A recent interesting phenomenon is that large capital is starting to take the regulated privacy track seriously. Take Dusk Protocol as an example, where the proportion of institutional investors' holdings has steadily increased from 45% to 70% this year. This shift in chip distribution is definitely not accidental.

Why is this happening? The key lies in the fact that after the European crypto market regulatory framework was implemented, the Dusk network demonstrated exceptional compliance adaptability. This has led family offices and pension funds to change their perspective; they no longer see these tokens as mere speculative assets but as digitalized production materials backed by real business.

The most convincing data comes from market research: whenever more than ten million euros of real assets are listed on-chain, the secondary market liquidity exhibits a clear positive locking effect. This process is entirely led by institutions, gradually eliminating pure emotional fluctuations, and the market is evolving from a speculation phase to a value discovery phase.

In the current macro environment, protocols with real financial clearing functions are becoming the first choice for large funds. Not because of hype, but because these projects truly solve problems.