, but on-chain data is hard to interpret, and the gap is just too outrageous. Dusk has been running for over a year, and it's still like this, which shows that a financial license really doesn't change much. 8% slippage... I just want to ask who dares to trade here. The privacy track is indeed hot, but some projects just look good, yet using them is full of tears. Having a financial license doesn't save the liquidity desert either, haha.

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EternalMiner

· 01-14 12:28

Financial licenses can't save the embarrassment of illiquidity. Dusk has been at this level for over a year, and it's hard to hold on. It's another story about fundraising, but on-chain data remains flat. I'm tired of this routine. What the hell is 8% slippage? I'd rather play on a decentralized exchange. The privacy track is heating up, but Dusk really hasn't kept up with the pace. They've raised so many funding rounds, yet TVL remains blank. This stark contrast is truly heartbreaking. Why does having a license guarantee success? Ultimately, no one is using it. Even with a license, you can't escape the cold start curse. It's scary. After over a year, the cold start is still stuck. Is it really unappealing, or what? It seems even the mainstream teams can't always be reliable. Liquidity is the key. That blank TVL column on DeFiLlama is basically the biggest mockery of Dusk.

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ApeWithNoChain

· 01-14 12:23

No matter how regulated the license is, it can't save a project without liquidity—that's the reality.

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